Semiconductor Manufacturing International Corp (SMIC)

SMIC (981.HK): 2Q22 Preview- We Estimate Around 5% Growth Could Be the Case

Equity Bottom-Up
303 Views, 11 May 2022 22:37
EXECUTIVE SUMMARY
  • We think SMIC is likely to reach the high-end of 1Q22 guidance, which was US$1,817~1,849mn/36~38% respectively.
  • We think SMIC is likely to reach ~US$1,926mn/39% for revenue/GM respectively in 2Q22.
  • SMIC cannot have the EUV machine because of the Wassenaar Arrangement. Therefore, SMIC has to optimize its operation and to expand 28nm and above technologies.
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Patrick Liao
Taiwan Tech Focused Senior Analyst
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