Semiconductor Manufacturing International Corp. (SMIC) shares surged 5.76% on Wednesday, propelled by analysts' projections of strong revenue growth for the chipmaker in 2024.
According to a research note from Bocom International analysts Dawei Wang and Carrie Tong, SMIC's 2024 revenue could rise 26% driven by robust demand for its 12-inch wafers. The analysts cited the recovery in chip demand for consumer electronics as a key factor supporting SMIC's business in the second half of the year.
While acknowledging relative weakness in the auto and manufacturing sectors, the analysts expect SMIC to "enter the harvest season" after significant investments. They estimate SMIC's gross margins to improve from 16.8% in 2024 to 22.3% by 2026, as the company reaps the benefits of its capacity expansion efforts.
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