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Data-driven stock valuation

Semiconductor Manufacturing Intl Co (688981) fair value: what the stock is really worth

We calculate from audited financials what Semiconductor Manufacturing Intl Co is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Technology · CN · Market cap 1.4T CNY (≈ $208B) · ISIN CNE1000041W8

At a glance

SM Semiconductor Manufacturing Intl Co 688981 · SHG
Price¥124.12
Fair Value¥16.55
Upside−86.7%
Quality38/100

Below-average quality, and trading another 650% above our fair value of ¥16.55.

As of Sep 8, 2026, the fair value of Semiconductor Manufacturing Intl Co is ¥16.55 per share against a price of ¥124.12, so the fair value sits 87% below the price. A model estimate from reported figures, not an analyst target.

!Expensive Growth (revenue 5y +19.8 %/yr)
!Thin margins · 7.3% net margin
!Low debt · negative free cash flow
!Trails peers (2/13)
!Narrow moat 35/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 11 out of 100
Evidence: Medium Range ¥12.13 to ¥20.83

Fair value as of: Sep 8, 2026

From 16 valuation models · updated today

Share price −3.4% over the past month.

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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (¥20.83). The favourable scenario is already priced in.
  • Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

¥173.00 ¥36.83 Fair Value ¥16.55 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 8, 2026.

How to read this chart

60‑month range ¥36.83 – ¥173.00 · fair‑value band ¥12.13 – ¥20.83 · the ¥124.12 price screens above the ¥16.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 8, 2026.

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Analysis

Semiconductor Manufacturing Intl Co (688981) currently trades at ¥124.12, while our model-based Fair Value estimate is ¥16.55, implying the stock looks roughly 650.2% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of ¥19.50 per share, and 0 of the 16 models we run sit above the ¥124.12 price. Bear case: the Economic Profit group reads lowest at ¥5.67, and 16 of the 16 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Semiconductor Manufacturing Intl Co generated revenue of $9.6B at a net margin of 7.3%. Revenue grew 11.5% year over year. It earns a return on equity of 2.6%. Net debt stands at $6.7B. Fundamentals as of Sep 8, 2026

Scenario range: ¥12.13 (bear) to ¥20.83 (bull), the price of ¥124.12 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 22% below its 52-week high and 53% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −59% fair-value upside, at −87%, 688981 screens richer than that median.

Fair Value models

Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (¥0.4264 per share) are deliberately not added.

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (¥0.0756 to ¥58.19). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence ¥11.11 ¥11.18 ¥10.58 76
EPV ¥4.38 ¥5.67 ¥6.80 74
ROIC Compounder ¥4.38 ¥5.67 ¥6.80 72
All 16 models by family
Earnings-Based
Graham-Dodd ¥4.61 ¥28.87 ¥40.28 63
Lynch FV ¥8.31 ¥11.86 ¥15.42 61
PEG = 1.0 ¥8.31 ¥11.86 ¥15.42 57
EPV ¥4.38 ¥5.67 ¥6.80 74
Dividend Discount
Gordon GGM ¥0.0756 ¥0.1511 ¥0.2267 67
DDM Multi-Stage ¥0.0756 ¥0.0756 ¥0.1511 65
Multiples
P/E Multiple ¥14.21 ¥18.97 ¥23.73 63
P/S Multiple ¥8.62 ¥11.49 ¥14.43 58
P/B Multiple ¥8.62 ¥11.49 ¥14.43 55
EV/EBIT ¥11.71 ¥16.55 ¥21.31 65
EV/EBITDA ¥42.92 ¥58.19 ¥73.45 67
EV/Revenue ¥4.53 ¥7.63 ¥10.81 52
Asset-Based
NCAV (Graham) ¥7.25 ¥9.75 ¥14.51 54
Economic Profit
Residual Income best evidence ¥11.11 ¥11.18 ¥10.58 76
ROIC Compounder ¥4.38 ¥5.67 ¥6.80 72
Growth Earnings
Growth-Adj P/E ¥13.68 ¥19.50 ¥25.39 67

Widest divergence: Growth Earnings (¥19.50) versus Dividend Discount (¥0.0756). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 262.9 as of Jul 12, 2026
P/S ratio 27.3 P/E × margin
EPS (TTM) ¥0.6200 price ÷ EPS = P/E 262.9
Net margin 10.4% FY2025
Return on equity 2.6% TTM
Return on assets (EBIT) 2.4% avg 5y
More key figures
Profitability
Operating margin 9.9% TTM
Growth
Revenue (TTM) $9.6B TTM
Revenue growth (YoY) +11.5% 3y avg +9.8%
Balance sheet & cash flow
Free cash flow −$5.2B FY2025
Net debt $6.7B FY2025

Figures from reported company fundamentals · as of Sep 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 40 · Market factors (momentum, volatility) 54

Profitability 23
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 51
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Semiconductor Manufacturing International Corporation, an investment holding company, engages in the manufacture, testing, and sale of integrated circuits wafer and various compound semiconductors in the United States, China, and Eurasia.

Full company description

Semiconductor Manufacturing International Corporation, an investment holding company, engages in the manufacture, testing, and sale of integrated circuits wafer and various compound semiconductors in the United States, China, and Eurasia. The company is also involved in the manufacturing, sale, and trading of semiconductor products; and research and development activities. In addition, it offers semiconductor foundry and technology services; supporting services comprising design and IP support, photomask manufacturing, etc.; development, design, and technical services related to integrated circuits; marketing related services; and private education services. Further, the company tests and sells self-produced products, and other services. Semiconductor Manufacturing International Corporation was incorporated in 2000 and is headquartered in Shanghai, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Semiconductor Manufacturing Intl Co reported revenue of $9.6B in FY2025 versus $5.4B in FY2021, a compound +15.3%/yr. Reported net income was $1,000M in FY2025, compounding −12.5%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
$9.6B
Latest YoY
+19.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.8%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+25.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−3.0%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−3.0%
Dividend yield0.0%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −3.0% vs 10Y 4.4%, flattening
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8.0% (2020) → 12.3% (2025) · rising
Worst earnings drop2,960% (2011) (loss year, drop beyond 100%) · in USD
Revenue +15.3%/yr
FY21 $5.4B
FY22 $7.3B
FY23 $6.3B
FY24 $8.0B
FY25 $9.6B
Net income −12.5%/yr
FY21 $1.7B
FY22 $1.8B
FY23 $903M
FY24 $493M
FY25 $1,000M
Character of growth · EPS growth decomposed (2013-2024) +11.3 % p.a.
Revenue per share +5.6 %

of which total revenue +14.7 % · buybacks/dilution −8.0 %

EBIT margin +5.7 %
Tax rate −0.2 %
Residual (interest, one-offs) +0.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

688981 screens 650% overvalued. Compare with NVIDIA Corporation →

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Cite: Fair Value Calculator (2026). "Semiconductor Manufacturing Intl Co Fair Value". https://www.fairvalue-calculator.com/stock/688981

Peer Group

Semiconductors · 326 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation
Quality Score 38 · Bottom 25%
Profitability
Return on equity (TTM) 3% · Below median
Return on assets 1% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 10% · Above median
Growth and dividend
Revenue growth 12% · Below median
Balance sheet
Debt / equity 0.47× · Highest 25%

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 262.9× · Priciest 25%
P/B 9.70× · Priciest 25%
P/S (TTM) 21.69× · Priciest 25%
EV/EBITDA 46.3× · Priciest 25%
PEG 10.24× · Priciest 25%

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE58 · sector 66
PAST11 · sector 25
HEALTH77 · sector 96
DIVIDEND0 · sector 18

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Sep 8, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $230.36 $98.98 −57%
Taiwan Semiconductor Manufacturing Company TSM $428.91 $296.10 −31%
Broadcom Inc AVGO $357.90 $118.27 −67%
SK hynix Inc 000660 1,647,000 KRW 1,481,291 KRW −10%
Micron Technology, Inc MU $1,017 $148.38 −85%
Advanced Micro Devices, Inc AMD $477.57 $55.02 −88%
Intel Corporation INTC $95.80 $35.41 −63%
Texas Instruments Incorporated TXN $258.44 $78.54 −70%
QUALCOMM Incorporated QCOM $168.74 $147.20 −13%
MediaTek Inc 2454 3,845 TWD 1,559 TWD −59%

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Frequently asked questions

Is Semiconductor Manufacturing Intl Co (688981) overvalued or undervalued?
As of Sep 8, 2026, our model estimates a fair value of ¥16.55 versus a price of ¥124.12, about −87% upside (overvalued).
What is the fair value of 688981?
Our model-based fair value for Semiconductor Manufacturing Intl Co is ¥16.55 (as of Sep 8, 2026), built from audited fundamentals. The current price: ¥124.12.
What is the quality score of 688981?
Semiconductor Manufacturing Intl Co has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Semiconductor Manufacturing Intl Co (688981)?
Our model-based price target is the fair value of ¥16.55 (as of Sep 8, 2026) from 16 valuation models. Cautious scenario ¥12.13, optimistic scenario ¥20.83. It is a calculation from audited fundamentals, not an analyst target.
What is the Semiconductor Manufacturing Intl Co stock forecast for 2026?
Our models put fair value at ¥16.55, about −87% upside versus a price of ¥124.12 (overvalued). Cautious scenario ¥12.13, optimistic scenario ¥20.83. The calculation is refreshed regularly with new filings.
What is the revenue of Semiconductor Manufacturing Intl Co (688981)?
Semiconductor Manufacturing Intl Co reported trailing-twelve-month revenue of about $9.6B (latest available figure, as of Sep 8, 2026).
What is the net profit margin of 688981?
The net profit margin of Semiconductor Manufacturing Intl Co is about 7.3%, meaning it keeps roughly 7.3% of revenue as net income. Based on the latest reported figures.
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