该行认为，公司对其毛利的乐观展望令人惊讶，料是因为先进制程代工的需求，特别在智慧型手机应用上，复苏快过预期，将今明两年的盈利预测分别上调10.8%及5.4%，认为交付量增长加快应可抵销较弱的平均售价。Semiconductor Manufacturing International Corporation (00981) management has issued third quarter guidance, with revenue growth up 33% to 35% year-on-year and gross margin up 4 to 6 percentage points quarterly.
According to the research report released by DBS, it has adjusted its rating for Semiconductor Manufacturing International Corporation (00981) to buy and raised its target price from HKD 17 to HKD 24.
The report stated that the company's second-quarter net profit fell 59% year-on-year, still outperforming expectations due to faster-than-expected recovery in gross margin. Management has issued third-quarter guidance, with revenue growth up 33% to 35% year-on-year and gross margin up 4 to 6 percentage points quarterly.
The bank believes that the company's optimistic outlook for its gross margin is surprising, presumably due to the demand for advanced process outsourcing, especially in smart phone applications. The anticipated growth in delivery volume can offset the weaker average selling price. It has raised profit forecasts for this year and next year by 10.8% and 5.4%, respectively.