The Zhitong Finance App learned that DBS released a research report saying that SMIC (00981)'s revenue for the second quarter was 3.01 billion US dollars, up 36% year on year, 20% higher than market expectations, 5% higher than market expectations; the gross profit margin was 25.3%, far exceeding market expectations by about 4 percentage points, benefiting from higher average sales prices, increased capacity utilization, and improved product portfolio. DBS raised SMIC's profit forecast for each year from 2026 to 2028 by 13.4% to 16.5%, and the target price was raised from HK$90 to HK$96, maintaining a “buy” rating. Management expects revenue for the third quarter to increase by 2% to 4% on a quarterly basis, up about 30% year over year in the middle of the year, which is generally in line with market expectations; the gross margin guide is 26% to 28%, which is about 4.3 percentage points higher than market expectations.

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