Ge Long Hui A P P·2026-02-12 05:53Core Viewpoint - Nomura's research report indicates that SMIC's (0981.HK) wafer revenue and gross margin for Q4 2025 are in line with expectations [1] Group 1: Financial Performance - The company's guidance for Q1 2026 shows revenue remaining flat quarter-on-quarter, with gross margin expected to be between 18% and 20%, also aligning with Nomura's expectations [1] - Management anticipates that revenue growth for the full year 2026 will exceed the average growth rate of comparable peers, with actual growth projected to reach the mid to high double digits [1] Group 2: Market Trends and Demand - The ongoing trend of semiconductor localization in mainland China is expected to continue supporting revenue growth in 2026 [1] - The company aims to capitalize on strong demand in the Analog/BCD and memory sectors, both driven by AI [1] Group 3: Analyst Rating - Nomura maintains a neutral rating with a target price of HKD 75 [1]