大行评级丨小摩：中芯国际去年第四季毛利率逊预期，维持“减持”评级

Core Viewpoint - Morgan Stanley's report indicates that SMIC's gross margin in Q4 of last year fell short of expectations primarily due to rising depreciation costs [1] Group 1: Financial Performance - SMIC is projected to experience approximately 15% revenue growth by 2026 [1] - However, significant capital expenditures in 2025/26 are expected to increase depreciation costs by 30%, which will continue to pressure gross margins [1] Group 2: Market Demand - Demand pressures in the smartphone, personal computer, and consumer electronics sectors are anticipated to lead to stagnant average selling prices, making significant increases unlikely [1] - Morgan Stanley maintains a "reduce" rating with a target price of HKD 57 [1]