UB-SMIC@EC2605A(17146.HK)

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UB-SMIC@EC2605A
17146.HK
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SMIC 4Q25 First Take: headline was mixed — revenue met expectations, but GPM underwhelmed. On the margin bridge, ASP rose by $37/wafer QoQ while unit cost increased by $56/wafer, driving GPM compression. While the company has pushed advanced nodes to a 7nm‑equivalent, lower yield continues to weigh on margins. Guidance matters more than the print, and the outlook remains muted. Management guides flat QoQ revenue vs. the Street at +3%, and GPM at 18–20% vs. the Street at 21%, implying continued margin pressure. Despite AI semis staying hot, results remain soft, largely due to a sluggish traditional semi market. Management is still cautious on the legacy demand recovery. Given SMIC’s unique positioning, valuation is not fully tethered to near‑term fundamentals. The company sits in the foundry industry’s second tier but is working to close the gap with TSMC, which keeps optionality and expectations alive. For more, follow Dolphin Research for subsequent commentary and Trans. $SMIC(00981.HK) $SMIC(688981.SH)

HK
00981
+1.71%
SH
688981
+1.11%
SH
600810
-0.35%
HK
00981
+1.71%
SH
688981
+1.11%
SH
600810
-0.35%

SMIC Posts Strong 2025 Growth on Capacity Expansion and Supply-Chain Localization

Tip Ranks·
SZ
159995
+0.63%
SZ
159516
-0.16%
SH
688981
+1.11%
Tip Ranks·
SZ
159995
+0.63%
SZ
159516
-0.16%
SH
688981
+1.11%

SMIC meldet Umsatz im vierten Quartal 2025 von 2.488,71 Mio. USD mit einem Anstieg um 12,8 Prozent

Reuters·
SH
588170
+0.17%
SZ
159131
+0.11%
SZ
159636
-0.15%
Reuters·
SH
588170
+0.17%
SZ
159131
+0.11%
SZ
159636
-0.15%

SMIC: The guidance for Q1 2026 is for sales revenue to remain flat quarter-on-quarter, with a gross margin between 18% and 20%

Wallstreetcn·
HK
00981
+1.71%
SH
688981
+1.11%
Wallstreetcn·
HK
00981
+1.71%
SH
688981
+1.11%

SMIC's net profit in the fourth quarter was 1.22 billion yuan, a year-on-year increase of 23.2%

Wallstreetcn·
SH
588170
+0.17%
SH
688981
+1.11%
Wallstreetcn·
SH
588170
+0.17%
SH
688981
+1.11%
Posts
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SMIC 4Q25 First Take: headline was mixed — revenue met expectations, but GPM underwhelmed.

On the margin bridge, ASP rose by $37/wafer QoQ while unit cost increased by $56/wafer, driving GPM compressi......

  • 0

I was amazed by the 100-year bond. I know this is not the first time since 1990s. Many people may not see the long-term risks, such as the business will remain relevant far into the future. While the...

Taking debt to fund the AI spending spree sounds alot like the dot com bubble!

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