China Semi Foundry: Fierce Competition & Sluggish Rebound In Year Of The Dragon
SMIC & Hua Hong reported in line Q423 & both guided Q124 flat to slightly down. SMIC calls FY24 growth ~+5% YoY. Fierce competition, GM pressure,...
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[SMIC (981 HK, BUY, TP HK$43.5) TP Change]: C1Q25 Review: Two Headwinds but One Steady Hand
SMIC's first quarter results were in line with estimates, but revenue was impacted by manufacturing issues with high ASP products, leading to a...
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SMIC 1Q25 Strong Wafer Growth but Weak ASP. Same in 2Q. Large Capex to Continue in 2025.
Strong revenue growth in 1H25 with capacity increase, production shifting domestically, but weakening ASP and demand pull-in. Uncertainty for 2H,...
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SMIC (981.HK): 2Q25 Guidance Shows A -5% in Revenue. Could This Reflect the Impact of US Tariffs?
SMIC's 1Q25 results met expectations, with cautious 2Q25 guidance. Americas contribute 12.6% to revenue, while China and Eurasia dominate. SMIC...
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Semiconductors and AI Servers in China
Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...
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