智通财经网·2025-09-16 07:56Core Viewpoint - Goldman Sachs has issued a report indicating a rising demand for semiconductor companies in China that design their own chips and outsource manufacturing, which is beneficial for foundry SMIC (00981) [1] Group 1: Company Performance - Goldman Sachs maintains a "Buy" rating for SMIC, raising the target price from HKD 63.7 to HKD 73.1, reflecting a projected price-to-earnings ratio of 40 times for the fiscal year 2028, up from 36 times [1] - The company is expected to see a short-term revenue increase of 5% to 7% quarter-on-quarter in Q3 of this year, with gross margins anticipated to be between 18% and 20% [1] - SMIC's revenue compound annual growth rate (CAGR) is projected to be 21% from 2025 to 2029, with gross margins expected to recover from 21% this year to 28% by 2029 [1] Group 2: Market Trends - The rise of artificial intelligence is driving demand for AI computing chips, which is expected to enhance SMIC's long-term growth opportunities [1] - Due to strong growth in AI and fabless semiconductor companies, revenue forecasts for SMIC for 2028 and 2029 have been adjusted upward by 0.4% and 2%, respectively [1] - Gross margin forecasts have also been increased by 0.4 and 0.6 percentage points, leading to a 3% and 7% upward revision in earnings per share estimates for the same periods [1]