Ge Long Hui A P P·2026-01-05 03:10Core Viewpoint - Huatai Securities reports that SMIC plans to acquire 49% equity of SMIC North from shareholders of the first phase of the Big Fund through a share issuance, with a consideration of approximately 40.6 billion yuan, while also injecting $7.778 billion into SMIC South in collaboration with institutions including the third phase of the Big Fund [1] Financial Impact - The two transactions are expected to bring significant financial enhancement effects, including the introduction of approximately $4.1 billion in external funds to SMIC South, which may lead to a cash reserve increase of about 101% [1] - The equity acquisition of SMIC North is anticipated to enhance the company's net assets, potentially driving the net asset per share growth by 6.3% to 20.1 yuan [1] Investment Outlook - The company is viewed positively due to its dual-driven logic of mature process control and advanced process support, alongside a significant enhancement in financial strength and improved profit certainty [1] - The asset quality and long-term growth potential of the company are expected to undergo a dual revaluation, maintaining a target price of 100 HKD for Hong Kong stocks and 192 yuan for A-shares, with a "Buy" rating [1]