中芯国际-国内人工智能 GPU 供需超预期，评级上调至中性

April 8, 2025 09:00 PM GMT SMIC | Asia Pacific Domestic AI GPU demand and supply larger than expected; Upgrade to EW | What's Changed | | | | --- | --- | --- | | SMIC (0981.HK) | From | To | | Rating | Underweight | Equal-weight | | Price Target | HK$38.00 | HK$40.00 | Rising AI inference demand and SMIC's capability to source bottlenecked equipment have led to strong revenue growth for its advanced nodes. Move SMIC to EW from UW. Rigid demand for AI chip localization: Driven by DeepSeek, we expect rising d ...