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On February 12, according to a Nomura research report, SMIC (00981.HK) met expectations for both wafer revenue and gross profit margin in the fourth quarter of 2025. The company anticipates revenue to remain flat quarter-on-quarter in the first quarter of 2026, with a gross profit margin ranging between 18% and 20%, also aligning with Nomura's expectations. Management forecasts that full-year revenue growth in 2026 will outpace the industry average, with Nomura believing actual growth could reach the mid-to-high teens. The company expects the trend of semiconductor localization in mainland China to continue, providing support for revenue growth in 2026, and stated its intention to capitalize on strong demand for Analog/BCD and memory driven by AI. Nomura maintains a neutral rating and a target price of HKD 75 for SMIC.
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