SMIC(00981) 开源证券·2025-02-14 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to continue outperforming its peers, with projected net profits of 870 million USD, 1.07 billion USD, and 1.27 billion USD for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 76.7%, 23.3%, and 18.6% [5] - The current stock price of 46 HKD corresponds to price-to-earnings (P/E) ratios of 54.0, 43.8, and 37.0 for 2025, 2026, and 2027, and price-to-book (P/B) ratios of 2.0, 1.9, and 1.7 for the same years [5] - The company is expected to benefit from an improved position in the domestic supply chain, which is anticipated to drive a stable upward trend in its fundamentals [5] Financial Performance Summary - For Q4 2024, the company reported revenues of 2.2 billion USD, a quarter-on-quarter increase of 1.7%, with a gross margin of 22.6%, exceeding market expectations [6] - The company achieved a net profit of 110 million USD in Q4 2024, a quarter-on-quarter decline of 28% [6] - The revenue forecast for 2025 is projected to grow by 25%, reaching 10 billion USD, outperforming the average growth rate of 4%-9% in the semiconductor manufacturing industry [7] Valuation Metrics - The company's revenue for 2023 was 6.32 billion USD, with a year-on-year decline of 13.1%, while 2024 revenue is expected to grow by 27% to 8.03 billion USD [8] - The gross margin is projected to improve from 19.3% in 2023 to 21.9% in 2025, with net profit margins increasing from 14.3% in 2023 to 8.7% in 2025 [8] - The estimated earnings per share (EPS) for 2025 is 0.11 USD, with a P/E ratio of 54.0 [8]