中芯国际-再次上调目标价目标价上调至 95 港元 208 元人民币；买入

26 September 2025 | 10:07PM HKT Equity Research SMIC (0981.HK): National subsidies continue in Oct; AI consumer electronics to support long-term growth; TP up to HK$95/Rmb208; Buy With another round of National subsidy funds being released in Oct (reference link), the demand of consumer electronics / smartphones in China in 2H25 has been on track and did not see significant downward correction. Despite a 66% revenues contributions from consumer electronics/ smartphones, we are positive on SMIC's order expan ...