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<Research>BOCOMI Trims SMIC's TP to $45 on Mixed Results
SMIC (00981.HK) posted 1Q25 revenue of US$2.247 billion, up 2% QoQ, but below the lower end of its previous guidance of a 6% QoQ increase, according to BOCOMI's research report...
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<Research>BOCOMI Trims SMIC's TP to $45 on Mixed Results
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SMIC (00981.HK)  -0.550 (-1.290%)    Short selling $310.37M; Ratio 8.562%   posted 1Q25 revenue of US$2.247 billion, up 2% QoQ, but below the lower end of its previous guidance of a 6% QoQ increase, according to BOCOMI's research report. However, the company's GPM reached 22.5%, surpassing the upper end of the previous guidance of 21%, demonstrating continued resilience.

In BOCOMI's estimate, SMIC might add over 10,000 12-inch wafer monthly capacity during the period, while the average selling price fell by 9% QoQ. Management reiterated its strategy of not proactively cutting prices and explained that the revenue shortfall was mainly due to unexpected equipment maintenance issues, which affected the initial production of some wafers.

Related NewsUBS Upgrades SMIC (00981.HK) to Neutral, Elevates TP to $43
BOCOMI kept a Neutral rating on SMIC and reduced its target price from $48 to $45.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-13 16:25.)

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