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CLSA: SMIC 1Q Rev. Guidance in Line with Mkt Consensus; GPM Guidance Slightly Misses
2026-02-11 11:22:09
SMIC (00981.HK)'s 4Q25 revenue hiked 4.5% QoQ to US$2.49 billion, surpassing the growth guidance of 0-2%, according to CLSA's research report.

The Company guided for flat revenue QoQ for 1Q26, in line with market consensus, while its gross profit margin guidance of 18-20% was slightly below the market expectation of 20.9%.

The Company anticipated that its 2026 revenue growth will be higher than the industry average, with capital expenditure guidance being roughly flat compared to US$8.1 billion in 2025.

Therefore, CLSA currently rated SMIC's H-/ A-shares at Outperform, with target prices of $93.3/ RMB152.
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