Gate.io: Menaingkatkan target harga SMIC menjadi HK$35, panduan perusahaan menunjukkan stabilitas bisnis kuartal keempat

Data Gold 11 November, BOC International released a report stating that the increase in depreciation and amortization of new capacity of SMIC (00981.HK) will continue to affect gross profit margin, even if the increase in demand and improvement in product mix can alleviate the impact. The bank extends the valuation basis to 2025, and raises its H-share target forecast P/B ratio from 1.1 times to 1.7 times, and the H-share target price from HK$23 to HK$35, maintaining an ‘outperform’ rating. The report pointed out that SMIC’s quarterly revenue rose 14% to USD 2.17 billion, in line with market expectations and the company’s quarterly guidance of 13% to 15% growth; gross profit margin was 20.5%, higher than the upper limit of the guidance range of 18% to 20%; net profit for the quarter fell 10% to USD 149 million, lower than market expectations. Wafer shipments increased 0.5% quarterly, average selling price of wafers increased 15.5% quarterly, and comprehensive average selling price increased 13.6% quarterly. The company predicts that fourth-quarter revenue will increase by 0% to 2% quarterly, a decrease of 2% from market expectations; gross profit margin is expected to range from 18% to 20%, with market expectations at 19%. The bank believes that the guidance points to stable business in the fourth quarter, with factors including: the increase in average selling price due to favorable changes in product mix offset by the decline in deliveries and capacity utilization caused by seasonal consumer electronics; and the increase in the proportion of 12-inch wafer shipments with high average selling price, boosting total capacity with new factories.