11月14日，中芯国际盘中下跌2.01%，截至13:09，报120.62元/股，成交61.33亿元，换手率2.49%，总市 值9649.71亿元。 资金流向方面，主力资金净流出3.45亿元，特大单买入11.33亿元，占比18.46%，卖出15.11亿元，占比 24.63%；大单买入20.76亿元，占比33.85%，卖出20.43亿元，占比33.31%。 中芯国际今年以来股价涨27.48%，近5个交易日跌1.22%，近20日跌1.11%，近60日涨32.87%。 今年以来中芯国际已经1次登上龙虎榜，最近一次登上龙虎榜为8月28日，当日龙虎榜净买入-4.22亿 元；买入总计16.55亿元 ，占总成交额比6.10%；卖出总计20.77亿元 ，占总成交额比7.66%。 资料显示，中芯国际集成电路制造有限公司位于上海市浦东新区张江路18号,香港中环康乐广场8号交易 广场1期29楼，成立日期2000年4月3日，上市日期2020年7月16日，公司主营业务涉及提供0.35微米至14 纳米多种技术节点、不同工艺平台的集成电路晶圆代工及配套服务。主营业务收入构成为：集成电路晶 圆代工93.83%，其他6.17%。 中芯国际所属申 ...

Summary of SMIC (0981.HK) 3Q25 Earnings Call Company Overview - **Company**: Semiconductor Manufacturing International Corporation (SMIC) - **Ticker**: 0981.HK - **Quarter**: 3Q25 Key Financial Highlights - **Revenue**: - 3Q25 revenue reached **US$2.4 billion**, representing a **10% YoY** and **8% QoQ** increase, exceeding management guidance of **+5%~+7% QoQ** and consensus estimates by **2%** and **1%** respectively [1][2] - **Gross Margin (GM)**: - GM was **22.0%**, significantly higher than management's guidance of **18%~20%** and consensus expectations of **19.0%** and **19.6%** [1][2] - **Operating Profit**: - Operating profit stood at **US$351 million**, which is **62%** and **101%** higher than Goldman Sachs estimates and consensus respectively [2] - **Net Profit**: - Net profit was **US$192 million**, reflecting a **45% QoQ** and **29% YoY** increase, surpassing estimates by **9%** and **6%** [2] - **Capacity**: - Capacity increased to **1.02 million wpm** (8-inch equivalent) from **991k wpm** in 2Q25 [2] Operational Metrics - **Utilization Rate (UT)**: - Improved to **95.8%** in 3Q25 from **92.5%** in 2Q25 [1][2] - **Capital Expenditure (Capex)**: - Capex for 3Q25 was **US$2.4 billion**, up from **US$1.9 billion** in 2Q25 [1] 4Q25 Guidance - **Revenue Guidance**: - Expected to increase by **0%~+2% QoQ**, aligning with Goldman Sachs estimates of **+2% QoQ** and consensus of **+1% QoQ** [1][6] - **Gross Margin Guidance**: - Projected GM of **18%~20%**, slightly lower than Goldman Sachs estimate of **21.1%** and consensus of **19.4%** [1][6] Strategic Outlook - **Long-term Growth Drivers**: - Positive outlook driven by increasing demand from local fabless customers and opportunities related to AI [1] - **Market Position**: - SMIC is expected to benefit from new capacities and a better product mix, particularly with higher contributions from new 12-inch fabs [6] Investment Recommendation - **Rating**: - Maintain a **Buy** rating on SMIC with a 12-month price target of **HK$117.00**, indicating an upside of **54.8%** from the current price of **HK$75.60** [6] Additional Insights - **Operating Expense Ratio**: - The operating expense ratio was **7.2%**, lower than estimates of **9.8%** and **12.2%**, contributing to the strong operating profit [2] - **Earnings Per Share (EPS)**: - EPS for 3Q25 was **$0.02**, consistent with estimates and reflecting a **45%** increase YoY [6] This summary encapsulates the key financial metrics, operational performance, guidance, and strategic outlook for SMIC as discussed in the earnings call for 3Q25.

Core Insights - The current industry chain transition is accelerating, with inventory replenishment ongoing, and the company is actively ensuring shipments to clients. The third quarter saw an increase in production capacity and shipment volume, with a 3.8% quarter-over-quarter increase in average selling price due to more complex product offerings [1] Financial Performance - In Q3 2025, the company reported revenue of 17.162 billion yuan, a year-over-year increase of 9.90% - Net profit attributable to shareholders was 1.517 billion yuan, reflecting a year-over-year growth of 43.10% - Basic earnings per share stood at 0.19 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company achieved revenue of 49.51 billion yuan, marking an 18.20% year-over-year increase - Net profit attributable to shareholders reached 3.818 billion yuan, up 41.10% year-over-year - Basic earnings per share for the period was 0.48 yuan [1] Asset and Equity Overview - Total assets at the end of the reporting period were 351.368 billion yuan, a decrease of 0.6% compared to the previous year - Shareholder equity attributable to the company was 151.179 billion yuan, an increase of 2.0% year-over-year [3] Profitability Metrics - EBITDA for Q3 2025 was 10.348 billion yuan, representing a 25.8% increase compared to the same period last year - EBITDA margin improved by 7.6 percentage points to 60.3% [3]

Core Viewpoint - The integrated circuit ETF (159546) opened with a decline of 1.81%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 1.795 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 82.90% [1] - The fund's performance over the past month has decreased by 6.56% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) opened down 0.08% [1] - Cambricon (寒武纪) fell by 2.52% [1] - Haiguang Information (海光信息) decreased by 2.13% [1] - Lattice Technology (澜起科技) dropped by 2.97% [1] - GigaDevice (兆易创新) declined by 5.05% [1] - Haowei Group (豪威集团) fell by 1.18% [1] - Chipone (芯原股份) decreased by 2.10% [1] - JCET (长电科技) dropped by 1.15% [1] - Unisoc (紫光国微) fell by 1.81% [1] - Tongfu Microelectronics (通富微电) decreased by 2.47% [1]

SMIC warns that a shortage of memory may constrain car and consumer electronics production in 2026, flagging potential bottlenecks at a time major chipmakers are prioritizing business with AI accelerator linchpin Nvidia https://t.co/pB65jEhoXS ...

Core Viewpoint - SMIC is on track for a record revenue year, expecting to exceed $9 billion for the first time, driven by strong demand and full-capacity operations [1][2]. Financial Performance - Q3 revenue reached 171.62 billion yuan, a year-on-year increase of 9.9%, with a gross margin of 25.5%, up 4.8 percentage points from the previous quarter [2][3]. - For the first three quarters, total revenue was 495.1 billion yuan, reflecting an 18.2% year-on-year growth [3]. - Q3 net profit attributable to shareholders was 15.17 billion yuan, a 43.1% increase year-on-year, while net profit for the first three quarters was 38.18 billion yuan, up 41.1% [3][4]. Capacity and Market Dynamics - The production capacity utilization rate increased to 95.8%, indicating near-full production [2][3]. - The memory market is experiencing a supply shortage, leading to significant price increases, and the expansion of industry capacity is expected to accelerate in the coming year [2][5]. Q4 Guidance - The company anticipates Q4 revenue to remain flat or grow by 2% quarter-on-quarter, with a gross margin forecast of 18%-20%, indicating a potential decline from Q3's 25.5% [4][5]. - The management attributes the expected slowdown in Q4 performance to the traditional off-season and fluctuations in the mobile market, leading to cautious purchasing behavior in related industries [5].

Group 1 - Tencent responded to rumors about a 15% fee agreement with Apple for mini-games, stating that their relationship is strong and progress is optimistic [2] - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, aiming to compete with ChatGPT and leveraging its Qwen model [3] - Baidu's founder, Li Yanhong, highlighted the transition of AI technology from "intelligent emergence" to "effect emergence," emphasizing the practical applications and value creation in the AI industry [4] Group 2 - Didi announced a strategic partnership with the Abu Dhabi Investment Office to expand its autonomous driving operations in the Middle East [5] - Xiaomi and Tencent have partnered to enable developers to distribute AI agents through Xiaomi's app store, enhancing accessibility for users [6] - Apple clarified its recent restrictions on authorized dealers in China, aimed at preventing unauthorized sales across regions [7] Group 3 - Yuzhu Technology launched a comprehensive training solution for humanoid robots, featuring a high-performance robot and data collection tools [8] - Alibaba Cloud's Baolian announced a price reduction for its Tongyi Qianwen 3-Max model, effective November 13, 2025 [9] - China has completed the first phase of 6G technology trials, establishing over 300 key technology reserves [10] Group 4 - Qualcomm introduced its first industrial-grade PC processor, the Longwing IQ-X series, designed for smart manufacturing applications [12] - Moer Thread plans to go public on the STAR Market, with an initial public offering of 70 million shares [13][14] - Muxi Integrated Circuit's IPO registration has been approved, focusing on high-performance GPU chips and AI applications [15] Group 5 - Haige Communication's subsidiary plans to raise up to 800 million yuan by introducing strategic investors to support its business development [17] - Daming City announced plans to acquire a 19.43% stake in Baicai Bang for 694 million yuan, focusing on 4G/5G/6G communication solutions [18] - Tencent reported a 15% year-on-year revenue increase to 192.87 billion yuan in Q3 2025, with net profit rising 18% to 70.55 billion yuan [19] Group 6 - SMIC reported a 9.9% year-on-year revenue increase to 17.162 billion yuan in Q3 2025, with a net profit growth of 43.1% [20] - JD Group's Q3 revenue reached 299.1 billion yuan, a 14.9% increase, with new business revenue growing 214% year-on-year [22] - Baidu launched its upgraded multi-modal AI assistant, Super Baidu, enhancing its capabilities in visual understanding and reasoning [23] Group 7 - DJI released the Osmo Action 6, its first action camera with a variable aperture, designed for improved performance in various lighting conditions [24]

Core Viewpoint - SMIC's fourth-quarter performance guidance has declined due to traditional seasonal weakness and fluctuations in the mobile market, leading to cautious procurement in industries like mobile and network communication equipment [1] Group 1: Performance Guidance - SMIC's fourth-quarter performance guidance is conservative, primarily influenced by seasonal factors and market volatility [1] - The company has adjusted its shipment forecasts for the next two quarters to reflect a cautious outlook [1] Group 2: Market Conditions - The shortage of storage supply and rising prices have contributed to cautious procurement behavior in the mobile and network communication sectors [1] - To address urgent orders related to storage and analog products, SMIC postponed the shipment of some mobile products in the third quarter [1]

Group 1 - The core viewpoint of the article indicates that SMIC's performance guidance for the fourth quarter has declined due to the traditional off-season and fluctuations in the mobile market [1] - The company is experiencing cautious procurement from industries such as mobile and network communication equipment due to storage supply shortages and rising prices, leading to a conservative outlook for shipments in the next two quarters [1] - To meet urgent orders related to storage and analog products, the company postponed the shipment of some mobile products in the third quarter [2]

Core Viewpoint - SMIC reported strong Q3 earnings with record revenue and significant profit growth, indicating robust operational performance in the semiconductor industry [1] Financial Performance - In Q3, SMIC achieved revenue of 17.162 billion yuan, a quarter-on-quarter increase of 6.9%, marking a new high for single-quarter revenue [1] - The net profit attributable to shareholders was 1.517 billion yuan, representing a year-on-year growth of 43.1% [1] - The gross margin was 25.5%, up 4.8 percentage points from the previous quarter [1] Production Capacity - SMIC's monthly production capacity has surpassed 1 million wafers for the first time, which is more than double that of its domestic competitor, Hua Hong Semiconductor, whose latest monthly capacity is 468,000 wafers [1] - If the production continues to grow at a rate of 2% quarter-on-quarter, SMIC's revenue for Q4 is projected to be around 17.5 billion yuan [1] Market Valuation - The valuation of the A-share semiconductor index has reached historical highs, with the latest P/E ratio for the Sci-Tech Innovation Board at 184 times, placing it in the 91st percentile over the past three years [1][2] - The semiconductor industry’s latest P/E ratio stands at 128 times, also in the 91st percentile, while the Hong Kong stock market's semiconductor index has a P/E ratio of only 40 times, in the 46th percentile, indicating a significant valuation premium for A-shares [1][2] Investment Trends - The Hong Kong market is expected to experience a "slow bull market" due to international capital inflow during the interest rate cut cycle, with new economy sectors like AI technology anticipated to be key investment themes [3] - Southbound capital is primarily from long-term institutional investors focusing on the quality and sustainability of profit growth, with a potential allocation increase of 11 trillion HKD over the next five years [3] ETF Launch - The first ETF focusing on the Hong Kong semiconductor industry has been launched, comprising 70% hardware and 30% software, with SMIC holding a weight of 20.27% in the index [4] - This ETF aims to capture the AI hard technology market trends without including major internet companies like Alibaba and Tencent, enhancing its focus on high-tech sectors [4]