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China's largest semiconductor foundry, manufacturing chips for local and global fabless customers.
China's largest semiconductor foundry, manufacturing chips for local and global fabless customers.
Makes chips designed by others, mostly at older, mature process generations that serve Chinese makers of phones, cars and appliances, with import-substitution demand supporting its plants. Chinese state-backed funds are among its largest shareholders. It is locked out of the newest US equipment, which caps how advanced its output can be.
In one line: China's TSMC, several process generations behind.
Moat: narrow (scale, regulatory licence, installed base). China's largest and most advanced domestic foundry, backed by state support, but trails TSMC by several process generations.
Headquarters: Shanghai, China · Founded: 2000 · Employees: 19,952
Size SMIC (0981.HK) is a Hong Kong Information Technology company (Semiconductors) with a market value of $76.7B, the 25th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$45.58 on 6 Nov 2026.
Performance Over six months the shares fell 40.6%, against -16.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 19.6% over the last twelve months (peer median +22.4%); the operating margin is 9.3% (peer median 22.6%).
Valuation It trades at 32.9× forward earnings against a peer median of 19.8× (3rd most expensive of 21).
Capital Return on invested capital runs 5.2 points below its cost of capital (6.8% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$82.4B | HK$72.9B | HK$62.7B | HK$49.9B | HK$57.4B |
| Revenue growth | — | +16% | +25% | -13% | — |
| Gross profit | HK$16.6B | HK$14.0B | HK$11.3B | HK$9.02B | HK$19.5B |
| EBITDA | HK$42.2B | HK$34.4B | HK$25.6B | HK$20.8B | HK$29.6B |
| Net income | HK$8.11B | HK$5.47B | HK$3.84B | HK$5.33B | HK$14.1B |
| Free cash flow | -HK$16.8B | -HK$38.6B | -HK$35.0B | -HK$31.6B | -HK$5.55B |
| Capital expenditure | HK$62.0B | HK$65.0B | HK$59.8B | HK$59.5B | HK$49.1B |
| Total debt | HK$111B | HK$98.8B | HK$90.1B | HK$79.7B | HK$68.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SMIC 0981.HK | $76.7B | -41% | +20% | 9% | 32.9× | n/a |
| TSM TSM | $1.78T | -9% | +35% | 58% | 17.1× | 15.4% |
| United Micro Electronics 2303.TW | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% |
| SJ Semiconductor 688820.SS | $22.9B | -21% | +1% | n/a | 136.4× | n/a |
| GlobalFoundries GFS | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% |
| Tower Semiconductor TSEM | $15.6B | -35% | +22% | 19% | 21.6× | 25.9% |
| Vanguard International Semiconductor 5347.TWO | $6.82B | -22% | +10% | 17% | 17.7× | n/a |
| Powerchip Semiconductor Manufacturing 6770.TW | $7.54B | -5% | +22% | -5% | 7.6× | 11.3% |
| Nexchip Semiconductor 688249.SS | $8.80B | -17% | +14% | 7% | 66.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0981.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.2% | -25.9% | 11th highest of 21 |
| 6-month return | -40.6% | -16.2% | 4th lowest of 21 |
| Distance from 52-week high | -51.0% | -47.7% | 8th lowest of 21 |
| Revenue growth (TTM) | +19.6% | +22.4% | 9th lowest of 21 |
| Operating margin | 9.3% | 22.6% | 2nd lowest of 21 |
| Forward P/E | 32.9× | 19.8× | 3rd most expensive of 21 |
| ROIC minus cost of capital | -5.2 pp | +3.0 pp | 6th lowest of 21 |
| EV / EBITDA | 16.9× | 16.7× | 8th most expensive of 16 |
| Net debt / EBITDA | 0.2× | 0.6× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| Zhongji Innolight 300308.SZ | China | $79.4B | -48% | +162% | 41% | 15.4× | 23.2% | +40.3% |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |