Sou Hu Cai Jing·2025-11-17 02:45Group 1 - The core viewpoint of the report is that CICC has raised its capital expenditure forecasts for SMIC for the years 2025, 2026, and 2027 to $7.4 billion, $7.6 billion, and $7.2 billion respectively, up from previous estimates of $6.85 billion, $6.49 billion, and $5.98 billion [1] - CICC expects SMIC to increase its monthly 12-inch wafer capacity by approximately 11,000 pieces in Q3 2025 and by an additional 10,000 pieces in Q4 2025, with total capacity increases of 40,000, 50,000, and 55,000 pieces in 2025, 2026, and 2027 respectively [1] - The revenue and gross margin forecasts for Q4 2025 are adjusted to $2.42 billion and 19.8%, with slight adjustments to the revenue estimates for 2025, 2026, and 2027 to $9.26 billion, $10.97 billion, and $12.28 billion respectively [1] Group 2 - CICC maintains a "Buy" rating for SMIC with a target price of HKD 90, corresponding to a price-to-book ratio of 3.9 times for 2026 [1] - In the past 90 days, three investment banks have issued "Buy" ratings for SMIC, with an average target price of HKD 83.33 [1] - SMIC's market capitalization is HKD 453.64 billion, ranking first in the semiconductor industry [2] Group 3 - Key financial metrics for SMIC include a return on equity (ROE) of 2.79%, a market capitalization of HKD 453.64 billion, revenue of $8.835 billion, a net profit margin of 10.55%, a gross margin of 21.45%, and a debt ratio of 33.78% [2]