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<Research>CICC Maintains Outperform on SMIC (00981.HK); 4Q25 Results In Line
Recommend 9 Positive 10 Negative 4 |
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The 4Q25 results of SMIC (00981.HK) aligned with CICC's forecast. The broker said in its report that the H-share revenue reached USD2.489 billion, up 4.5% QoQ, with a gross margin of 19.2%, down 2.8 ppts QoQ, mainly due to depreciation effects, which was in line with the broker's expectations. The full-year revenue for 2025 was USD9.327 billion, up 16.2% YoY, with a gross margin of 21%, up 3 ppts YoY. The company's guidance indicated that revenue for 1Q26 was foreseen to remain flat QoQ, with a gross margin of 18-20%, both in line with the broker's estimates. It was anticipated that the 2026 guidance revenue growth will exceed the average of comparable peers. The Outperform rating was maintained, as the broker considered the sturdy leading position of the company's wafer manufacturing. The A-share target price for SMIC (688981.SH) was maintained at RMB150, and the H-share target price was HKD100. AASTOCKS Financial News Website: www.aastocks.com |
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