CICC has released a research report that gives a 'buy' rating and a target price of HKD 32 for SMIC (00981.HK) for the first time. The bank predicts that the gross profit margin in 2024/25 will be 16.8% and 20%, slightly higher than the market's expected 0.2% and 0.5% points. The bank believes that the company's plan to build a 12-inch wafer fab with a total production capacity of 340,000 pieces per month from the first quarter of 2023 may proceed steadily without being affected by the industry cycle. The capital expenditures incurred in the early stages may return to relatively normal levels in 2025/26. The bank predicts that the company's capacity utilization rate may steadily rebound from the low point of 68.1% in the first quarter of 2023 to 84.7% in 2024. After hitting bottom in 2024, the company's gross profit margin may further increase after the impact of capital expenditures subsides in the second half of 2025.
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BOCOM International: SMIC memiliki peringkat "beli" dan target harga HK $ 32
CICC has released a research report that gives a 'buy' rating and a target price of HKD 32 for SMIC (00981.HK) for the first time. The bank predicts that the gross profit margin in 2024/25 will be 16.8% and 20%, slightly higher than the market's expected 0.2% and 0.5% points. The bank believes that the company's plan to build a 12-inch wafer fab with a total production capacity of 340,000 pieces per month from the first quarter of 2023 may proceed steadily without being affected by the industry cycle. The capital expenditures incurred in the early stages may return to relatively normal levels in 2025/26. The bank predicts that the company's capacity utilization rate may steadily rebound from the low point of 68.1% in the first quarter of 2023 to 84.7% in 2024. After hitting bottom in 2024, the company's gross profit margin may further increase after the impact of capital expenditures subsides in the second half of 2025.