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<Research>BNP Paribas Rates SMIC (00981.HK) Outperform; Primary Engine to Power CN AI Ambition
Recommend 23 Positive 22 Negative 18 |
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SMIC (00981.HK) 1Q results were in line with guidance, while its 2Q revenue guidance was upbeat, on the back of higher ASP and shipment volumes, particularly in consumer and IoT businesses, BNP Paribas said in a report. The broker believed localization of AI chips will become a stronger growth driver and saw SMIC as a key beneficiary of advanced process nodes. Huawei confirmed DeepSeek V4 is powered by the Ascend 950 PR AI chip, and DeepSeek expected the price of V4-Pro to plummet after large-scale shipments of the 950PR. BNP Paribas believed SMIC is the only Chinese company with the capability and capacity to support Ascend 950PR using the N+3 process. BNP Paribas rated SMIC as Outperform with a TP of HKD86, reflecting its scarcity value in the domestic foundry market and stronger pricing power. The broker forecast SMIC's revenue and earnings CAGR to reach 19% and 42%, respectively, between 2026 and 2028. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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