Financial Performance - For Q3 2024, the company's revenue reached $2,171.2 million, a 14.2% increase from Q2 2024's $1,901.3 million and a 34.0% increase from Q3 2023's $1,620.6 million[10] - Gross profit for Q3 2024 was $444.2 million, up 67.5% from Q2 2024's $265.1 million and up 38.1% from Q3 2023's $321.6 million[9] - Net profit for Q3 2024 was $223.3 million, a 29.6% increase from Q2 2024's $172.3 million and a 42.8% increase from Q3 2023's $156.4 million[9] - The company reported a net income attributable to shareholders of $148.8 million in Q3 2024, down 9.6% from Q2 2024[9] - Operating profit for Q3 2024 was $169,887, compared to $87,140 in Q2 2024, indicating a significant improvement in operational efficiency[22] - The company reported a profit of $223,270 thousand for the quarter, up from $172,262 thousand in the previous quarter, indicating a growth of approximately 29.6%[25] Margins and Expenses - The gross margin for Q3 2024 improved to 20.5%, compared to 13.9% in Q2 2024 and 19.8% in Q3 2023[9] - Operating expenses in Q3 2024 were $274.3 million, an increase from $178.0 million in Q2 2024[10] - Research and development expenses were $179.39 million in Q3 2024, a slight decrease of 0.8% from $180.75 million in Q2 2024[15] - Depreciation and amortization expenses increased to $831,097 thousand from $797,166 thousand, reflecting a rise of about 4.3%[25] Capacity and Utilization - The company added 21,000 pieces of 12-inch monthly capacity in Q3 2024, enhancing product structure and increasing average selling prices[5] - Overall capacity utilization improved to 90.4% in Q3 2024[5] - The capacity utilization rate improved to 90.4% in Q3 2024, compared to 85.2% in Q2 2024 and 77.1% in Q3 2023[13] Cash Flow and Investments - The net cash generated from operating activities for the three months ended September 30, 2024, was $1,236,416 thousand, a significant increase from $19,275 thousand in the previous quarter[25] - The net cash used in investing activities was $1,345,115 thousand, a decrease from $1,637,666 thousand in the previous quarter, showing improved cash flow management[25] - The company incurred capital expenditures of $1,880,836 thousand for property, plant, and equipment, compared to $2,361,507 thousand in the previous quarter, indicating a reduction of approximately 20.3%[25] Balance Sheet and Equity - Total assets as of September 30, 2024, were $47,211,143, slightly down from $47,351,767 at the end of Q2 2024[24] - Total liabilities decreased to $15,785,132 in Q3 2024 from $16,382,094 in Q2 2024, indicating a reduction in financial obligations[24] - The company reported a net debt of $(2,237,335) in Q3 2024, improving from $(2,547,208) in Q2 2024, showcasing a stronger balance sheet[23] - The company’s equity increased to $31,426,011 in Q3 2024 from $30,969,673 in Q2 2024, reflecting growth in shareholder value[24] Regional Performance - Revenue from the China region increased to 86.4% in Q3 2024, up from 80.3% in Q2 2024 and 84.0% in Q3 2023[11] Inventory and Current Ratio - Inventory increased to $2,877.13 million in Q3 2024 from $2,740.17 million in Q2 2024[19] - The current ratio improved to 1.6 in Q3 2024, compared to 1.5 in Q2 2024[19] Other Income and Cash Management - Other income decreased by 26.9% to $72.99 million in Q3 2024 compared to $99.88 million in Q2 2024[17] - Cash and cash equivalents decreased to $3,651,385 in Q3 2024 from $3,694,277 in Q2 2024, reflecting a net decrease of $42,892[23] - The company reported a decrease in cash used for financing activities to $97,009 thousand from $46,379 thousand in the previous quarter[25]

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]

Financial Performance - Semiconductor Manufacturing International Corporation reported a revenue of $1.5 billion for the first half of 2024, representing a 10% increase compared to the same period in 2023[5]. - Revenue for the six months ended June 30, 2024, was $3,651,452 thousand, representing a 20.8% increase compared to $3,022,684 thousand for the same period in 2023[9]. - The company anticipates a revenue growth of 15% for the full year 2024, driven by increased demand in various sectors including automotive and consumer electronics[5]. - The company achieved revenue of $3,651.5 million, a year-on-year increase of 20.8%, with the foundry business revenue reaching $3,394.6 million, up 23.0% year-on-year[37]. - The number of wafers sold increased from 2,655 thousand to 3,907 thousand, contributing to the revenue growth[59]. - The company reported a total of $14.49 billion in financial liabilities as of June 30, 2024, compared to $13.88 billion at the end of 2023[180]. - The company reported a total equity of $30.97 billion as of June 30, 2024, an increase from $29.99 billion as of June 30, 2023[156]. - The company reported a profit of $25,651 thousand for the six months ended June 30, 2024, a decrease of 36% from $40,363 thousand in the same period of 2023[170]. Profitability Metrics - The company achieved a gross margin of 25% in the first half of 2024, up from 22% in the previous year, indicating improved operational efficiency[5]. - Net profit attributable to the company's owners for the same period was $236,361 thousand, a decrease of 62.7% from $633,864 thousand in the prior year[9]. - Gross profit decreased by 18.7% to $504.8 million, attributed to changes in product mix and increased depreciation[60]. - Operating profit fell by 45.1% to $89.5 million, influenced by the aforementioned revenue, cost, and gross profit changes[60]. - Basic earnings per share dropped to $0.03 from $0.08, a decline of 62.5%[10]. - Net profit for the period was $235.8 million, a decline of 67.8% compared to $731.3 million in the previous year[61]. Research and Development - Research and development expenses increased by 12% to $300 million in the first half of 2024, focusing on next-generation chip technologies[5]. - Research and development (R&D) expenses for the first half of 2024 amounted to $368.86 million, representing 10.1% of total revenue, a decrease of 1.3 percentage points from 11.4% in the same period of 2023[27]. - The company has 2,300 R&D personnel, accounting for 12.2% of the total workforce, with an average salary of $30,000 per R&D employee[29]. - The R&D team consists of experienced professionals, ensuring high-quality output and reliability in product development[31]. - The company is advancing several key projects, including a 28nm ultra-low leakage platform, which has released PDK V1.0 and is in the process of customer product introduction[27]. Market Position and Strategy - SMIC ranked fourth globally among pure wafer foundry companies based on 2023 sales figures, and it is the leading integrated circuit manufacturer in mainland China[23]. - The company plans to expand its production capacity by 20% in 2025 to meet the growing market demand for advanced semiconductor technologies[5]. - The company is exploring potential mergers and acquisitions to strengthen its market presence and technological capabilities[5]. - The company focuses on technology leadership, platform diversity, and performance differentiation to attract customers, while also emphasizing the development of new packaging technologies and design services[24]. - The company is actively enhancing its industry chain integration capabilities, aiming to provide comprehensive integrated circuit solutions[34]. Sustainability and Environmental Practices - SMIC is committed to enhancing its sustainability practices, with plans to reduce carbon emissions by 30% by 2030[5]. - The company invested $98 million in environmental protection during the reporting period[104]. - The company has constructed 22 sets of acidic gas treatment facilities, 6 sets of alkaline gas treatment facilities, 5 sets of organic gas treatment facilities, and 3 sets of arsenic-containing gas treatment facilities, along with 1 ammonia wastewater treatment system currently under construction[105]. - The company received the "Zero Waste Star" certificate from the Beijing Economic and Technological Development Zone in the first half of 2024, highlighting its commitment to environmental responsibility[107]. - All emission indicators of the company have met standards, with no administrative penalties received for environmental issues during the reporting period[107]. Risks and Challenges - The company faces risks related to technology upgrades and R&D investment, which are critical in the fast-evolving semiconductor industry[38]. - There is a significant risk of talent shortages in the semiconductor industry, which could impact the company's R&D progress and competitive edge[39]. - The company is exposed to risks from high customer concentration, which could affect operational stability and profitability if major clients face difficulties[42]. - Supply chain risks, including shortages and price fluctuations of critical materials and components, could adversely impact the company's production and operations[43]. - Geopolitical tensions and export control policies from countries like the U.S. could create supply chain uncertainties and operational challenges for the company[49]. Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code and has a structured governance framework in place[82]. - The company will actively implement measures to mitigate the dilution of immediate returns for investors[117]. - The company guarantees that the content of the prospectus for the A-share issuance does not contain any false statements, misleading representations, or significant omissions, and will bear legal responsibility for the authenticity, accuracy, and completeness of the information[120]. - The company will accept supervision from regulatory bodies and the public regarding its commitments made during the A-share issuance[125]. - The company has confirmed that all public commitments made during the A-share issuance are binding and will be strictly adhered to[125].

Financial Performance - Semiconductor Manufacturing International Corporation (SMIC) reported its unaudited interim results for the six months ended June 30, 2024[1]. - Revenue for the six months ended June 30, 2024, was $3,651,452 thousand, representing a 20.8% increase compared to $3,022,684 thousand for the same period in 2023[10]. - Net profit attributable to shareholders for the same period was $236,361 thousand, a decrease of 62.7% from $633,864 thousand in the prior year[10]. - The gross profit margin decreased to 13.8% from 20.6%, a decline of 6.8 percentage points year-over-year[11]. - The net profit margin fell to 6.5% from 24.2%, a decrease of 17.7 percentage points compared to the previous year[11]. - Basic earnings per share decreased to $0.03 from $0.08, reflecting a decline of 62.5%[11]. - Cash flows from operating activities decreased to $489,297 thousand, a significant drop of 69.4% from $1,597,705 thousand in the same period last year[10]. - The company achieved revenue of $3,651.5 million in the reporting period, representing a year-on-year increase of 20.8%[38]. - The foundry business revenue was $3,394.6 million, reflecting a year-on-year growth of 23.0%[38]. - Net profit for the period was $235.8 million, a decline of 67.8% compared to $731.3 million in the previous year[62]. Research and Development - Research and development expenses accounted for 10.1% of revenue, down from 11.4% in the previous year, a reduction of 1.3 percentage points[11]. - R&D expenses totaled $368.86 million, accounting for 10.1% of revenue, a decrease of 1.3 percentage points compared to the previous year[28]. - The number of R&D personnel increased to 2,300, with an average salary of $30,000, up from $26,000 the previous year[30]. - The company has made progress in multiple R&D projects, including the 28nm ultra-low leakage platform, which has released PDK V1.0 and is in the process of customer product introduction[28]. - The R&D team consists of experienced professionals, enhancing the company's innovation capabilities and product performance[32]. - SMIC has developed various technology platforms for 8-inch and 12-inch wafer foundry services, providing a "one-stop" solution for customers[26]. - The company applied for 379 patents during the reporting period, with a total of 19,916 patents accumulated, including 11,865 invention patents[27]. Market and Industry Trends - In the first half of 2024, the global semiconductor industry showed signs of recovery, with a general upward trend in the industry chain being established[22]. - The semiconductor demand in the automotive sector is entering a cyclical adjustment phase, with inventory digestion gradually slowing down due to increasing competition in the electric vehicle market[22]. - The semiconductor industry remains characterized by high technical, talent, and capital intensity, with significant barriers to entry due to strict management and execution standards[23]. - Future trends indicate that wafer foundry companies will continue to expand capacity, develop new processes, and strengthen industry chain collaboration, leading to a more pronounced head effect in the industry[25]. - The semiconductor demand in various segments is showing differentiation, with leading industries rapidly growing while others face intense competition[22]. Operational Efficiency - The company has established a procurement management system to enhance production efficiency and cost control, maintaining long-term relationships with key suppliers while also integrating new suppliers[20]. - The company employs a multi-channel marketing strategy to expand its customer base, actively engaging in market research and direct communication with clients to tailor solutions[21]. - The company’s production model includes small-batch trial production, risk mass production, and bulk production stages, ensuring alignment with customer demand[20]. - The company is focused on enhancing its integrated circuit manufacturing capabilities and expanding its ecosystem services, including design services and IP support[18]. Financial Position and Risks - The company’s total interest-bearing debt amounted to $10,433.3 million, with cash and cash equivalents at $3,694.3 million[64][65]. - The company faces risks related to technology upgrades and R&D investment, which are critical in the capital-intensive semiconductor industry[39][42]. - There is a significant risk of talent shortages in the semiconductor industry, which could impact R&D progress[40]. - The company is exposed to supply chain risks due to reliance on a limited number of suppliers for critical materials and components[44]. - The company may experience performance volatility due to macroeconomic fluctuations and changes in customer demand[45]. - The company faces asset impairment risks due to potential significant declines in asset market values, which could adversely affect profits[46]. - Geopolitical tensions and export control policies from the US could create supply chain uncertainties and restrict access to essential production materials, adversely affecting operations[50]. Environmental Responsibility - The company invested $98 million in environmental protection during the reporting period[105]. - The company has constructed 22 sets of acidic gas treatment facilities, 6 sets of alkaline gas treatment facilities, 5 sets of organic gas treatment facilities, and 3 sets of arsenic-containing gas treatment facilities, along with 1 ammonia wastewater treatment system currently under construction[106]. - The company achieved compliance in all major pollutant emissions, with maximum wastewater discharge concentrations such as COD at 248.4 mg/L against a standard of 500 mg/L in Shanghai[106]. - The company has implemented carbon reduction measures, resulting in a reduction of 17,589 tons of CO2 equivalent through various projects, including the replacement of high GWP refrigerants with low GWP alternatives[109]. - The company received the "Waste-Free Star" certificate from the Beijing Economic and Technological Development Zone in the first half of 2024, highlighting its commitment to environmental responsibility[108]. Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code and has a structured governance framework in place, including various specialized committees[83]. - The company will strictly follow the legal procedures for related party transactions and ensure fairness in pricing to protect shareholder interests[112]. - The company guarantees that the A-share issuance does not involve any fraudulent activities[116]. - The company commits to strictly adhere to the profit distribution policy as per the regulations set by the China Securities Regulatory Commission after the A-share issuance[120]. - The company will ensure that related party transactions are conducted based on fairness and transparency principles[113]. Shareholder Information - The number of registered shareholders as of the reporting period end is 246,030, with 234,147 holding A-shares and 11,883 holding Hong Kong shares[137]. - Major shareholders include China Information Technology Group Corporation, holding 1,189,323,450 shares, which is 14.95% of the total issued shares[139]. - The company has issued a total of 5,982,597,856 shares in Hong Kong, accounting for approximately 75.2% of the total share capital, and 1,973,609,172 shares on the Shanghai Stock Exchange, accounting for about 24.8%[141]. - The top ten shareholders collectively hold 4,236,160,019 shares, representing 53.24% of the total shares, with a notable increase of 9,222,461 shares during the reporting period[142].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.00, indicating a potential upside of 23.55% from the current stock price of HKD 17.00 [1][3]. Core Insights - The company reported Q2 2024 revenue of USD 1.90 billion, a year-on-year increase of 21.8% and a quarter-on-quarter increase of 8.6%, slightly above market expectations [1]. - The guidance for Q3 2024 indicates a revenue increase of 13%-15% to USD 2.15-2.19 billion, surpassing the consensus estimate of USD 1.87 billion, with a gross margin expected between 18%-20% [1]. - The demand for consumer electronics is recovering, contributing to a 35.6% revenue increase, particularly in gaming, toys, and smart furniture [1]. Summary by Sections Financial Performance - Q2 2024 operating profit was USD 90 million, a 9.2% increase year-on-year, while net profit decreased by 59.1% to USD 160 million, resulting in a net profit margin of 8.7% [1]. - The average monthly capacity for 8-inch wafers is projected to reach 850,000 pieces in 2024, with a capital expenditure guidance of USD 7.5 billion for the year [1][4]. Market Outlook - The semiconductor cycle is expected to recover, driven by a gradual increase in capacity utilization rates and a rebound in consumer electronics demand [1]. - The company anticipates a revenue CAGR of 27% and a net profit CAGR of 14.1% over the next three years [1]. Valuation Metrics - The report estimates a price-to-book (PB) ratio of 1.0 for valuation purposes, supporting the target price of HKD 21.00 [1][3]. - The company holds a 5.5% market share in the global wafer foundry industry, which is expected to increase to 8.0% by year-end [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's unique process platform capabilities are expected to enhance profitability, with net profit forecasts for 2024-2025 raised from $400 million and $800 million to $600 million and $1.1 billion, respectively, while maintaining a 2026 net profit forecast of $1.4 billion, corresponding to year-on-year growth rates of -31.0% / 78.7% / 21.8% [3] - The current stock price corresponds to a PE ratio of 20.1x for 2024, 12.5x for 2025, and 8.1x for 2026, with a PB ratio of 0.8x for 2024 [3] - The company benefits from the upgrade of downstream domestic IC design clients' products, which drives improvement in profitability [3] Financial Summary and Valuation Metrics - Revenue (million USD): 2022A: 7,273; 2023A: 6,322; 2024E: 8,150; 2025E: 9,679; 2026E: 11,397 [5] - Year-on-Year Growth (YOY %): 2022A: 33.6; 2023A: -13.1; 2024E: 28.9; 2025E: 18.8; 2026E: 17.8 [5] - Net Profit (million USD): 2022A: 1,818; 2023A: 903; 2024E: 622; 2025E: 1,112; 2026E: 1,355 [5] - Gross Margin (%): 2022A: 38.0; 2023A: 19.3; 2024E: 17.3; 2025E: 24.5; 2026E: 26.6 [5] - Net Margin (%): 2022A: 25.0; 2023A: 14.3; 2024E: 7.6; 2025E: 11.5; 2026E: 11.9 [5] - ROE (%): 2022A: 6.3; 2023A: 2.9; 2024E: 1.9; 2025E: 3.0; 2026E: 3.3 [5] - EPS (diluted, USD): 2022A: 0.23; 2023A: 0.11; 2024E: 0.11; 2025E: 0.17; 2026E: 0.26 [5] - P/E (x): 2022A: 9.3; 2023A: 18.8; 2024E: 20.1; 2025E: 12.5; 2026E: 8.1 [5] - P/B (x): 2022A: 0.9; 2023A: 0.8; 2024E: 0.8; 2025E: 0.7; 2026E: 0.7 [5] Performance and Guidance - In Q2 2024, the company reported revenue of $1.9 billion, a quarter-on-quarter increase of 8.6%, exceeding the company's guidance of 5%-7% and Bloomberg consensus of $1.84 billion [4] - The increase in revenue was primarily driven by consumer electronics applications, including gaming consoles and home appliances, with the share of consumer electronics revenue rising from 30.9% in Q1 2024 to 35.6% in Q2 2024 [4] - The company achieved a gross margin of 13.9% in Q2 2024, surpassing the company's guidance of 9%-11% and Bloomberg consensus of 11.3% [4] - For Q3 2024, the company guides a revenue increase of 13%-15%, corresponding to $2.15-2.19 billion, driven by price increases for 12-inch products and an increase in their shipment proportion [4]

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 6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 年第二季的銷售收入為 1,901.3 百萬美元，2024 年第一季為 1,750.2 百萬美元，2023 年第 二季為 1,560.4 百萬美元。 2024 年第二季毛利為 265.1 百萬美元，2024 年第一季為 239.7 百萬美元，2023 年第二季為 316.5 百萬美元。 2024 年第二季毛利率為 13.9%，2024 年第一季為 13.7%，2023 年第二季為 20.3%。 以下爲本公司及其子公司(「本集團」)於 2024 年 8 月 8 日就截至 ...

Investment Rating - The report maintains a "Buy" rating for Semiconductor Manufacturing International Corporation (SMIC) [1][4]. Core Views - The first quarter of 2024 showed better-than-expected performance with revenue of $1.75 billion, a year-over-year increase of 19.7% and a quarter-over-quarter increase of 4.3%, surpassing guidance [1]. - The gross margin for Q1 2024 was 13.7%, significantly above the guidance of 9%-11%, attributed to increased customer inventory demand [1]. - For Q2 2024, revenue is expected to grow by 5%-7% quarter-over-quarter due to sustained demand and expanded capacity, although gross margin is projected to decline to 9%-11% due to rising depreciation costs [1]. - The company aims for a revenue growth rate exceeding the average of comparable peers for 2024 [1]. - Q1 2024 wafer shipments increased by 43% year-over-year, driven by strong demand in smartphones and consumer electronics [1]. - Capital expenditures in Q1 2024 exceeded $2.2 billion, with a full-year plan of approximately $7.5 billion, maintaining high investment levels [1]. Financial Forecasts - Revenue projections for 2024 and 2025 have been raised to $7.518 billion and $9.160 billion, respectively, from previous estimates of $6.828 billion and $8.893 billion [1]. - Net profit estimates for 2024 and 2025 have been adjusted downwards to $442 million and $633 million, respectively, due to anticipated higher depreciation and ongoing competition in mature processes [1]. - Expected revenue for 2026 is $12.008 billion with a net profit of $910 million [1][2]. - Key financial metrics include a projected P/E ratio of 37.6 for 2024 and a P/B ratio of 0.8 [2][6].

电子/半导体 公 司 研 中芯国际（00981.HK） 2024 年收入增速有望上修，毛利率仍将承压 究 2024年05月13日 ——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 日期 2024/5/10 证 书编号：S0790521110001 港 当前股价(港元) 16.260  2024年收入增速有望上修，毛利率仍将承压 股 一年最高最低(港元) 25.200/13.880 考虑到公司扩产带来的折旧压力，公司指引2024年折旧将同比增长超过20%， 公 司 总市值(亿港元) 1,293.41 我们将2024-2025年归母净利润预测由7/12亿美金下调至4/8亿美金，新增2026 信 流通市值(亿港元) 972.51 年归母净利润预测14亿美金，对应同比增速分别为-53.9%/104.0%/64.4%。当前 息 总股本(亿股) 79.55 股价16.26港币对应2024年0.8倍PB，与其中长期ROE基本匹配，伴随半导体 更 新 流通港股(亿股) 59.81 行业景气回升、国产客户上量、产能稀缺性价值凸显，有望驱动公司 PB 估值 报 近3个月换手 ...

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3月31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 年第一季的銷售收入為 1,750.2 百萬美元，2023 年第四季為 1,678.3 百萬美元，2023 年第 一季為1,462.3百萬美元。  2024年第一季毛利為239.7百萬美元，2023年第四季為275.0百萬美元，2023年第一季為304.7 百萬美元。  2024年第一季毛利率為13.7%，2023年第四季為16.4%，2023年第一季為20.8%。 以下爲本公司及其子公司(「本集團」)於2024年5月9日就截至2024年3月 ...