摩根大通：中芯国际_ 第二季度指引放缓，平均售价一次性下降，下半年展望谨慎；维持减持评级

Asia Pacific Equity Research 11 May 2025 SMIC (0981) Underweight Slower 2Q guidance, with one-off ASP decline, 2H view cautious; stay UW SMIC's 1Q revenues came in lighter than guidance, but GMs were higher, with strong growth in 12" wafers led by rising demand and customer shipment pull-in. Auto industrial demand is seeing some restocking, which should continue in 1H. Shipments grew ~15% QoQ, but were dragged down by ASP decline due to Fab yield fluctuations (we believe this could have resulted in wafer sc ...