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
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
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
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 45 | 0981.HK · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
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.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
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.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
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