Ge Long Hui·2026-02-12 05:52Core Viewpoint - The report from Credit Lyonnais indicates that SMIC's Q4 performance and Q1 guidance are largely in line with expectations, despite the constraints posed by memory shortages [1] Group 1: Company Performance - SMIC's Q4 performance and Q1 guidance are in line with expectations [1] - The company anticipates that the memory shortage situation will ease within 9 to 12 months [1] Group 2: Financial Projections - Capital expenditure for SMIC in 2026 is expected to remain at $8.1 billion, with depreciation expenses projected to grow by 30% annually [1] - Earnings estimates for SMIC have been reduced by 14% and 11% for 2026 and 2027, respectively [1] Group 3: Stock Ratings - The target price for SMIC's H-shares is set at HKD 93.3, while the target price for A-shares is set at CNY 152, maintaining an "outperform" rating [1]