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花旗升中芯国际目标价至16.2港元 下半年订单能见度改善

Citigroup raised SMIC's target price to HK$16.2. Order visibility improved in the second half of the year

Breakings ·  May 13 15:25
SMIC (00981.HK)'s first-quarter revenue increased 20% year-on-year to US$1.75 billion, higher than the upper limit of the growth guideline of US$1.71 billion. The gross margin for the period reached 13.7%, which also exceeded the guideline range of 9% to 11%. However, profit reached only US$72 million, falling short of market expectations. The bank pointed out that in line with industry trends, SMIC's utilization rate (UTR) increased due to increased domestic production demand, and order visibility and demand related to artificial intelligence continued to improve in the second half of the year. It is expected that the company will continue to expand production capacity and focus on 12nm development. However, Citi also warned that the average sales price and gross profit margin of SMIC products will continue to be pressured, which will drag down the prospects for profit recovery. At the same time, the weak cash flow situation and return on investment will also have an impact on long-term R&D investment. The target price was raised from HK$15.4 to HK$16.2.

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