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<Research>BOCI Elevates SMIC (00981.HK) TP to $83.6, Expects Mkt Dynamic to Remain Favorable
Recommend 8 Positive 15 Negative 9 |
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SMIC (00981.HK) announced its 3Q25 results, with revenue and gross profit margin beating expectations, according to BOCI's research report. However, given the current memory cycle may crowd out demand for consumer electronics, the industry is prompted to adopt a more conservative production plan for 2026. The cautious outlook for 4Q25 may dampen market enthusiasm for end demand and domestic substitution demand. BOCI expected the recent decoupling phenomenon between SMIC's financial performance and share price to continue, and anticipated that market dynamics will remain favorable for SMIC, supported by the ongoing tariff war and domestic GPU development, which drove continuous growth in demand for 7nm or 5nm advanced processes. Therefore, the broker kept rating at Buy for SMIC, and elevated its target price from $56.7 to $83.6, based on a PB ratio of 4x. AASTOCKS Financial News Website: www.aastocks.com |
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