Semiconductor Manufacturing International Corp. (HK:0981)
:0981
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Semiconductor Manufacturing International
(0981)
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Rating:58Neutral
Price Target:
HK$78.00
▲(31.42% Upside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by weak cash conversion (deeply negative and worsening free cash flow) and a demanding valuation (P/E ~66). These are partly offset by improving revenue and stable profitability with moderate leverage, plus positive technical momentum with the price above key moving averages and a positive MACD.
Positive Factors
Revenue rebound
A multi-fold revenue rebound implies sustained demand recovery and better wafer volume utilization. For a capital-intensive foundry, higher volumes spread fixed fab costs, improve unit economics, and underpin durable capacity investments and customer relationships over the coming months.
Negative Factors
Deeply negative free cash flow
Sustained, large negative free cash flow signals heavy capex or working-capital drain that operating cash alone isn't covering. Over months this raises financing needs, increases execution risk on expansion plans, and can constrain strategic flexibility or force dilutive funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
A multi-fold revenue rebound implies sustained demand recovery and better wafer volume utilization. For a capital-intensive foundry, higher volumes spread fixed fab costs, improve unit economics, and underpin durable capacity investments and customer relationships over the coming months.
Read all positive factors
Semiconductor Manufacturing International (0981) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$759.86B
Dividend YieldN/A
Average Volume (3M)94.43M
Price to Earnings (P/E)66.0
Beta (1Y)1.65
Revenue Growth13.61%
EPS Growth16.57%
CountryHK
Employees19,186
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.09
Shares Outstanding6,013,607,400
10 Day Avg. Volume81,816,157
30 Day Avg. Volume94,434,044
Financial Highlights & Ratios
PEG Ratio3.37
Price to Book (P/B)4.74
Price to Sales (P/S)10.97
P/FCF Ratio-20.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$90.09Price Target Upside51.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.14
Revenue Forecast (FY)HK$11.47B
Semiconductor Manufacturing International Business Overview & Revenue Model
Company Description
Semiconductor Manufacturing International Corporation, an investment holding company, engages in the computer-aided design, manufacture, testing, packaging, and trading of integrated circuits (IC) in North America, China, rest of Asia, Hong Kong, ...
How the Company Makes Money
SMIC primarily makes money by selling contract semiconductor manufacturing (foundry) services. Customers provide chip designs (IP and layout data), and SMIC manufactures the wafers, performing front-end wafer processing and related manufacturing s...
Semiconductor Manufacturing International Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.67B | 9.38B | 8.03B | 6.32B | 7.27B | 5.44B |
| Gross Profit | 1.99B | 1.80B | 1.45B | 1.22B | 2.76B | 1.68B |
| EBITDA | 2.77B | 4.41B | 4.21B | 4.06B | 4.61B | 3.82B |
| Net Income | 713.85M | 702.26M | 492.75M | 902.53M | 1.82B | 1.70B |
Balance Sheet | ||||||
| Total Assets | 55.11B | 52.63B | 49.16B | 47.79B | 43.81B | 36.11B |
| Cash, Cash Equivalents and Short-Term Investments | 8.12B | 10.47B | 10.84B | 9.38B | 12.43B | 12.50B |
| Total Debt | 14.58B | 12.70B | 11.60B | 10.21B | 8.69B | 6.77B |
| Total Liabilities | 19.23B | 16.81B | 17.29B | 16.94B | 14.85B | 10.67B |
| Stockholders Equity | 21.69B | 21.58B | 20.61B | 20.12B | 19.15B | 17.15B |
Cash Flow | ||||||
| Free Cash Flow | -3.71B | -4.96B | -4.49B | -4.28B | -912.63M | -1.33B |
| Operating Cash Flow | 4.24B | 3.39B | 3.18B | 3.36B | 5.35B | 3.01B |
| Investing Cash Flow | -4.73B | -4.57B | -4.52B | -6.21B | -10.39B | -6.66B |
| Financing Cash Flow | 3.03B | 539.44M | 1.61B | 2.47B | 3.61B | 2.36B |
Semiconductor Manufacturing International Technical Analysis
59.35
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0981, the sentiment is undefined. The current price of 59.35 is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for HK:0981.
Semiconductor Manufacturing International Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | HK$2.31B | 11.13 | 6.65% | 6.98% | -7.14% | -59.92% | |
62 Neutral | HK$74.98B | 31.83 | 6.37% | 0.69% | 3.83% | 160.15% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | HK$759.86B | 65.99 | 3.25% | ― | 13.61% | 16.57% | |
55 Neutral | HK$55.43B | 47.35 | 3.97% | 0.20% | 17.21% | -54.17% | |
50 Neutral | HK$260.05B | 214.07 | 0.84% | 0.23% | 22.26% | 171.99% | |
41 Neutral | HK$11.02B | ― | -81.95% | ― | ― | ― |
* Technology Sector Average
HK:0981
Semiconductor Manufacturing International
74.20
32.40
77.51%
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174.90
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36.32
8.76
31.77%
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128.00
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312.90%
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1.12
-0.17
-13.18%
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-13.15%
Semiconductor Manufacturing International Corporate Events
SMIC Moves to Update Articles of Association to Meet New Governance Rules
May 14, 2026
Semiconductor Manufacturing International Corporation has proposed amendments to its articles of association to align with updated corporate governance guidelines and listing rules in mainland China. The revisions reflect new requirements from the...
SMIC Posts Modest Q1 Gain and Signals Stronger Growth Ahead
May 14, 2026
Semiconductor Manufacturing International Corporation reported first-quarter 2026 revenue of $2,505.5 million, a modest 0.7% sequential increase and up from $2,247.2 million a year earlier, with gross profit of $503.6 million and a gross margin of...
SMIC Sets Board Meeting to Approve First-Quarter 2026 Results
Apr 30, 2026
Semiconductor Manufacturing International Corporation has scheduled a board meeting for 14 May 2026 in Shanghai to consider and approve the publication of its unaudited financial results for the quarter ended 31 March 2026. The announcement signal...
SMIC Grants Over 18 Million RSUs Under 2024 Equity Incentive Plan
Apr 1, 2026
Semiconductor Manufacturing International Corporation has granted 18,298,455 restricted share units to 6,091 grantees under its 2024 Equity Incentive Plan, with each unit convertible into one Hong Kong share. The award, priced at a nominal conside...
SMIC Publishes Audited 2025 Annual Results and Confirms Board Line-up
Mar 26, 2026
Semiconductor Manufacturing International Corporation announced its audited annual results for the year ended 31 December 2025, fulfilling disclosure obligations required by the Hong Kong Stock Exchange. The full 2025 annual report, containing det...
SMIC Sets March 2026 Board Date to Approve 2025 Annual Results
Mar 16, 2026
Semiconductor Manufacturing International Corporation has announced that its board of directors is scheduled to approve the publication of the company’s audited annual results for the financial year ended 31 December 2025 on 26 March 2026. T...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.