14 November 2025 | 11:49PM HKT Equity Research SMIC (0981.HK): Higher visibility of order and operation efficiency; 4Q25 Rev QoQ uptrend; Raising TP to HK$134.0/ Rmb241.6; Buy SMIC's 3Q25 results beat our estimates and Bloomberg consensus (report link). We reiterate our positive view on SMIC, expecting it to continue revenues uptrend in 4Q25 (in-line with company's guidance of +0%~+2% QoQ). GM guidance of 18%~20% in 4Q25 was the same as the last quarter, slightly lower than our previous expectations. Near t ...