中芯国际 - 关税影响有限，H20涟漪效应待观察；评级持平-SMIC-Limited impact from tariffs, while H20 ripple effect remains to be seen; EW

SMIC | Asia Pacific M Idea Limited impact from tariffs, while H20 ripple effect remains to be seen; EW Unchanged In-line Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research August 8, 2025 05:21 PM GMT Reaction to earnings Strong orders into 2H25 should ensure SMIC's UTR remains high, leading to a better top-line and GM outlook. However, rising opex could put pressure on earnings. Stay EW. Semi t ...