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<Research>UBS Cuts Earnings Forecast for SMIC; Quarterly Results Beat, but GPM Under Pressure
Benefiting from a slight increase in wafer shipment volumes and the average selling price of mixed products, SMIC (00981.HK) reported a 4.5% QoQ increase in 4Q25 earnings, outperfo...
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<Research>UBS Cuts Earnings Forecast for SMIC; Quarterly Results Beat, but GPM Under Pressure
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Benefiting from a slight increase in wafer shipment volumes and the average selling price of mixed products, SMIC (00981.HK)  -1.850 (-3.500%)    Short selling $598.61M; Ratio 79.112%   reported a 4.5% QoQ increase in 4Q25 earnings, outperforming typical seasonal patterns, guidance, and market expectations, UBS wrote in its research report.

SMIC's GPM came in at 19.2%, aligning with the guidance range of 18-20% but below the market forecast of 20%. Due to escalated depreciation expenses, the company's GPM slipped by 2.8 ppts QoQ.

UBS has lowered its earnings forecast for SMIC by 8-18% to reflect higher depreciation burdens. SMIC's rating remains Neutral, with a target price of HKD76.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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