SMIC(981.HK)2Q25 RESULTS REVIEW：MACRO TREND MATTERS MORE THAN FUNDAMENTAL
Ge Long Hui·2025-08-12 10:51
机构：中银国际 研究员：Alex LIN/Alina LIN Domestic analog and PMIC fabless drive long-term growth. Mgmt. noted decent demand from: 1) connectivity (including Wi-Fi, Bluetooth, and base stations), 2) memory ancillary ICs (e.g., PMIC and MDIC), 3) recovering China demand for EV and industrial, 4) higher penetration rate of fast charge IC and other ICs despite of saturated smartphone end market. In particular, SMIC expects to benefit from China analog and PMIC fabless gaining global market share. Tariff dynamics and GPT- ...