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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