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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 Lowers Earnings Forecasts for SMIC (00981.HK), Keeps Outperform Rating
The broker has kept a Neutral rating on SMIC, with a target price of HKD75.
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