Lyon: Upgrading Semiconductor Manufacturing International Corporation (00981) target price to HKD 97.5, Q3 guidance exceeds market expectations.
The company expects wafer prices to remain stable at least throughout 2026.
Lyon released a research report stating that it has raised its earnings forecasts for Semiconductor Manufacturing International Corporation (00981) for 2026, 2027, and 2028 by 69%, 44%, and 38% respectively. The target price for H-shares/A-shares has been increased from HKD 94.1 / RMB 153.4 to HKD 97.5 / RMB 180.2, while maintaining an "Outperform" rating.
The report indicated that Semiconductor Manufacturing International Corporation's revenue and gross margin for the second quarter of 2026 both exceeded the upper limit of guidance. The third quarter guidance is also above market expectations. The company attributed the growth in shipments for the second quarter to capacity ramp-up and demand from AI-related chip orders. Semiconductor Manufacturing International Corporation is optimistic about demand prospects, driven by AI, the return of overseas orders, and localization. Additionally, the company expects wafer prices to remain stable at least throughout 2026.
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