HK : SMIC - Margin pressure to persist in FY22-23F

1Q21 net profit was 64%/100% above Bloomberg consensus/our forecasts due to stronger-than-expected ASP growth and GPM. We expect margin pressure to persist in FY22-23F due to increase in DA expenses for its new capacity, and RD expenses for advance processes. Retain Hold, with a slightly higher TP of HK$25.20.

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