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应用材料AMAT

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Dolphin Research’s prior deep dive on AMAT outlined the company’s core product lines and its positioning across key equipment sub-sectors.This note links AMAT’s outlook and valuation to wafer fab capex trends.As $Applied Materials(AMAT.US) operates in semiconductor equipment at the top of the value chain, its demand is highly sensitive to upstream investment cycles.Its customers are wafer fabs across logic (TSMC, Intel) and memory (Samsung, SK hynix).Hence, our forecasts for AMAT’s performance...

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Memory Upcycle, AI Capex: Is AMAT Finally Set to Break Out?

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Dell Technologies (DELL.N) released its financial report for the third quarter of fiscal year 2026 (ending October 2025) after the U.S. stock market closed on November 26, Beijing time: 1. Core performance: $Dell Tech(DELL.US) reported revenue of $27 billion for the quarter, an increase of 10.8% year-on-year, close to market expectations ($27.3 billion). The company's revenue growth of nearly $2.7 billion this quarter was primarily driven by contributions from AI server shipments. The company's gross margin for the quarter was 20.7%, down 1.1 percentage points year-on-year, slightly better than market expectations (20%). Compared to service revenue...

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Dell DELL: Storage Price Increase Adds to Troubles? AI Guidance Provides Support

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The following are the minutes of SMIC's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;SMIC: Not focusing on short-term results, is AI 'domestic chips' the true belief?&#34; 1. Review of SMIC's (00981.HK) key financial information 1. The company achieved sales revenue of USD 2.382 billion in the third quarter of 2025, a quarter-on-quarter increase of 7.8%, with a gross margin of 22%, up 1.6 percentage points from the previous quarter; operating profit was USD 351 million, and EBITDA was USD 1.43 billion...

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SMIC (Minutes): Storage price increase, terminal manufacturers are becoming more conservative in their plans for next year.

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SMIC (0981.HK/688981.SH) released its third-quarter financial report for 2025 (ending September 2025) after the Hong Kong stock market closed on the evening of November 13, 2025, Beijing time. The key points are as follows: 1. Overall performance: SMIC achieved revenue of USD 2.38 billion in the third quarter of 2025, which was basically in line with market expectations (USD 2.35 billion), representing a quarter-on-quarter growth of 7.8%, slightly better than the guidance range (quarter-on-quarter growth of 5-7%). The company's revenue growth this quarter...

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SMIC: Not Competing for Short-term Results, Is AI 'Domestic Chip' the True Belief?

SMIC 3Q25 Quick Interpretation: The company's revenue and gross margin for this quarter exceeded guidance expectations. The revenue growth was driven by an increase in both wafer shipments and average selling price, with the proportion of 12-inch wafers rising, which contributed to the average price. The increase in average price this quarter was greater than the increase in unit cost, leading to a rise in gross margin. Although the gross margin improved significantly this quarter, the company's guidance for the next quarter remains quite flat. The company expects revenue to grow by 0-2% quarter-on-quarter, which is below market expectations (2.7% quarter-on-quarter growth); the company's gross margin guidance for the next quarter remains in the 18-20% range, relatively conservative, but it also suggests that the company may face pressure from increased unit costs next quarter. Looking at specific business segments: The company's customers are mainly concentrated in China, with domestic revenue accounting for 86%. Among various downstream markets, demand for consumer electronics, industrial and automotive, and smart home has picked up, while the proportion of mobile phone business has fallen back to around 20%. The company's capital expenditure for this quarter reached $2.39 billion, setting a new quarterly high. The company previously revealed that the full-year capital expenditure for 2025 will be flat compared to 2024, suggesting that fourth-quarter capital expenditure will be $1.64 billion. Since the fourth quarter often has a significant capital expenditure performance throughout the year, Dolphin Research expects the company's full-year capital expenditure to exceed last year's $7.33 billion. Overall, although the traditional semiconductor industry has not truly recovered, SMIC still maintains a high level of capital expenditure and expansion pace. Although the company's gross margin is only around 20%, lower than peers like UMC and GlobalFoundries, the company enjoys a higher valuation level, mainly due to the long-term belief in the company's continuous growth and process breakthroughs. In the current situation, as long as the company continues to maintain high capital investment and steady expansion, short-term performance disturbances will not affect investors' &#34;long-term confidence.&#34; Whenever technological friction, geopolitical risks, and other factors escalate, the value of the company and the local supply chain will further manifest. For more information, please follow Dolphin Research's subsequent commentary and management communication minutes. $SMIC(00981.HK) $SMIC(688981.SH)

Today’s Key News Recap

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1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

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Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

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The following are the minutes of the Q3 2025 earnings call for $Intel(INTC.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Intel: Stopping Losses and Recovering! Can the 'American SMIC' Poach TSMC?&#34; 1. Core Financial Data of Intel's Earnings Report Q3 Financial Data: Revenue: $13.7 billion, exceeding the upper limit of the expected range, with a quarter-on-quarter growth of 6%. Gross Margin: (Non-GAAP) Gross margin was 40%, 4 percentage points higher than the performance guidance. This performance was attributed to revenue growth, improved product mix, and reduced inventory write-downs...

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Intel (Minutes): 18A is expected to contribute to profits by the end of 2026

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Intel released its Q3 2025 financial report (as of September 2025) after the U.S. stock market closed on the morning of October 24, 2025, Beijing time. The key points are as follows: 1. Core data: $Intel(INTC.US) achieved revenue of $13.65 billion this quarter, a slight year-on-year increase of 2.8%, slightly exceeding the upper limit of the company's guidance, mainly driven by the recovery of the client business. The gross margin for this quarter rebounded significantly to 38.2% from the previous quarter, which was significantly better than the guidance expectation (34.1%). The sharp decline in gross profit margin last quarter was primarily driven by non-operating expenses.The

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Intel: Stopping the Losses and Recovering! Can the 'American SMIC' Poach TSMC Talent?

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0917 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. The Ministry of Commerce and 9 other departments released the &#34;Several Policy Measures to Expand Service Consumption,&#34; proposing 19 initiatives across five areas, covering optimization of student holiday arrangements, enrichment of cultural and tourism product supply, enhancement of health and elderly care services, aiming to strengthen service consumption supply capacity and unleash service consumption potential. 🐬 Individual Stocks 1. $MEITUAN(03690.HK) Meituan rose nearly 5% today, accelerating its global expansion. Meituan officially launched the Keeta service in Kuwait at 11 a.m. local time on September 15...

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The following are the minutes of the Q2 2025 earnings call for $SMIC(00981.HK) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;SMIC: 'Hot' Valuation Meets 'Cold' Answers, Is the Revaluation Road Suspended?&#34;. I. $SMIC(688981.SH) Review of Core Financial Information 1. Q3 2025 Performance Guidance: Revenue is expected to grow by 5% to 7% quarter-on-quarter. Gross margin: Expected to be in the range of 18% to 20%...

SMIC (Minutes): Demand slows in the fourth quarter, currently not considering accelerating capacity expansion.

Nvidia reportedly seeks to increase H200 chip production to meet strong demand in the Chinese market

SMIC Analysis: Capital increase for SMIC South and acquisition of SMIC North are expected to enhance long-term profitability

Looking ahead to the three key words for semiconductors in 2026: Memory, AI, and Domestication

Industry weekly report indicates SMIC intends to acquire SMIC Northern, while TSMC begins mass production of 2nm chips

Citic Securities maintains "Buy" rating on SMIC

SMIC's A-share (688981) recorded a net main capital inflow of CNY 302 million on December 30

Hong Kong stock market closes for 2025, SMIC's stock price surged 124.69% for the year

SMIC's Margin Financing Balance Increases, Showing Investor Confidence

Soochow Securities Releases 2026 Electronics Industry Outlook, Bullish on Domestic Computing Power Industry Chain

Southbound Trading Records Net Purchase of HK$759 Million in SMIC

SMIC's Hong Kong stock price once rose by more than 5%, breaking through the 50-day moving average.

Boosted by acquisition news, SMIC's Hong Kong shares opened nearly 3% higher

SMIC's subsidiary, SMIC Southern, will receive a cash capital increase of nearly $7.8 billion

SMIC Acquires 49% Stake in SMIC North and Announces Capital Increase

Beijing Reportedly Requires Chipmakers to Increase Domestic Equipment Procurement to 50%

SMIC reportedly succeeds in pilot testing domestic etching tools in its 7nm production line

SMIC announces postponement of shareholder meeting to review the acquisition of SMNC stake

SMIC to disclose an announcement on changes in its domestic shareholdings by the National IC Fund

SMIC and Its Subsidiary SMSC Reach New Joint Venture and Capital Increase Agreement