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<Research>Nomura Keeps Neutral on SMIC, Expects Mid to High Double-Digit Rev. Growth This Yr
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Nomura's research report indicated that SMIC (00981.HK) met expectations for wafer revenue and gross margin in 4Q25. The company guided that revenue for 1Q26 will remain flat QoQ, with a gross margin between 18-20%, which also aligns with the broker's expectations.

Management anticipates that the full-year revenue growth for 2026 will exceed the average level of comparable peers, and Nomura believes the actual growth will reach mid to high double digits.

Related NewsCLSA: SMIC 1Q Rev. Guidance in Line with Mkt Consensus; GPM Guidance Slightly Misses
The broker has kept a Neutral rating on SMIC, with a target price of HKD75.
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