报告名称：SMIC(00981.HK)Hold： Diversification helping to manage downturn
报告类型：港股研究
报告日期：2015-08-13
研究机构：香港上海汇丰银行有限公司
股票名称：中芯国际
股票代码：SMI,00981
页数：11
简介：Solid 2Q15 beat on better revenues and highergross margins
3Q15 guidance better than peers on improving customer andproduct diversity. Huawei is likely offsetting Qualcomm
Reiterate Hold. Model remains a ¨blackbox〃 with marginrisks ahead. However, contrary to most of tech, we maintainour 2015-16 forecasts. TP HKD0.75 unchanged on 1.1x P/B

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