SMIC (981.HK): Local Demand Is Very Strong, but EUV Embargo Is Constrained Technical Growth Still.

SMIC will spend ~US$5bn in Capex in 2022, of which only the Beijing is 12” Fab, and Shenzhen and Tianjin are 8” Fabs. SMIC had a limitation to receive the EUV machine. It is a long-term limitation.

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