Core Viewpoint - SMIC's stock performance shows slight increase with a trading volume of 4.584 billion yuan and a market capitalization of 893.45 billion yuan, indicating its popularity in the A-share market [1] Group 1: Company Overview - SMIC is the largest integrated circuit manufacturing enterprise group in mainland China, recognized for its advanced technology and comprehensive support [2] - The company specializes in integrated circuit wafer foundry services, design services, IP support, and photomask manufacturing, with wafer foundry services accounting for 93.83% of its revenue [6] - As of September 30, 2025, SMIC reported a revenue of 49.51 billion yuan, representing a year-on-year growth of 18.22%, and a net profit of 3.818 billion yuan, up 41.09% year-on-year [6] Group 2: Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC, reflecting government support for the company [2] - As of September 30, 2025, the number of shareholders in SMIC increased to 336,200, with an average of 6,134 shares held per shareholder [6] - Major shareholders have reduced their holdings, with significant decreases noted in several ETFs, indicating a shift in institutional investment [7] Group 3: Market Position and Trends - SMIC ranks second globally among pure wafer foundry companies and first among mainland Chinese enterprises based on the latest sales figures for 2024 [2] - The company is part of the China AI 50 index, which focuses on AI-related capabilities and performance metrics [2] - The average trading cost of SMIC shares is 123.25 yuan, with current price fluctuations between resistance at 119.22 yuan and support at 99.98 yuan, suggesting potential trading strategies [5]

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) shows a significant increase in stock price and trading volume, indicating strong market interest and potential growth opportunities in the semiconductor industry [1][2]. Company Overview - SMIC is the largest integrated circuit manufacturing enterprise in mainland China, recognized for its advanced technology and comprehensive support [3]. - The company specializes in wafer foundry services across various technology nodes, providing design services, IP support, and photomask manufacturing [3]. - As of June 30, 2025, SMIC's revenue reached 32.35 billion yuan, marking a year-on-year growth of 23.14%, with a net profit of 2.30 billion yuan, up 39.76% year-on-year [7]. Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC, reflecting government support for the semiconductor sector [2]. - As of June 30, 2025, the number of shareholders in SMIC decreased to 252,300, while the average number of tradable shares per shareholder increased by 2.26% [7]. Market Performance - On November 6, SMIC's stock rose by 4.23%, with a trading volume of 9.06 billion yuan and a turnover rate of 3.66%, bringing the total market capitalization to approximately 998.81 billion yuan [1]. - The stock is currently ranked 12th in terms of market popularity on the Sina Finance platform [1]. Technical Analysis - The average trading cost of SMIC shares is 124.90 yuan, with a recent trend of rapid capital outflow, suggesting a potential need for portfolio adjustment [6]. - The stock price is approaching a support level of 120.87 yuan, which, if breached, could lead to a downward trend [6].

Investment Rating - The report assigns an "Accumulate" rating to the company, SMIC (688981.SH), with a target price of 146.45 CNY and a target market value of 1,171.597 billion CNY for 2025, based on a 7.6 times PB valuation [5][19]. Core Insights - SMIC is positioned as the leading wafer foundry in mainland China, with advanced process technology that is domestically leading. The company has a production capacity covering 350-7nm process nodes and has made breakthroughs equivalent to 5nm technology [5][19]. - The semiconductor market is expected to recover, driven by AI and a resurgence in consumer electronics demand, with global semiconductor market size projected to grow from 679 billion USD in 2025 to 1,061 billion USD by 2030, reflecting a 5-year CAGR of 9% [2][13]. - The company is focusing on expanding its advanced process capacity, particularly in the 7/5/3nm nodes, which are expected to significantly increase its market share and revenue potential [2][19]. Financial Projections - Revenue projections for SMIC from 2025 to 2027 are estimated at 699.24 billion CNY, 798.12 billion CNY, and 925.16 billion CNY, respectively. Corresponding net profits are projected at 59.67 billion CNY, 66.92 billion CNY, and 81.85 billion CNY [4][19]. - The company’s revenue growth rates are expected to be 21% in 2025, 14% in 2026, and 15.9% in 2027, indicating a strong recovery trajectory following a downturn in 2023 [4][19]. Market Position and Competitive Advantage - SMIC is the largest wafer foundry in mainland China, with a global market share projected to increase from 5.3% in 2023 to 6% in 2024, moving up to the third position globally [5][19]. - The company has a significant capacity for mature processes, with over 90% of its production currently in this category, but it also has substantial room for expansion in advanced processes [36][19]. Industry Trends - The semiconductor industry is entering a new growth cycle driven by AI and technological innovation, with a notable increase in demand for advanced integrated circuits [2][13]. - The global market for 7nm and below processes is expected to be nearly double that of mature processes, highlighting the importance of advanced technology in future growth [2][19]. Operational Efficiency - SMIC has been increasing its capital expenditures significantly, from 140.22 billion CNY in 2019 to 539.13 billion CNY, which is expected to enhance its production capabilities and operational efficiency [15][42]. - The EBITDA margin has shown a stable upward trend, indicating improved core profitability despite fluctuations in gross and net margins due to rising depreciation costs [43][42].

Core Viewpoint - SMIC's stock experienced a decline of 2.17% on August 26, with a trading volume of 8.664 billion yuan and a market capitalization of 806.06 billion yuan [1] Group 1: Company Overview - SMIC is the largest integrated circuit manufacturing enterprise group in mainland China, known for its advanced technology and comprehensive support [3] - The company's main business includes integrated circuit wafer foundry services based on various technology nodes and platforms, along with design services, IP support, and photomask manufacturing [3] - As of March 31, SMIC's revenue for the first quarter of 2025 reached 16.301 billion yuan, representing a year-on-year growth of 29.44%, while net profit attributable to shareholders was 1.356 billion yuan, up 166.50% year-on-year [7] Group 2: Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC [2] - As of March 31, 2025, SMIC had 258,000 shareholders, an increase of 3.69% from the previous period, with an average of 8,042 circulating shares per shareholder, a decrease of 3.82% [7] - Major shareholders include various ETFs, with notable reductions in holdings observed among several funds [8] Group 3: Market Position and Performance - SMIC ranks second globally among pure wafer foundry companies and first among enterprises in mainland China based on the latest sales figures for 2024 [3] - The average trading cost of SMIC's shares is 92.90 yuan, with the stock currently trading between resistance at 109.24 yuan and support at 88.19 yuan, suggesting potential for short-term trading strategies [6]

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) is a leading integrated circuit manufacturing company in China, showing strong financial performance and significant market presence in the semiconductor industry [3][7]. Company Overview - SMIC is the largest and most advanced integrated circuit manufacturing enterprise in mainland China, providing a range of services including wafer foundry, design services, and IP support [3]. - The company was established on April 3, 2000, and went public on July 16, 2020. Its main business revenue composition includes 92.13% from integrated circuit wafer manufacturing, 6.68% from other services, and 1.19% from supplementary services [7]. - As of March 31, 2025, SMIC reported a revenue of 16.301 billion yuan, representing a year-on-year growth of 29.44%, and a net profit of 1.356 billion yuan, with a significant increase of 166.50% year-on-year [7]. Investment and Market Position - The company has received investment from the National Integrated Circuit Industry Investment Fund, holding a 1.61% stake in SMIC [2]. - SMIC ranks second globally among pure-play foundries and is the top player among mainland Chinese companies [3]. Stock Performance - On August 6, SMIC's stock price increased by 0.87%, with a trading volume of 2.419 billion yuan and a market capitalization of approximately 724.998 billion yuan [1]. - The average trading cost of SMIC's shares is 90.52 yuan, with the stock currently near a support level of 90.50 yuan [6]. Shareholder Information - As of March 31, 2025, SMIC had 258,000 shareholders, with an average of 8,042 shares held per shareholder, reflecting a decrease of 3.82% from the previous period [7]. - Major shareholders include various ETFs, with notable reductions in holdings among top shareholders [8].