企業プロフィール · Technology

Semiconductor Manufacturing International Corp

0981 · 香港株
その他の上場00981 · 香港株688981 · 上海
取引所
香港株
国 / 地域
Hong Kong
上場日
2004年3月18日
従業員数
19,952
公式サイト
www.smics.com
現在値
HK$67.55
リアルタイム · 2026年8月13日
妥当買付価格
≤ HK$43
安全マージンの起点
ベイリー成長スコア
42/100
やや弱い
本源的価値 · 3 段階レンジ 現在値 HK$67.55 リアルタイム · 妥当な本源的価値レンジ内

総合バリュエーションレンジ · 保守的 HK$38–HK$43 / 妥当 HK$63–HK$85 / 楽観的 HK$106–HK$115。HK$67.55 時点で 妥当な本源的価値レンジ内。

レポート公開時 HK$66.9(2026年8月8日)

時価総額HK$5727.18億
売上高(TTM)HK$95.85億
EBITDAHK$45.82億
純利益率7.25%
ROE2.64%
PER (TTM)94.23
予想PER97.09
PEG3.64
EPSHK$0.06
52週レンジHK$48.20 – HK$93.50

データ提供:EODHD、報告通貨で表示。参考情報であり、投資助言ではありません。

Semiconductor Manufacturing International Corporation, an investment holding company, engages in the manufacture, testing, and sale of integrated circuits wafer and various compound semiconductors in the United States, China, and Eurasia. The company is also involved in the manufacturing, sale, and trading of semiconductor products; and research and development activities. In addition, it offers semiconductor foundry and technology services; supporting services comprising design and IP support, photomask manufacturing, etc.; development, design, and technical services related to integrated circuits; marketing related services; and private education services. Further, the company tests and sells self-produced products, and other services. Semiconductor Manufacturing International Corporation was incorporated in 2000 and is headquartered in Shanghai, China.

沿革

Semiconductor Manufacturing International Corporation, a pure-play foundry, was founded by Zhang Rujing (Richard Chang) in April 2000 in Shanghai and incorporated in 2000, with the aim of building a domestic foundry industry for China. It completed simultaneous IPOs on the Hong Kong Stock Exchange (0981) and NYSE in March 2004, delisted its NYSE ADR in 2019, and listed on Shanghai's STAR Market (688981) in July 2020. The company reached 14nm FinFET mass production in 2019 and later used DUV multi-patterning to produce 7nm-class chips. It remains headquartered in Shanghai, China.

業界での地位

The company is a pure-play foundry that fabricates integrated-circuit wafers and compound semiconductors for fabless customers. It is the largest foundry in mainland China and, by TrendForce's FY2025 measure, the world's second-largest pure-play foundry with revenue of US$9.33 billion and a 5.32% global foundry share, behind TSMC. In a highly concentrated market where TSMC holds about 69.9% of the top-ten foundries' revenue, it is the only mainland firm able to mass-produce 7nm-class chips, with monthly capacity of about 1.059 million 8-inch-equivalent wafers.

42/100 Hold SMIC: Strategic Scarcity Is Proven, but Has the Capital Cycle Started Paying Its Way? SMIC is China's largest pure-play foundry, selling wafer manufacturing capacity across mature and advanced-for-China nodes rather than designing chips of its own. Q1 2026 revenue was US$2.505bn at 93.1% utilization and a 20.1% gross margin, and Q2 revenue is guided up 14 to 16% sequentially, yet US$8.40bn of capex against US$3.19bn of operating cash flow left conventional free cash flow negative for a fifth straight year. Rating Hold: at HK$66.90 the shares sit inside the HK$63 to 85 acceptable-hold band but about 23% above the HK$54 conservative value, leaving no margin of safety before the August 13 Q2 print. Semiconductor Manufacturing International Corporation0981 · 香港株Semiconductors2026年8月8日 36/100 Watch SMIC (0981.HK) Zen Horizon In-Depth Research China's largest foundry and the only mainland player with advanced-node capability at DUV 7nm, SMIC generated FY25 revenue of USD 9.33 billion with a 21% gross margin, but ROE was only about 3%, free cash flow was about USD -5.2 billion, and profits relied heavily on government subsidies. The core debate is whether strategic indispensability, AI-driven mature-node pricing, and domestic substitution can offset weak returns, heavy capex, and export-control ceilings. Research rating Watch: a strategically important asset, but at the current price the risk-reward is skewed downward. Semiconductor Manufacturing International Corporation (SMIC)0981 · 香港株Semiconductors2026年6月5日