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Semiconductor Manufacturing International Corp

0981 · 홍콩
기타 상장00981 · 홍콩688981 · 상하이
거래소
홍콩
국가 / 지역
Hong Kong
상장일
2004년 3월 18일
직원 수
19,952
웹사이트
www.smics.com
현재가
HK$67.55
실시간 · 2026년 8월 13일
적정 매수가
≤ HK$43
안전마진 진입가
베일리 성장 점수
42/100
다소 약함
내재가치 · 3단계 구간 현재가 HK$67.55 실시간 · 적정 내재가치 구간 내

종합 밸류에이션 구간 · 보수적 HK$38–HK$43 / 적정 HK$63–HK$85 / 낙관적 HK$106–HK$115. HK$67.55 기준, 적정 내재가치 구간 내.

보고서 발행 시 HK$66.9(2026년 8월 8일)

시가총액HK$5727.18억
매출 (TTM)HK$95.85억
EBITDAHK$45.82억
순이익률7.25%
ROE2.64%
PER (TTM)94.23
선행 PER97.09
PEG3.64
EPSHK$0.06
52주 범위HK$48.20 – HK$93.50

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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.

연혁

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.

업계 내 위치

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 · 홍콩Semiconductors2026년 8월 8일 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 · 홍콩Semiconductors2026년 6월 5일