智通财经网·2026-01-06 02:17Group 1 - The core viewpoint of the report is that China International Capital Corporation maintains a "buy" rating for SMIC (00981) and raises the target price to HKD 93.0, following the announcement of a plan to acquire 49% of Northern SMIC for CNY 40.6 billion, which will make it a wholly-owned subsidiary [1] - The acquisition is expected to enhance the company's EPS and net profit, with the diluted EPS forecasted to increase from CNY 0.49 to CNY 0.55 for the period of January to August 2025, and from CNY 0.46 to CNY 0.53 for 2024 [1] - The total equity attributable to shareholders is projected to rise from approximately CNY 1,482 billion before the transaction to about CNY 1,682 billion after [1] Group 2 - The report indicates that Northern SMIC primarily engages in 12-inch wafer foundry services, which are highly profitable, and the acquisition is expected to increase SMIC's net profit by over USD 120 million in 2026, positively impacting EPS and BVPS [2] - SMIC plans to invest approximately USD 77.8 billion into Southern SMIC, with about USD 36.6 billion coming from SMIC, increasing its ownership from approximately 38.5% to 41.6% [3] - The capital increase will raise Southern SMIC's registered capital from USD 6.5 billion to USD 10.08 billion, and the net profit for Southern SMIC is estimated to be around CNY 3.67 billion and CNY 3.93 billion for the fiscal years 2023 and 2024, respectively [3]