---
title: "Goldman Sachs: SMIC's performance in the third quarter exceeded expectations, target price of 117 yuan maintained as Buy"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265884906.md"
description: "Goldman Sachs report pointed out that SMIC's revenue and gross margin in the third quarter exceeded expectations, maintaining a buy rating with a target price of HKD 117"
datetime: "2025-11-14T09:13:31.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265884906.md)
  - [en](https://longbridge.com/en/news/265884906.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265884906.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265884906.md) | [繁體中文](https://longbridge.com/zh-HK/news/265884906.md)


# Goldman Sachs: SMIC's performance in the third quarter exceeded expectations, target price of 117 yuan maintained as Buy

Goldman Sachs research report indicates that SMIC (00981.HK) had a revenue of USD 2.4 billion in the third quarter, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, slightly higher than the bank's and market expectations, and surpassing the management's guidance of a 5% to 7% quarter-on-quarter growth. The gross margin during the period was 22%, also better than the management's guidance and the bank's and market expectations, due to improved capacity utilization and an increase in the average selling price of wafers. Capital expenditure reached USD 2.4 billion, higher than the USD 1.9 billion in the second quarter.

The company guides for a quarter-on-quarter revenue growth of 0% to 2% in the fourth quarter, roughly in line with the bank's and market expectations; the gross margin guidance is 18% to 20%, slightly lower than the bank's expectations, which believes there is room for actual performance to exceed expectations. Maintains a "Buy" rating, with a target price of HKD 117 for H shares and RMB 211 for A shares (688981.SH)

### 相关股票

- [SMIC (688981.CN)](https://longbridge.com/zh-CN/quote/688981.CN.md)
- [SMIC (00981.HK)](https://longbridge.com/zh-CN/quote/00981.HK.md)

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