Group 1 - Goldman Sachs reports that the revenue growth slowdown for SMIC in Q2 is temporary and agrees with the company's guidance of a quarterly revenue increase of 5% to 7% [1] - The company's gross margin guidance for the current quarter is between 18% to 20%, which is lower than Goldman Sachs' and market expectations of 20.6% and 21.1% respectively, due to increased depreciation and amortization [1] - Positive factors identified include stable capacity utilization, strong customer orders, and ongoing capacity expansion supporting the company's ability to capture demand and provide more complete products [1] Group 2 - Goldman Sachs maintains a positive outlook on SMIC, believing the company will benefit from increased demand for localized production and a higher proportion of 12-inch wafers in its product mix [1] - The firm has lowered its earnings per share forecast for the company by 1% for the years 2023 to 2027, reflecting adjustments in gross margin and operating profit margin assumptions due to ongoing depreciation and amortization increases from capacity expansion [1] - The investment rating for H-shares is maintained as "Buy," with a target price of HKD 63.7, based on a target price-to-earnings ratio of 36 times for 2028 [1]
大行评级|高盛:中芯国际第二季收入增长放缓属暂时性 予其H股“买入”评级