Industrial and Commercial Bank of China International released a research report, giving a 'buy' rating for the first time covering SMIC International (00981.HK) with a target price of HK$32. The bank predicts a gross profit margin of 16.8% and 20% for 2024/25, slightly higher than the market's consensus expectations of 0.2 and 0.5 percentage points. The bank believes that the company's plan to steadily advance the construction of a 12-inch wafer factory with a total monthly capacity of 340,000 wafers starting from the first quarter of 2023 will not be affected by industry cycles. The front-loaded capital expenditures may return to relatively normal levels by 2025/26. The bank predicts that the company's capacity utilization rate may stabilize from the low point of 68.1% in the first quarter of 2023 and rise to 84.7% in 2024. After hitting bottom in 2024, the company's gross profit margin may further rise after the impact of front-loaded capital expenditures subsides in the second half of 2025.
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CICC: Première note d'achat pour SMIC International, objectif de cours de 32 HKD
Industrial and Commercial Bank of China International released a research report, giving a 'buy' rating for the first time covering SMIC International (00981.HK) with a target price of HK$32. The bank predicts a gross profit margin of 16.8% and 20% for 2024/25, slightly higher than the market's consensus expectations of 0.2 and 0.5 percentage points. The bank believes that the company's plan to steadily advance the construction of a 12-inch wafer factory with a total monthly capacity of 340,000 wafers starting from the first quarter of 2023 will not be affected by industry cycles. The front-loaded capital expenditures may return to relatively normal levels by 2025/26. The bank predicts that the company's capacity utilization rate may stabilize from the low point of 68.1% in the first quarter of 2023 and rise to 84.7% in 2024. After hitting bottom in 2024, the company's gross profit margin may further rise after the impact of front-loaded capital expenditures subsides in the second half of 2025.