大摩：上调了中芯国际.PDF

April 8, 2025 09:00 PM GMT SMIC | Asia Pacific Domestic AI GPU demand and supply larger than expected; Upgrade to EW | What's Changed | | | | --- | --- | --- | | SMIC (0981.HK) | From | To | | Rating | Underweight | Equal-weight | | Price Target | HK$38.00 | HK$40.00 | Rising AI inference demand and SMIC's capability to source bottlenecked equipment have led to strong revenue growth for its advanced nodes. Move SMIC to EW from UW. Rigid demand for AI chip localization: Driven by DeepSeek, we expect rising d ...