(Jeffery: raising SMIC's H-share target price to HK $21.83 but chip industry demand remains weak)-- according to a research report released by Jeffery analysts, SMIC's first-quarter sales revenue and gross profit margin exceeded market expectations, but this was driven by customers seeking to expand market share, not by the strength of the semiconductor industry as a whole. Driven by a rebound in sentiment in the Chinese market, the completion of customer inventory digestion and strong demand for new products, SMIC expects second-quarter sales to grow 5-7 per cent month-on-month, with a gross profit margin of between 19 per cent and 21 per cent. Jeffery raised its 2023 profit forecast for SMIC on the grounds that its earnings in the first quarter exceeded expectations and its expectations for the second quarter were optimistic, but the timing of demand recovery in the semiconductor industry remained highly uncertain. raise SMIC's target price from HK $17.04 to HK $21.83 while maintaining its "hold" rating.