Core Insights - SMIC's stock rose by 6.66% on October 13, with a trading volume of 18.643 billion yuan, indicating strong market interest [1] - The financing data shows a net purchase of 3.23 billion yuan on the same day, with a total financing balance of 143.43 billion yuan, which is high compared to historical levels [1] - As of June 30, 2025, SMIC reported a revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit of 2.301 billion yuan, up 39.76% year-on-year [2] Financing and Trading Activity - On October 13, SMIC had a financing buy of 3.391 billion yuan and a repayment of 3.068 billion yuan, resulting in a net buy of 0.323 billion yuan [1] - The financing balance of 143.03 billion yuan represents 5.24% of the circulating market value, exceeding the 90th percentile of the past year [1] - The short selling activity on the same day included a repayment of 12.88 thousand shares and a sale of 5.52 thousand shares, with a total short balance of 3.951 million yuan, also at a high historical level [1] Shareholder Structure - As of June 30, 2025, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period, while the average number of circulating shares per person increased by 2.26% to 8,223 shares [2] - Major institutional shareholders include Huaxia's STAR 50 ETF and E Fund's STAR 50 ETF, both of which increased their holdings significantly compared to the previous period [2]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][10]. Core Views - The company has demonstrated steady growth in performance, with a revenue of 5.198 billion yuan for the first half of 2025, representing an 18.21% year-on-year increase, and a net profit attributable to shareholders of 332 million yuan, up 77.61% year-on-year [5][9]. - The company is focusing on continuous product research and development, with significant achievements in the first half of 2025, including a 13.13% increase in R&D expenditure to 695 million yuan, accounting for 13.37% of revenue [9][10]. - The company is expected to maintain stable growth in operating performance, with a diversified product layout showing initial results, particularly in the DDIC, CIS, and PMIC sectors [9][10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 872 million yuan, 1.342 billion yuan, and 1.811 billion yuan respectively, with corresponding P/E ratios of 55.9X, 36.3X, and 26.9X based on the closing price on August 29 [10]. - The company’s revenue and net profit are expected to grow at rates of 26.1% and 63.6% respectively in 2025, with a gross margin of 27.2% [12]. - The company’s total assets are projected to be 52.426 billion yuan in 2025, with a debt ratio of 49.0% [11][12].