CLSA raised its target for SMIC (00981.HK) to HK$97.5 (from HK$94.1) and its
A‑share target to CNY180.2 (from CNY153.4), maintaining an Outperform rating.
CLSA says SMIC’s Q2 revenue and gross margin beat the upper end of the company
guidance and Q3 guidance exceeded market expectations. Q2 shipment growth was
driven by capacity ramp-up and AI-related chip orders; CLSA highlights demand
support from AI, overseas order reshoring and domestic localization. SMIC
expects wafer prices to remain at least stable through 2026. CLSA lifted its
2026–28 earnings forecasts by 69%, 44% and 38%, respectively.