Goldman Sachs Raises SMIC Target Price by 14%, Citing Sustained Growth in China's AI Chip Demand

Published: Sep 23, 2025 09:58

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Goldman Sachs raised its 12-month target price for SMIC (00981.HK) from HK$73.1 to HK$83.5, stating that the long-term demand growth prospects for China's AI chips will become clearer, which will benefit leading domestic toll processors like SMIC. Analyst Allen Chang noted in the report that demand for AI chips in China will continue to grow, driven by increased capital expenditure budgets from Chinese cloud service providers and the increasing richness of AI end-use applications. Goldman Sachs also raised its 12-month target price for SMIC's A-shares from 160.1 yuan to 182.8 yuan, maintaining a 238% A-H valuation premium for the A-share target price.

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