智通财经网·2025-08-11 06:21Core Viewpoint - The report from Credit Lyonnais indicates that SMIC's Q2 revenue declined by 1.7% quarter-on-quarter, which is above guidance but below investor expectations. The guidance for Q3 revenue and gross margin is lower than market expectations, leading to a downward revision of SMIC's profit forecasts for 2025 to 2027. The target price for SMIC's H-shares has been reduced from HKD 59.2 to HKD 58.8, and the target price for A-shares has been lowered from RMB 119.8 to RMB 107.3, while maintaining an outperform rating [1]. Group 1 - SMIC's Q2 revenue decline of 1.7% is above guidance but below investor expectations [1] - Q3 revenue and gross margin guidance are lower than market expectations [1] - Profit forecasts for SMIC for 2025 to 2027 have been revised downwards [1] Group 2 - Target price for SMIC's H-shares reduced from HKD 59.2 to HKD 58.8 [1] - Target price for SMIC's A-shares lowered from RMB 119.8 to RMB 107.3 [1] - The outperform rating for SMIC is maintained [1] Group 3 - SMIC believes initial concerns about demand have not materialized and expects to benefit from increased customer market share [1] - The impact of previous production fluctuations is diminishing, which is expected to drive up the average selling price in Q3 [1]