Semiconductor Manufacturing International Corp
ConvictionContext
Pure-play foundry: manufactures logic/mixed-signal/CIS/power/RF wafers for fabless customers on 0.35um-7nm-class nodes; revenue per wafer x utilization; capacity expansion co-funded by China state funds (Big Fund) via fab JVs
Revenue
$9.33BFY2025, record; Q1 2026: $2.506BRev growth
+16.2% YoYFY2025, USD terms); Q1 2026 +0.7% QoQ, +11.5% YoYGross margin
21.0%FY2025, +3pp YoY); 20.1% (Q1 2026); Q2 2026 guided 20-22%Op margin
~9.9%Q1 2026: $248M profit from operations on $2,505.5M revenueCapex intensity
~87% of revenueFY2025 capex $8.10B; 2026 guided roughly flatMarket cap
~$92B USDHK$720B, H-share price basis, 2026-07-09); aggregator quotes that mix in the SSE STAR A-share premium run to ~HK$1.0T (~$130B) - name the exchange: HKEX 0981 + SSE STAR 688981; no US listing (NYSE exit 2019, ADR program terminated March 2021Members only
Full financial intelligence for Semiconductor Manufacturing International Corp
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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