Zhi Tong Cai Jing·2026-02-12 05:54Group 1 - The core viewpoint of the report is that while the earnings estimates for SMIC for 2026 and 2027 have been lowered by 14% and 11% respectively, the target price for its H-shares remains at HKD 93.3 with an "outperform" rating [1] - The target price for SMIC's A-shares is maintained at RMB 152 with an "outperform" rating [1] - SMIC's Q4 performance last year and the guidance for Q1 are generally in line with expectations, despite the memory chip shortage [1] Group 2 - The demand for consumer electronics remains robust, and the company anticipates that the memory chip shortage will ease within 9 to 12 months [1] - SMIC's capital expenditure for 2026 is expected to remain at USD 8.1 billion, while depreciation expenses are projected to increase by 30% year-on-year [1]