Jinwu Financial News | According to the Nomura Research Report, SMIC (00981)'s sales for the first quarter of 2024 increased 4.3% quarterly, exceeding expectations of 0-2% quarterly growth. The gross profit margin for the first quarter was 13.7%, exceeding expectations of 9-11%.
The bank lowered the company's gross margin forecast for 2024 and 2025 from more than 20% to about 10-15%. The main field's gross margin guide for the second quarter was 9-11%, and the low market forecast was around 15%. The target price was raised 1.7% from HK$18.1 to HK$18.4, maintaining the “neutral” rating.