报告中称，尽管各个终端市场的需求复苏各不相同，但高盛预计2025年将受到整个产业库存正常化的更好支持。去年10月/11月，中国积体电路(IC)产量同比增25%/23%，积体电路进口量也同比增14%/13%，反映出从2023年产业低迷中复苏的趋势。竞争和定价仍然是行业关注的问题，尽管预计中芯作为国内市场的领导者，将比规模较小的同行更具韧性。Goldman Sachs expects to receive better support from the normalization of industry inventory in 2025.
Zhitong Finance APP learned that Goldman Sachs released a research report stating that it has raised the Target Price of Semiconductor Manufacturing International Corporation (00981) by 13.8% from HKD 33.4 to HKD 38, maintaining a "neutral" rating. Although Goldman Sachs is optimistic about the company's gradual upward trend, it still believes that the increase in mature node capacity supply, intensified competition, and geopolitical risks are concerns for the Company's Valuation and may have adverse effects.
Goldman Sachs expects that under the long-term growth of semiconductor demand in China and geopolitical risks, Semiconductor Manufacturing International Corporation will show a gradual upward trend. For the fourth quarter of 2024, it is expected that revenue will increase by 1% quarter-on-quarter to USD 2.2 billion, with a gross margin of 18.5%, better than previous data and consistent with the management's guidance range.
The report states that although demand recovery in various end markets varies, Goldman Sachs expects that 2025 will be better supported by the normalization of inventory across the entire Industry. In October/November last year, China’s integrated circuit (IC) output increased by 25%/23% year-on-year, and the integrated circuit import volume also increased by 14%/13% year-on-year, reflecting a recovery trend from the 2023 industry downturn. Competition and pricing remain concerns for the Industry, although Semiconductor Manufacturing International Corporation, as the domestic market leader, is expected to be more resilient than smaller peers.
