中芯国际（981） 更新报告 产能利用率回升至 90.4%，国产替代需求逐步释放 曹凌霁 +852-25321539 Rita.cao@firstshanghai.com.hk 业绩摘要：2024Q3 公司收入 21.7 亿美元，同比增长 34.0%，环比增长 14.2%，符合一致预期的 21.7 亿美元。本季度公司产能环比增长 4.73 万 片至 88.4 万片等效 8 寸晶圆，产能利用率为 90.4%，同比增加 13.3pct, 环比增长 5.2pct。晶圆 ASP 达 966 美元，同比增长 0.5%，环比增长 15.5%。公司的毛利率环比增长 6.6pct 至 20.5%。经营利润为 1.7 亿美 元，同比增加 94.4%。归母净利润同比增长 58.3%至 1.5 亿美元，归母净 利润率为 6.9%。每股盈利 0.02 美元。公司指引 2024Q4 收入环比上升 0%- 2%至 21.7-22.1 亿美元，高于市场一致预期的 21.5 亿美元，毛利率介于 18%-20%，中值符合一致预期的 19.0%。 AI 领域是明年行业增长主要驱动因素，国产替代需求逐步释放：本季度 消费电子产品订单需求继续回暖， ...

公 司 点 评 报 告 投资要点 ＃summary＃ 24Q3 业绩创季度新高：中芯国际 2024Q3 收入 21.71 亿美元（YoY+34%， QoQ+14.2%），首次达到 20 亿美元，创季度新高，Factset 一致预期为 21.74 亿美元，毛利率 20.5%（YoY+0.7pct,QoQ+6.6pcts），指引区间为 18% -20%， 归母净利润 1.49 亿美元（YoY+58.3%,QoQ-9.6%），Factset 一致预期为 2.55 亿美元。公司 2024Q4 收入指引 21.71-22.14 亿美元，Factset 一致预期为 21.37 亿美元。 | --- | --- | |-----------------------------------------|-------------------------------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-11-12 | | 收盘价（美元） | 27.15 | | 总股本（百万股） | 7,975 | | 流通股本（百万股） | 5,986 | | 归母净资产（百万美元） ...

证券研究报告 | 2024年11月09日 中芯国际（00981.HK） 优于大市 三季度营收创新高，12 英寸占比提高 3Q24 营收创季度新高，预计 4Q24 营收环比增长 0%-2%。公司 3Q24 实现销售 收入 21.7 亿美元（YoY +34%，QoQ +14%），位于指引(QoQ 13%-15%)中值， 创历史新高，晶圆收入占总收入的 94.4%；毛利率为 20.5%(YoY +0.6pct， QoQ +6.5pct)，超指引(18%-20%)上限；归母净利润为 1.49 亿美元(YoY +58%， QoQ -10%)；折旧摊销金额为 8.31 亿美元(YoY +22.3%，QoQ +4.3%)。公司 预计 4Q24 营收环比增长 0%-2%，毛利率为 18-20%；预计 2024 全年收入约 80 亿美元，全年毛利率约 17%。 三季度产能利用率环比提高 5.2pct，12 英寸占比提高带动 ASP 上升。公司 3Q24 付运折合 8 英寸晶圆 212.23 万片(YoY +38.1%，QoQ +0.5%)，实现连续 六个季度环比提高，产能利用率上升至 90.4%(YoY +13.3pct，Qo ...

千源证券 电子/半导体 公 司 研 究 中芯国际（00981.HK） 2024 年 11 月 09 日 毛利率连续超预期，印证公司工艺竞争力提升 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证书编号：S0790521110001 | --- | --- | |-------------------------|---------------| | 日期 | 2024/11/8 | | 当前股价 ( 港元 ) | 28.550 | | 一年最高最低 ( 港元 ) | 35.500/13.880 | | 总市值 ( 亿港元 ) | 2,276.75 | | 流通市值 ( 亿港元 ) | 1,709.08 | | 总股本 ( 亿股 ) | 79.75 | | 流通港股 ( 亿股 ) | 59.86 | | 近 3 个月换手率 (%) | 138.01 | 完备特色工艺平台能力，提振公司盈利前景 考虑到 2024Q3 公司政府补贴减少，我们将 2024 年归母净利润预测由 6.2 亿美金 下调至 5.4 亿美金，考虑到公司后续扩产带来折旧增加，将 2025- ...

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 28.55 港元 32.00 +12.1% 科技 2024 年 11 月 8 日 中芯国际 (981 HK) 3Q24 业绩继续改善，毛利率产能利用率均超预期 收入符合预期，价格上涨驱动盈利能力改善。3Q24 收入 21.7 亿美元，创历史 新高，符合我们的预期。受益于消费电子业务需求上升，产品单价提升，毛 利率达到20.5%，超过我们预期的19.9%和之前指引的上限，产能利用率90.4% 亦超我们的预期。受金融资产减值和政府补助下降的影响，净利润 1.49 亿美 元，低于我们预计的 2.45 亿美元。3Q24 资本支出 11.8 亿美元，低于我们的预 期。基于管理层之前的2024 全年资本支出指引，我们略微调低2024 年资本支 出至76.7亿美元。如我们在首次覆盖报告中提到的，公司之前资本支出前置， 2H24 之后资本支出或有下降。管理层指引 4Q24 收入同比持平到增长 2%，毛 利率 18-20%，中位数均略高于我们的预期。 扩产速度稳步推进，2025 年收入或持续增长。管理层表示扩产计划没有 改变。公司 2023/24 年分别扩产 3/6 万片 ...

Financial Performance and Key Metrics - Revenue for Q3 2024 was $2.17 billion, up 14.2% sequentially [2] - Gross margin improved to 20.5%, up 6.6 percentage points sequentially [2] - Operating profit was $170 million, with EBITDA at $1.157 billion and an EBITDA margin of 53.3% [2] - Profit attributable to the company was $149 million [2] - Total assets stood at $47.2 billion, with $12.6 billion in cash and total liabilities of $15.8 billion [2][3] - Debt-to-equity ratio was 33.1%, and net debt-to-equity ratio was -7.1% [2][3] - Cash flow from operations was $1.236 billion, while cash used in investing and financing activities was $1.345 billion and $97 million, respectively [3] Business Line Performance - Wafer revenue accounted for 94% of total revenue, with other revenue making up 6% [6] - By application, smartphone, computer & tablet, consumer electronics, connectivity & IoT, and industrial & automotive accounted for 25%, 16%, 43%, 8%, and 8% of wafer revenue, respectively [6] - 12-inch wafer revenue increased to 78.5% of total wafer revenue, while 8-inch wafer revenue decreased to 21.5% due to some shipments being pulled into Q2 [6][7] Market Performance - Revenue by region: China (86%), America (11%), and Eurasia (3%) [5][6] - Overseas revenue decreased by 6 percentage points sequentially due to geopolitical considerations, while revenue from Chinese customers increased by 6 percentage points [6][7] Strategic Direction and Industry Competition - The company added 21,000 12-inch wafer monthly capacity in Q3, which was quickly put into production, improving product mix and increasing blended ASP [4][5] - The company is accelerating capacity deployment to support the automotive, industrial, and new energy markets [9] - The company is focusing on local-for-local strategies, particularly in China, to meet the growing demand for localization [6][7] Management Commentary on Operating Environment and Future Outlook - Q4 2024 revenue is expected to be flat to up 2% sequentially, with a gross margin between 18% and 20% [3][7] - Full-year 2024 revenue is expected to be around $8 billion, with a growth rate of approximately 27%, better than the industry average [9] - The company expects to release around 30,000 12-inch wafer monthly capacity in Q4, but verification of new capacity will take time [8][9] Other Important Information - The company's overall utilization rate increased to 90.4% in Q3, up 5.2 percentage points sequentially [5] - The company is focusing on product mix optimization to improve blended ASP and maintain stable revenue and gross margins in Q4 [8] Q&A Session Summary Question: Outlook for 2025 and opportunities in local substitution - The company expects growth in 2025, particularly in AI, with revenue growth in the range of 4% to 9% excluding AI and advanced processes [12][13] - Key growth areas include mobile, smartphone, computer & tablet, consumer electronics, connectivity & IoT, and industrial & automotive [13][14] Question: Capacity expansion and pricing pressure in mature nodes - New capacity announcements have decreased, and the company expects slower growth in 2025 compared to 2024 [16][17] - Pricing pressure is expected due to oversupply in the industry, particularly in power discrete devices [17][18] Question: Capital expenditure and capacity release plans for 2025 - The company has not announced new projects and is focusing on completing existing projects in Shanghai, Beijing, Tianjin, Lingang, and Shenzhen [20][21] - The company is leveraging existing capacity for power devices and does not expect significant new investments for this segment [21][22] Question: Demand for BCD process and industry outlook - The company has strong capabilities in BCD and expects continued growth due to increasing demand for power management in AI and IoT applications [36][37] - The shift to 48V systems in automotive and industrial applications is driving demand for higher-quality BCD processes [37][38] Question: Impact of AI on the semiconductor industry - AI is expected to drive significant growth in the semiconductor industry, benefiting both direct and indirect players [34][35] - The company is well-positioned to capture opportunities in AIoT and edge computing, which do not require advanced nodes [35][36]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本文檔全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中芯國際集成電路製造有限公司 * (於開曼群島注冊成立之有限公司) (股份代號：00981) 中芯國際截至 2024年 9月 30日 止三個月未經審核業績公佈 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------| | | | | | 除非以下額外說明，本合併財務信息係依國際財務報告準則編製且表達。 | | | 2024 年第三季的銷售收入為 2,171.2 百萬美元， 2024 年第二季為 1,901.3 百萬美元， 2023 年第 三 ...

Investment Rating - The report initiates coverage on SMIC with a **Buy** rating and sets a target price of **HKD 32.00**, implying a potential upside of **16.4%** from the current price of HKD 27.50 [2][4] Core Views - SMIC is positioned as a leader in the semiconductor foundry industry, playing a critical role in the localization of China's semiconductor supply chain [2] - The company's expansion plans are progressing steadily, with capital expenditures (CapEx) expected to stabilize after 2025, following a period of high investment in 2022-2024 [2][10] - Localization efforts and recovery in key industries such as smartphones and consumer electronics are expected to support SMIC's fundamentals [2][3] - The company's capacity utilization is projected to rebound from a low of 68.1% in 1Q23 to 84.7% in 2024, driven by demand from smartphones and consumer electronics [3][44] Financial Projections - Revenue is forecasted to grow from **USD 7.975 billion in 2024** to **USD 10.375 billion in 2026**, with a CAGR of 14% [6][9] - Gross margins are expected to recover from **16.8% in 2024** to **22.3% in 2026**, driven by reduced CapEx pressure and improved pricing [4][11] - Net profit is projected to increase from **USD 744 million in 2024** to **USD 1.342 billion in 2026**, with diluted EPS rising from **USD 0.09** to **USD 0.17** [6][20] Capacity Expansion - SMIC plans to add **34,000 wafers/month of 12-inch capacity** over the next 5-7 years, with **6,000 wafers/month** added in 2024 and **4,500 wafers/month** in both 2025 and 2026 [32][36] - Total 8-inch equivalent capacity is expected to reach **1.046 million wafers/month by 2025**, up from **806,000 wafers/month in 2023** [12][36] Capital Expenditure - CapEx peaked at **USD 7.47 billion in 2023** and is expected to decline to **USD 5.67 billion in 2025** and **USD 5.60 billion in 2026**, as the company transitions from heavy investment to stable capacity expansion [10][39] - The high CapEx in 2022-2024 was driven by the need to secure equipment ahead of potential geopolitical restrictions, with **70% of CapEx allocated to semiconductor equipment** [38][40] Localization and Demand Recovery - Localization of semiconductor manufacturing, particularly in smartphones and electric vehicles, is expected to drive long-term demand for SMIC's services [44][49] - Smartphone demand recovery, driven by inventory replenishment and policy support, is expected to boost SMIC's capacity utilization and pricing power [54][56] Valuation - The target price of **HKD 32.00** is based on a **1.5x 2025 P/B ratio**, reflecting SMIC's improving profitability and capacity utilization [4][23] - SMIC's valuation is supported by its strategic role in China's semiconductor localization and its potential to capture a larger share of the domestic market [24][25] Key Catalysts - Successful conversion of CapEx into effective capacity and steady progress in capacity expansion [25] - Further recovery in downstream demand, particularly in automotive, industrial, and communication sectors [25] - Policy support for semiconductor localization and potential advancements in advanced node technologies [25]

SMIC 中芯國際集成電路製造有限公司* Semiconductor Manufacturing International Corporation (於 開 曼 群 島 註 冊 成 立的有限公司) 股 份 代 號 : 00981 ２０２４ 中 期 報 告 * 僅供識別 目錄 2 第一節 釋義 3 6 22 27 29 39 45 第八節 財務報告 第二節 公司簡介和主要財務指標 第三節 管理層討論與分析 第四節 公司治理 第五節 環境與社會責任 第六節 重要事項 第七節 股份變動及股東情況 前瞻性陳述的風險聲明 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表聲明，並明確表示，概不對因本公佈全部或任何部份內容而產 生或因依賴該等內容而引致之任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION * 00981 2024年中期業績公告 中芯國際集成電路製造有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子公 司截至2024年6月30日止六個月的未經審計業績。本公告載有本公司2024年中期報告 （「2024年中期報告」）的全文，並已遵守有關香港聯合交易所有限公司（「香港聯交所」）證 券上市規則有關中期業績初步公告的資訊的規定。2024年中期報告將於適當的時候交付 給要求印刷版的本公司股東，並可在香港聯交所網站www.hkexnews.hk和本公司的網站 www.smics.com上進行查看。 承董事會命 中芯國際集成電路製造有限公司 公司秘書╱董事會秘書 郭光莉 中國上海，2024年8月29日 於本公告日期，本公司董事分別為： | --- | --- | |------------| ...