Ge Long Hui A P P·2025-11-17 02:37Core Viewpoint - Goldman Sachs reports that SMIC's Q3 revenue reached $2.4 billion, representing a 10% year-over-year increase and an 8% quarter-over-quarter increase, slightly exceeding both the bank's and market expectations, as well as management's guidance of 5-7% quarter-over-quarter growth [1] Financial Performance - Q3 gross margin was 22%, surpassing management's guidance and the expectations of both Goldman Sachs and the market, attributed to improved capacity utilization and an increase in average wafer selling prices [1] - Capital expenditures for the quarter amounted to $2.4 billion, up from $1.9 billion in Q2 [1] Future Guidance - The company guides for Q4 revenue growth of 0-2% quarter-over-quarter, aligning with Goldman Sachs' and market expectations; however, the gross margin guidance of 18-20% is slightly below the bank's expectations, which suggests potential for better-than-expected performance [1] Investment Rating - Goldman Sachs maintains a "Buy" rating on SMIC, with a target price of HKD 117 for H-shares and CNY 211 for A-shares [1]