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UB-SMIC@EP2701A

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Weekly Recap | SMIC +5.09%, interim profit doubles
Weekly Review·1 day ago, 12:17 AM
- Semiconductor manufacturer SMIC saw its shares rise 5.09 % to 70.15 HKD over the week, outperforming the Hang Seng Index. - The company reported its 2026 interim results with revenue growing 23.7 % to 5.51 billion USD and net profit surging 111 % to 677 million USD. - Despite strong financial results and a consensus buy rating from institutions with a target price of 94.66 HKD, weekly trading volume remained subdued below the 60 - day median.
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Birentech 1H26 quick take: Post-market on Aug 28, Birentech released its first results since listing. As the company had already issued an interim profit alert on Aug 17 with ranges for revenue and loss, the better-than-expected narrowing was largely priced in.However, the next-day and subsequent tape suggested investors were not buying it.In our initiation, we laid out the stock’s beta logic and H2 catalysts. This note tracks what in the print merits attention.1. RevenueDespite revenue surging +2,000% YoY to RMB 1.236bn, QoQ growth was only +26.6%, indicating no sustained step-up. The core revenue driver remains BR166X, which we flagged as a dated product in our coverage.Market focus is still squarely on BR20X.2. Gross marginGPM expanded 1,100bps YoY, yet it is clearly lower vs. peers Moore Threads/MetaX with near-60% GPM. This is largely due to the current mix being BR166X-heavy.Mass production of BR20X should improve margin structure.3. Leading indicatorsDownstream CSPs such as Tencent and Alibaba have materially ramped CAPEX, but this cycle has yet to show up in Birentech’s leading indicators. Inventories rose 28% vs. FY25, broadly in line with revenue growth, while contract liabilities shrank slightly.This suggests downstream orders have not flowed in meaningfully to Birentech, as BR166X lags peers by a generation and has not broken through with customers.BR20X has taped out in small volumes, and prepayments rose +230% vs. end-FY25, likely reflecting upstream capacity reservations. We expect a meaningful ramp for BR20X in 2027.4. ValuationThe company’s current market cap is RMB 87bn. We see domestic compute as a clear investment theme, with BR20X commercialization and customer breakthroughs remaining the key H2 watchpoints.That said, the fundamentals in this print do not point to a strong alpha name.We think the tape-out validation cadence is not fast, and BR20X, initially slated for H2 commercialization, may be delayed. In the supply chain, leading foundry SMIC’s advanced-node capacity is primarily allocated to Huawei and Cambricon, and Hua Hong’s capacity ramp is another key risk.In Dolphin Research’s TAM sizing, the AI xPU market reaches $80–90bn by 2030. Under a conservative case of 1.5% share (our base-case market split: Huawei ~70%, Cambricon ~10%, and if the remaining eight players split evenly, Birentech at ~2.5%), that implies revenue of $1.2–1.35bn.Assuming ~15x PS in 2030 and a 40% margin (≈38x PE), discounted back to 2026 at 13%, the fair value is $11–12bn, or ~HK$80bn.We see better downside protection at that level. $BIREN TECH(06082.HK)
2 days ago, 07:02 AM
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HKD453.5M Southbound Trading Net Inflow to VGT
AASTOCKS News·2 days ago, 06:00 AM
- VGT recorded a Southbound Trading net inflow of HKD453.5 million, while BABA-W experienced the highest net outflow of HKD380.8 million. - Under the Shanghai-Hong Kong Stock Connect, VGT saw the highest net inflow of HKD315.9 million and CHINA LIFE saw the highest net outflow of HKD878.5 million. - Under the Shenzhen-Hong Kong Stock Connect, VGT led with a net inflow of HKD137.7 million and TENCENT led with a net outflow of HKD235.3 million.
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HSI Opens Down 155 pts; BABA-W Slips 2%; SHIMAO GROUP Opens Down 10% on Winding-up Petition
AASTOCKS News·2 days ago, 08:45 PM
- The HSI opened down 155 points at 25,410 points, while major US stock indices closed higher, driven by a surge in NVIDIA Corporation following strong earnings results. - Hong Kong tech and banking stocks generally declined at the opening, whereas individual companies experienced notable stock movements following their corporate earnings reports and financial disclosures. - Shimao Group opened 10.45% lower after facing another winding-up petition, while companies like Tianqi Lithium surged following a significant jump in interim profit.
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SMIC 1H26 Net Profit USD677M Up 111%
AASTOCKS News·Aug 27 at 05:36 AM
- SMIC announced its interim financial results for the six months ended June 2026. - The company recorded a revenue increase of 23.7% year-on-year to USD 5.511 billion. - Net profit leaped 111% year-on-year to USD 677 million, with earnings per share at US 8 cents.
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SMIC FY26 H1 profit attributable to owners more than doubles to USD 676.65 million; revenue rises 23.7% to USD 5.51 billion
PUBT·Aug 27 at 05:21 AM
- SMIC reported a 23.7% year-over-year increase in revenue to USD 5.51 billion and a profit attributable to owners of USD 676.65 million for the first half of FY 26. - The financial growth was driven by higher wafer shipments, improved average selling prices, and product mix changes, with operating cash flow surging 252.7% to USD 3.21 billion. - Management maintained an optimistic outlook for the second half of the year, supported by AI-driven demand.
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A-Share Three Major Indices Gain 0.6%-1.5% at Midday; Gold and Chip Stocks Advance, HUA HONG GRACE Up Over 4%
AASTOCKS News·Aug 26 at 11:05 PM
- China's three major A-share indices rose 0.6% to 1.5% at midday, supported by advances in gold and chip stocks. - Chip stocks surged significantly, driven by strong interim financial results including HUA HONG GRACE's 409% net profit rise. - The PBOC conducted RMB 103 billion in 7-day reverse repos and RMB 503.5 billion in overnight reverse repos.
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SMIC rises 1% as NVIDIA earnings beat lifts chip stocks
HK Stock Market Update·Aug 26 at 08:41 PM
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A-Share Three Major Indices Rise 0.5%-0.7% for Full Day as Brokerages Advance; HUA HONG GRACE Jumps Over 7%
AASTOCKS News·Aug 26 at 02:45 AM
- The PBOC conducted RMB 239.5 billion of seven-day reverse repos with a single-day net injection of RMB 239.5 billion. - The three major A-share indices rose 0.5% to 0.7% for the full day, driven by advancing brokerages and chip stocks. - The Shanghai Composite Index closed up 0.59% at 3,912, while HUA HONG GRACE surged over 7%.
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SMIC climbs 5% on Goldman Sachs China chip self-sufficiency forecast
HK Stock Market Update·Aug 26 at 12:11 AM
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A-Share Three Major Indices Gain 0.7%-1.4% at Midday; HUA HONG GRACE Surges Over 9%, SMIC Up 3%
AASTOCKS News·Aug 25 at 11:10 PM
- The central parity rate of RMB against USD was set at 6.7829, and the PBOC injected RMB 239.5 billion via seven-day reverse repos. - The three major A-share indices gained 0.7% to 1.4% by midday, with the Shanghai Composite Index reclaiming the 3,900 level to close at 3,916. - Individual stock performances included HUA HONG GRACE surging over 9% and SMIC rising 3%, alongside mixed movements across banking, insurance, and semiconductor sectors.
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SMIC climbs 3% on Goldman Sachs China chip self-sufficiency forecast
HK Stock Market Update·Aug 25 at 09:41 PM
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HSI Slips 544 pts at Midday as BABA-W Plunges ~10%, SMIC Dives 6%+; AI Large Model Stocks Pressured
AASTOCKS News·Aug 23 at 11:51 PM
- The Hang Seng Index fell 544 pts or 2.09 % to close at 25,465 at midday, driven by widespread declines across major technology and chip stocks. - BABA-W plunged 9.76 % after planning a new share placement to raise HKD80 billion, while AI large model stocks faced heavy pressure following DeepSeek's API price adjustments. - Chip stocks experienced sharp sell-offs, with SMIC plummeting 6.62 % and HUA HONG GRACE tumbling 5.23 %.
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A-Share Three Major Indices Fall 0.7% to 3.5% at Midday, YUSHU TECHNOLOGY Slumps Nearly 10%; Mainland Banks and Insurers Stay Firm
AASTOCKS News·Aug 23 at 11:31 PM
- At midday, the three major A-share indices fell between 0.7% and 3.5%, while the PBOC conducted RMB 340 billion of seven-day reverse repos for a net injection of RMB 340 billion. - Mainland bank and insurance stocks stayed firm with gains across major institutions, whereas chip, AI, and optical module stocks generally declined despite strong interim results from some firms. - YUSHU TECHNOLOGY slumped 9.8% to a total market capitalization of RMB 245.283 billion amid the opening of the second World Humanoid Robot Games 2026 in Beijing.
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HSI Down 544 pts; HSTI Down 183 pts; BABA Down over 9%; XIAOMI Down over 4%; TENCENT Down over 3%
AASTOCKS News·Aug 23 at 11:26 PM
- At the midday close, the Hang Seng Index dropped 544 points or 2.1% to 25,465, while the Hang Seng Tech Index fell 183 points or 3.8% to 4,582. - Major heavyweights recorded significant declines, with BABA down over 9%, XIAOMI down over 4%, and TENCENT down over 3%. - Other index constituents also faced downward pressure, though selective stocks like PING AN and SINOPEC CORP posted modest gains.
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