CICC International: Raise target price of SMIC to HK$47, expecting stable demand transition to the second half of the year.

According to the Securities Times APP, CICC released a research report stating that it is optimistic about SMIC's (00981.HK) leading position in domestic wafer foundry production, and believes that the group will continue to benefit from the trend of domestic substitution of key semiconductor products. The H-share target price has been raised by 4% from HK$45 to HK$47, corresponding to a price-to-book ratio of 2.1 times in 2026, and maintains a "neutral" rating.