里昂：下调中芯国际(00981)盈测 维持“跑赢大市”评级

Group 1 - The core viewpoint of the article is that Citi has downgraded the earnings forecast for SMIC for 2026 and 2027 by 14% and 11% respectively, while maintaining a target price of HKD 93.3 for H-shares and a "Outperform" rating [1] - SMIC's Q4 performance last year and Q1 guidance were generally in line with expectations, despite the memory chip shortage [1] - The company anticipates that the memory chip shortage will ease within 9 to 12 months, and its capital expenditure for 2026 is expected to remain at USD 8.1 billion, with depreciation expenses projected to increase by 30% year-on-year [1]