0981.HK, 688981.SH · Hong Kong · A-shares
0981.HK / 688981.SH SMIC: mature-node foundry + domestic compute base
SMIC China’s leading foundry (A+H); advanced nodes constrained by controls—mature/specialty nodes monetize localization. Valuation embeds strategic premium.
Cite a section with a deep link, e.g. /en/r/smic-0981-research#thesis
Snapshot
- Price
- CNY 45
- Mkt cap
- CNY 550.0B
- Revenue
- CNY 60.0B
- Utilization (approx)
- 1
Thesis
SMIC China’s leading foundry (A+H); advanced nodes constrained by controls—mature/specialty nodes monetize localization. Valuation embeds strategic premium.
Business
Model: wafer foundry. Flagships: mature logic/specialty; limited advanced under tool constraints. Edge: domestic customers + capacity. Strategy: expand, yield, localize supply.
Value chain
Foundry midstream; upstream tools/materials; downstream fabless. Risks: tool export controls; depreciation; foundry cycle.
Valuation
Strategic growth; capacity and GM drive a volatile PE.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: wafers; price: ASP; cost: depreciation and utilization.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 定位 | 大陆代工龙头 | A+H | 战略资产 |
| 制程 | 成熟为主+受限先进 | 政策敏感 | 设备是瓶颈 |
| 客户 | 国内设计公司为主 | 替代逻辑 | 汽车/消费/工控 |
| 财务 | 高折旧期 | 利润波动 | 看利用率 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 中芯 | 大陆龙头 | 中 | 本地需求 | 先进受限 |
| 华虹 | 成熟特色 | 中 | 特色工艺 | 规模较小 |
| 台积电 | 全球龙头 | 高 | 先进制程 | 对华客户政策 |
| 联电 | 成熟 | 中 | 成本 | 中国替代分流 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长/联合CEO 等 | 核心班子 | 产业元老 | 战略连续 |
| CFO | 财务负责人 | 在任 | A+H 披露 |
| 运营 | 厂务/制造负责人 | 扩产关键 | 良率 |
Stability: Experienced leadership; strategy heavily shaped by policy/controls.
Outlook
Track monthly sales, GM, utilization, fab ramps, tool arrivals.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.smics.com/
- https://finance.sina.com.cn/roll/2026-07-27/doc-inikfsvc3127885.shtml {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.