研报掘金丨华泰证券：大幅上调中芯国际AH股目标价 维持“买入”评级

Core Viewpoint - Huatai Securities has raised the target price for SMIC's H-shares from HKD 63 to HKD 119 and for A-shares from CNY 118.3 to CNY 238, maintaining a "Buy" rating [1] Financial Projections - The firm maintains its net profit forecasts for 2025 to 2027, expecting annual increases of 26%, 22%, and 27%, reaching USD 620 million, USD 760 million, and USD 960 million respectively [1] Market Positioning - The company is viewed positively for its competitive advantage in advanced process technology, with expectations of entering a new expansion cycle following the completion of its current A-share issuance [1] - SMIC is anticipated to fully capitalize on growth opportunities in the advanced manufacturing market [1]