智通财经网·2026-02-11 03:42Core Viewpoint - Goldman Sachs maintains a "Buy" rating for SMIC (00981) with a target price of HKD 134 for H-shares, implying a projected P/E ratio of 71.6x for 2028, and a target price of RMB 241.6 for A-shares, indicating a premium of 196% over H-share valuation, driven by domestic foundry customer demand growth and AI opportunities [1] Financial Performance - In Q4 of the previous year, SMIC's revenue increased by 4% quarter-on-quarter to USD 2.5 billion, exceeding both Goldman Sachs' and market expectations by 3%, and surpassing management's guidance of 0% to 2% growth [1] - The gross margin for the period was 19%, aligning with management's guidance of 18% to 20%, and generally matching Goldman Sachs' and market expectations [1] - Revenue growth was primarily attributed to a 1% quarter-on-quarter increase in wafer shipments and average selling prices, while the gross margin decreased from 22% in the previous quarter due to increased depreciation and amortization expenses [1] Management Guidance - For Q1 of this year, management expects revenue to remain flat quarter-on-quarter, which is in line with Goldman Sachs' forecast of 2% growth and market expectations [1] - The gross margin guidance for Q1 is maintained at 18% to 20%, slightly below Goldman Sachs' expectation of 21.7% and market expectations of 20.9% [1] - For the full year, management anticipates revenue growth to exceed the average of comparable peers, with capital expenditures expected to remain flat year-on-year; Goldman Sachs believes there is potential for upward revision in guidance [1]