SMIC Still Faces Gross Margin Pressure in 4Q -- Market Talk

Dow Jones

11/17

0340 GMT - SMIC's still faces lingering gross margin pressure in 4Q, Citi analysts say in a research note. SMIC guided muted 4Q gross profit margin at 18%-20%. The analysts think that its high depreciation cost from expanding capacity will continue to pressure its gross margin outlook. Meanwhile, with memory chip pricing surging recently, SMIC said it may hurt customers' budget allocation to non-memory components, which would lead to some pricing pressure. The chip maker could also face some yield rate issues when ramping up more advanced technology, they add. Citi maintains a neutral rating on SMIC with its H-share target price unchanged at HK$53.00. Shares were last at HK$74.50. (sherry.qin@wsj.com)

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November 16, 2025 22:40 ET (03:40 GMT)

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SMIC guided muted 4Q gross profit margin at 18%-20%. The analysts think that its high depreciation cost from expanding capacity will continue to pressure its gross margin outlook. Meanwhile, with memory chip pricing surging recently, SMIC said it may hurt customers' budget allocation to non-memory components, which would lead to some pricing pressure. The chip maker could also face some yield rate issues when ramping up more advanced technology, they add. Citi maintains a neutral rating on SMIC with its H-share target price unchanged at HK$53.00. Shares were last at HK$74.50. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 16, 2025 22:40 ET (03:40 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SMIC Still Faces Gross Margin Pressure in 4Q -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSMIC Still Faces Gross Margin Pressure in 4Q -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-11-17 11:40</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0340 GMT - SMIC's still faces lingering gross margin pressure in 4Q, Citi analysts say in a research note. SMIC guided muted 4Q gross profit margin at 18%-20%. The analysts think that its high depreciation cost from expanding capacity will continue to pressure its gross margin outlook. Meanwhile, with memory chip pricing surging recently, SMIC said it may hurt customers' budget allocation to non-memory components, which would lead to some pricing pressure. The chip maker could also face some yield rate issues when ramping up more advanced technology, they add. Citi maintains a neutral rating on SMIC with its H-share target price unchanged at HK$53.00. Shares were last at HK$74.50. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 16, 2025 22:40 ET (03:40 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00981","symbol_name":"中芯國際","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2584582615","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2584582615","pubTimestamp":1763350800,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0340 GMT - SMIC's still faces lingering gross margin pressure in 4Q, Citi analysts say in a research note. SMIC guided muted 4Q gross profit margin at 18%-20%. The analysts think that its high depreciation cost from expanding capacity will continue to pressure its gross margin outlook. Meanwhile, with memory chip pricing surging recently, SMIC said it may hurt customers' budget allocation to non-memory components, which would lead to some pricing pressure. The chip maker could also face some yield rate issues when ramping up more advanced technology, they add. Citi maintains a neutral rating on SMIC with its H-share target price unchanged at HK$53.00. Shares were last at HK$74.50. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"00981":"中芯国际","BK1607":"新IT概念","BK1614":"港股-半导体","BK1610":"ETF&股票定投概念","BK1526":"科网股","BK1163":"半导体产品"},"translate_title":"中芯国际四季度仍面临毛利率压力——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00981":1.5},"content_text":"0340 GMT - SMIC's still faces lingering gross margin pressure in 4Q, Citi analysts say in a research note. SMIC guided muted 4Q gross profit margin at 18%-20%. The analysts think that its high depreciation cost from expanding capacity will continue to pressure its gross margin outlook. Meanwhile, with memory chip pricing surging recently, SMIC said it may hurt customers' budget allocation to non-memory components, which would lead to some pricing pressure. The chip maker could also face some yield rate issues when ramping up more advanced technology, they add. Citi maintains a neutral rating on SMIC with its H-share target price unchanged at HK$53.00. Shares were last at HK$74.50. (sherry.qin@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 16, 2025 22:40 ET (03:40 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}