（於開曼群島註冊成立的有限公司） 股份代號 : 00981 2024 僅供識別 上海 . 北京 . 電話 : 網站 天津 . 深圳 . 中國台灣 . 日本 . 美洲 . 歐洲 中華人民共和國上海市浦東新區張江路18號 郵政編碼：201203 + 86 (21) 3861 0000 : www.smics.com 提升競爭力 目錄 | 7 | 第一節 | 釋義 | | --- | --- | --- | | 9 | 第二節 | 致股東的信 | | 12 | 第三節 | 公司簡介和主要財務指標 | | 17 | 第四節 | 管理層討論與分析 | | 35 | 第五節 | 董事會報告 | | 37 | 第六節 | 公司治理 | | 69 | 第七節 | 環境、社會責任和其他公司治理 | | 76 | 第八節 | 重要事項 | | 87 | 第九節 | 股份變動及股東情況 | | 92 | 第十節 | 財務報告 | 前瞻性陳述的風險聲明 本報告可能載有（除歷史數據外）前瞻性陳述 。該等前瞻性陳述乃根據中芯國際對未來事件或績效的現行假設 、 期望 、信念 、計劃 、目標及預測而作出 。中芯國際使用包括（但不限於）「相信 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Views - The report highlights that SMIC is a key player in China's semiconductor industry amidst escalating US-China tech tensions, with the company positioned as the third-largest foundry globally and the largest in mainland China [1][2]. - The semiconductor demand is expected to grow moderately, with advanced processes helping the company navigate through market cycles. The revenue for 2024 is projected to be $8.03 billion, reflecting a 27% year-on-year increase [2][6]. - Significant capital expenditures are planned, with $7.33 billion allocated for 2024, aimed at expanding production capacity and enhancing technological capabilities [3][6]. Financial Data Summary - Revenue projections show a recovery from $6.32 billion in 2023 to $8.03 billion in 2024, with further growth expected to $9.79 billion in 2025 and $11.74 billion in 2026, indicating a compound annual growth rate [6][7]. - The company's net profit is forecasted to rebound from $492.74 million in 2024 to $791.46 million in 2025, and further to $1.14 billion in 2026, reflecting a significant recovery trajectory [7][11]. - The gross margin is expected to improve from 18.03% in 2024 to 25.12% in 2026, indicating better operational efficiency and cost management [7][11]. Capacity and Investment Plans - SMIC plans to maintain a capital expenditure of approximately $7.5 billion in 2025, with ongoing construction of four 12-inch fabs, which will nearly double its production capacity [3][6]. - The company is focusing on advanced process technologies, with the first generation of 14nm FinFET already in mass production and plans for further advancements in the N+2 process node [2][3]. Market Position and Trends - The report emphasizes the strategic importance of SMIC in the context of localizing supply chains due to ongoing geopolitical tensions, which may benefit the company as clients seek to reduce reliance on foreign suppliers [2][3]. - The demand for semiconductors in consumer electronics, particularly driven by AI applications, is expected to create new opportunities for SMIC, with a strong recovery anticipated in the consumer electronics sector [2][3].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [5][11]. Core Views - The report highlights that SMIC is a key player in the rise of "Chinese chips" amid escalating US-China tech tensions, with stricter scrutiny on semiconductor supply chains starting in 2025 [1][2]. - The semiconductor demand is expected to grow moderately, with advanced processes helping the company navigate through market cycles [2]. - SMIC is making significant capital expenditures to strengthen its position, with plans to double its production capacity over the next few years [3]. Summary by Sections Company Overview - SMIC is the largest foundry in mainland China and the third largest globally, providing a range of technology nodes from 0.35μm to 14nm FinFET [1]. - The company is strategically positioned in the semiconductor industry, especially as the US imposes tighter restrictions on technology access [1]. Financial Performance - In 2024, SMIC's total revenue is projected to reach $8.03 billion, a year-on-year increase of 27% [2][7]. - The company aims to maintain a capital expenditure of approximately $7.5 billion in 2025, with significant investments in expanding its production capacity [3]. Capacity Expansion - SMIC is currently constructing four 12-inch wafer fabs with a combined capacity planning of 340,000 wafers per month, which is nearly double its 2023 capacity [3]. - The company has been increasing its investments in key equipment to support advanced process expansion, particularly in its Shanghai facility [3]. Market Trends - The report notes a recovery in consumer electronics driven by AI innovations, with increased demand for products in the home appliance and 3C sectors expected in 2025 [2]. - The trend of "local for local" sourcing is anticipated to benefit SMIC as overseas sanctions continue [2]. Financial Projections - Revenue projections show a growth trajectory with expected revenues of $9.79 billion in 2025 and $11.74 billion in 2026 [7][8]. - The report anticipates a recovery in net profit margins, with a projected net profit of $791.46 million in 2025, up from $492.74 million in 2024 [8][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$60.00, representing a potential upside of 19% from the current price of HK$50.25 [1][9]. Core Insights - The stock price of the company has increased by 74% year-to-date, significantly outperforming the Hang Seng Index, which rose by 16%. This growth is attributed to a revaluation of the company's value driven by multiple factors, including renewed market interest in Chinese-made AI hardware and language models, potential benefits from domestic consumption stimulus policies, and new land use rights for expansion [7][9]. - The management's optimistic outlook includes a target to exceed overall industry growth, particularly benefiting from the recovery in demand for consumer electronics and automotive sectors. The company is well-positioned to capitalize on the trend of migrating to 28nm process technology [8][9]. Summary by Sections Investment Rating - The investment rating remains "Buy" with a target price adjustment from HK$21.30 to HK$60.00, reflecting a 182% increase in target price [2][9]. Financial Performance - Revenue estimates for 2025 have been increased to US$9,693 million, a 4% rise from previous estimates, with net profit projections raised by 69% to US$927 million [11][10]. - The expected EPS for 2025 is now US$0.12, up from US$0.07, indicating a 70% increase [2][11]. Market Position and Trends - The company is expected to benefit from favorable domestic policies and a recovering demand environment, particularly in the consumer electronics sector, with anticipated growth in smartphone, PC, and tablet demand [7][8]. - The report highlights the company's strategic advantage in the semiconductor industry, particularly in the context of local production and technological advancements [9][10]. Valuation - The valuation approach has shifted to a price-to-book (P/B) ratio of 2.85, which is a significant increase from the previous year's P/B of 1.05, indicating a strong market sentiment towards the company's future prospects [9][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [6]. Core Insights - The company, SMIC, has shown steady growth in its 12-inch wafer business, with quarterly revenue surpassing $2 billion for the first time. The revenue for Q4 2024 is projected to be $2.207 billion, reflecting a year-on-year increase of 31.5% and a quarter-on-quarter increase of 1.7% [3][4]. - The gross margin for Q4 2024 is expected to exceed guidance, reaching 22.6%, which is higher than the previously indicated range of 18%-20%. This improvement is attributed to favorable product mix and structure [3][4]. - The company anticipates a strong demand for replenishment in the first half of 2025, driven by domestic substitution projects entering mass production and government subsidy policies [3][4]. Financial Summary - **Revenue Projections**: The total revenue for 2023 is estimated at $6.322 billion, with projections of $8.030 billion in 2024, $9.678 billion in 2025, and $11.589 billion in 2026, showing a compound annual growth rate (CAGR) of approximately 20% from 2024 to 2026 [3][4]. - **Net Profit**: The net profit attributable to shareholders is projected to decline to $493 million in 2024, before recovering to $774 million in 2025 and $1.027 billion in 2026 [3][4]. - **Gross Margin**: The gross margin is expected to be 19.26% in 2023, decreasing to 18.03% in 2024, before stabilizing at 19.26% in 2025 and increasing to 20.96% in 2026 [3][4]. Operational Insights - The company’s 8-inch wafer monthly production capacity is projected to be 948,000 wafers in Q4 2024, with a capacity utilization rate of 85.5% [3][4]. - The average selling price (ASP) for products is expected to increase by 6% quarter-on-quarter in Q4 2024, although a decline in ASP is anticipated in the second half of 2025 due to increased market supply [3][4]. - Capital expenditures for 2024 are estimated at $7.326 billion, with depreciation expenses expected to rise by approximately 20% [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 15% compared to the relevant market index [6]. Core Views - The company is expected to benefit from a stable growth in its 12-inch wafer business, with quarterly revenue surpassing $2 billion for the first time. The revenue for Q4 2024 is projected at $2.207 billion, representing a year-on-year increase of 31.5% [3][4]. - The gross margin for Q4 2024 is anticipated to exceed guidance, reaching 22.6%, which is higher than the expected range of 18%-20% [3][4]. - The company is optimistic about the impact of national subsidy policies starting January 2025, which are expected to stimulate demand for consumer electronics, particularly smartphones [3][4]. Financial Summary - **Revenue Projections**: The total revenue is expected to grow from $6.322 billion in 2023 to $11.589 billion by 2026, with year-on-year growth rates of -13%, 27%, 21%, and 20% respectively [3][4]. - **Net Profit**: The net profit attributable to shareholders is projected to decline from $903 million in 2023 to $493 million in 2024, before recovering to $1.027 billion by 2026 [3][4]. - **Gross Margin**: The gross margin is expected to fluctuate, with estimates of 19.26% in 2023, 18.03% in 2024, and improving to 20.96% by 2026 [3][4]. - **Earnings Per Share (EPS)**: EPS is projected to be $0.11 in 2023, dropping to $0.06 in 2024, and then increasing to $0.13 by 2026 [3][4]. Operational Insights - The company’s 8-inch wafer monthly production is expected to reach 948,000 units in Q4 2024, with a capacity utilization rate of 85.5% [3][4]. - The average selling price (ASP) for products is projected to increase by 6% quarter-on-quarter in Q4 2024, although a decline in ASP is anticipated in the second half of 2025 due to increased market supply [3][4]. - Capital expenditures are expected to remain stable in 2025, with depreciation expenses projected to increase by approximately 20% [3][4].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is expected to continue its revenue growth in Q1 2025, with a projected quarter-on-quarter increase of 6%-8%. The revenue for 2024 is estimated at $8.03 billion, representing a year-on-year growth of 27% [2][4] - The company achieved a record high in sales revenue of $2.207 billion in Q4 2024, with a year-on-year increase of 31.5% and a quarter-on-quarter increase of 1.7%. The gross margin for Q4 2024 was 22.6%, exceeding the guidance upper limit [2][4] - The increase in the proportion of 12-inch wafers is expected to drive up the average selling price (ASP) [3] Summary by Relevant Sections Financial Performance - The company reported a total revenue of $8.03 billion for 2024, with a gross margin of 18%. The net profit attributable to the parent company was $108 million, showing a year-on-year decrease of 38% [2][4] - The company’s Q4 2024 wafer shipments amounted to 199.18 million equivalent 8-inch wafers, with a capacity utilization rate of 85.5% [3] - The average price for 8-inch wafers increased to $1,025, reflecting a year-on-year increase of 10% [3] Revenue Composition - In Q4 2024, revenue from consumer electronics, industrial and automotive, and wearable devices all showed year-on-year growth, with respective increases of 130.9%, 41.3%, and 23.5%. Consumer electronics remained the largest revenue source, accounting for 40.2% of total revenue [4] - The revenue from China accounted for 89.1% of total revenue in Q4 2024, indicating an increase in contribution from this region [4] Capital Expenditure and Future Outlook - The capital expenditure for Q4 2024 was $1.66 billion, with an annual capital expenditure of approximately $7.33 billion for 2024. It is expected that capital expenditure will remain stable in 2025 [3][4] - The company is projected to achieve net profits of $493 million, $655 million, and $950 million for 2024, 2025, and 2026 respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to continue outperforming its peers, driven by an enhanced competitive position in the domestic supply chain and diversified process platform capabilities. The projected net profits for 2025-2026 are $870 million and $1.07 billion, respectively, with a new forecast for 2027 at $1.27 billion, reflecting year-on-year growth rates of 76.7%, 23.3%, and 18.6% [5] - The current stock price of HKD 46 corresponds to price-to-earnings (P/E) ratios of 54.0, 43.8, and 37.0 for 2025-2027, and price-to-book (P/B) ratios of 2.0, 1.9, and 1.7 for the same periods [5] Financial Performance Summary - For Q4 2024, the company reported revenue of $2.2 billion, a quarter-on-quarter increase of 1.7%, with a gross margin of 22.6%, exceeding market expectations [6] - The company anticipates a revenue growth of 6%-8% for Q1 2025, driven by increased demand from downstream sales and inventory replenishment [7] - The projected revenue for 2025 is expected to reach $10 billion, representing a year-on-year growth of 25% [7] Financial Metrics and Valuation Indicators - Revenue and net profit forecasts for the upcoming years are as follows: - 2023: Revenue of $6.32 billion, Net profit of $903 million - 2024: Revenue of $8.03 billion, Net profit of $493 million - 2025: Revenue of $9.95 billion, Net profit of $871 million - 2026: Revenue of $11.22 billion, Net profit of $1.07 billion - 2027: Revenue of $12.43 billion, Net profit of $1.27 billion - The gross margin is projected to improve from 19.3% in 2023 to 25.8% in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to continue outperforming its peers, with projected net profits of 870 million USD, 1.07 billion USD, and 1.27 billion USD for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 76.7%, 23.3%, and 18.6% [5] - The current stock price of 46 HKD corresponds to price-to-earnings (P/E) ratios of 54.0, 43.8, and 37.0 for 2025, 2026, and 2027, and price-to-book (P/B) ratios of 2.0, 1.9, and 1.7 for the same years [5] - The company is expected to benefit from an improved position in the domestic supply chain, which is anticipated to drive a stable upward trend in its fundamentals [5] Financial Performance Summary - For Q4 2024, the company reported revenues of 2.2 billion USD, a quarter-on-quarter increase of 1.7%, with a gross margin of 22.6%, exceeding market expectations [6] - The company achieved a net profit of 110 million USD in Q4 2024, a quarter-on-quarter decline of 28% [6] - The revenue forecast for 2025 is projected to grow by 25%, reaching 10 billion USD, outperforming the average growth rate of 4%-9% in the semiconductor manufacturing industry [7] Valuation Metrics - The company's revenue for 2023 was 6.32 billion USD, with a year-on-year decline of 13.1%, while 2024 revenue is expected to grow by 27% to 8.03 billion USD [8] - The gross margin is projected to improve from 19.3% in 2023 to 21.9% in 2025, with net profit margins increasing from 14.3% in 2023 to 8.7% in 2025 [8] - The estimated earnings per share (EPS) for 2025 is 0.11 USD, with a P/E ratio of 54.0 [8]

Investment Rating - The report suggests a positive outlook for the company, indicating that it is advisable to actively monitor the stock due to its potential for long-term growth [4]. Core Insights - The company reported a sales revenue of over $2.2 billion in Q4 2024, with a quarter-on-quarter growth of 1.7% and a gross margin of 22.6%, which is an increase of 2.1 percentage points [1]. - For the full year 2024, the company achieved a sales revenue of $8.03 billion, representing a year-on-year growth of 27%, with a gross margin of 18% [1]. - The company’s capital expenditure for 2024 was $7.33 billion, with an end-of-year capacity of 948,000 8-inch wafers and a total shipment of over 8 million wafers, resulting in an average capacity utilization rate of 85.6% [1]. Summary by Sections Sales and Revenue Outlook - The company expects a sales revenue growth of 6-8% quarter-on-quarter for Q1 2025, with gross margins projected between 19% and 21% [2]. - Factors contributing to this growth include domestic subsidies for consumer electronics, a shift towards localized semiconductor production, and efforts by downstream companies to mitigate global tariff risks [2]. Automotive Segment Growth - The automotive product line is anticipated to become a significant revenue contributor, potentially accounting for 10% of the company's total revenue, which corresponds to about one-third of the domestic automotive market demand [3]. Long-term Growth Potential - The report emphasizes the strengthening trend of localized semiconductor production in China, driven by substantial demand in sectors such as electric vehicles, mobile phones, home appliances, and robotics [4]. - The company has made significant investments in supply chain stability and technology upgrades, enhancing its ability to meet domestic demand and positioning itself for sustained long-term growth [4].