SMIC(688981)2024-11-07 11:04Revenue and Profit Performance - Revenue for Q3 2024 reached 1.06 billion[6] - Revenue for the first three quarters of 2024 reached 41.88 billion RMB, a 26.5% increase compared to 33.10 billion RMB in the same period of 2023[26] - Net profit for the first three quarters of 2024 was 3.23 billion RMB, a 32.7% decrease from 4.80 billion RMB in the same period of 2023[27] - Sales revenue from goods and services provided was RMB 37.3 billion, a decrease from RMB 38.9 billion in the same period last year[29] Gross Margin and EBITDA - Gross margin for Q3 2024 improved to 20.5%, with capacity utilization rising to 90.4%[5] - EBITDA for Q3 2024 was 127.44 million, accounting for 8.2% of total revenue[6] - R&D expenses for the first three quarters of 2024 amounted to 3.90 billion RMB, a 7.0% increase compared to 3.64 billion RMB in the same period of 2023[26] Regional and Segment Revenue - China region accounted for 86.4% of total revenue in Q3 2024, up from 80.3% in Q2 2024[9] - Wafer revenue accounted for 94.4% of total revenue in Q3 2024, with 12-inch wafers making up 78.5% of wafer revenue[10] - Consumer electronics segment contributed 42.6% to wafer revenue in Q3 2024, up from 35.6% in Q2 2024[10] Production and Capacity - Sales of wafers in Q3 2024 reached 2,122,266 pieces, a slight increase from 2,111,880 pieces in Q2 2024 and a significant rise from 1,536,845 pieces in Q3 2023[11] - Monthly production capacity in Q3 2024 was 884,250 pieces, up from 837,000 pieces in Q2 2024 and 795,750 pieces in Q3 2023[11] - Capacity utilization rate in Q3 2024 improved to 90.4%, compared to 85.2% in Q2 2024 and 77.1% in Q3 2023[11] Capital Expenditure and Assets - Capital expenditure in Q3 2024 was RMB 8,376 million, a decrease from RMB 16,007 million in Q2 2024 and RMB 15,310 million in Q3 2023[11] - Total assets as of Q3 2024 were $33.1 billion, a 2.2% decrease compared to the end of the previous year[6] - Total assets decreased to 330,954,830 from 338,463,197 compared to the end of 2023[24] - Fixed assets increased to 109,685,150 from 92,432,359 compared to the end of 2023[24] - Construction in progress increased to 81,378,655 from 77,003,145 compared to the end of 2023[24] Liabilities and Equity - Total liabilities as of September 30, 2024, were 110.66 billion RMB, a 7.8% decrease from 119.99 billion RMB at the end of 2023[25] - Long-term borrowings as of September 30, 2024, stood at 58.34 billion RMB, a 1.2% decrease from 59.03 billion RMB at the end of 2023[25] - Total equity attributable to owners of the parent company as of September 30, 2024, was 144.53 billion RMB, a 1.4% increase from 142.48 billion RMB at the end of 2023[25] Shareholder Information - The company's total issued shares as of the end of the reporting period were 7,971,628,604, with 75.1% listed on the Hong Kong Stock Exchange and 24.9% on the Shanghai Stock Exchange STAR Market[15] - HKSCC NOMINEES LIMITED holds 53.15% of the company's shares, making it the largest shareholder[17] - Datang Holdings (Hong Kong) Investment Co., Ltd. holds 14.01% of the company's shares, while Xinxin (Hong Kong) Investment Co., Ltd. holds 7.74%[17] - The top 10 shareholders hold a combined 81.57% of the company's shares, with the majority being foreign legal entities and investment funds[17][18][19] Cash Flow and Financial Activities - Total cash inflow from operating activities reached RMB 48.44 billion, compared to RMB 44.99 billion in the same period last year[29] - Cash outflow for purchasing goods and accepting services rose to RMB 28.72 billion, up from RMB 22.20 billion in the previous year[29] - Net cash flow from operating activities was RMB 12.26 billion, down from RMB 16.35 billion in the same period last year[29] - Cash outflow for the construction of fixed assets, intangible assets, and other long-term assets increased to RMB 43.72 billion, up from RMB 37.33 billion in the previous year[30] - Net cash flow from investment activities was negative RMB 29.50 billion, compared to negative RMB 26.73 billion in the same period last year[30] - Net cash flow from financing activities was negative RMB 1.18 billion, a significant decrease from positive RMB 12.81 billion in the previous year[30] - The net increase in cash and cash equivalents was negative RMB 18.42 billion, compared to positive RMB 1.64 billion in the same period last year[30] Non-Recurring Items and Government Subsidies - Non-recurring gains and losses for the reporting period amounted to RMB 148,829 thousand, with government subsidies contributing RMB 139,002 thousand[12] Earnings Per Share and Comprehensive Income - Basic earnings per share for the first three quarters of 2024 were 0.34 RMB, a 26.1% decrease from 0.46 RMB in the same period of 2023[27] - Total comprehensive income for the first three quarters of 2024 was 1.14 billion RMB, an 89.0% decrease from 10.39 billion RMB in the same period of 2023[27] Interest Income and Operating Profit - Interest income for the first three quarters of 2024 was 3.11 billion RMB, a 20.9% decrease from 3.94 billion RMB in the same period of 2023[26] - Operating profit for the first three quarters of 2024 was 3.55 billion RMB, a 31.2% decrease from 5.17 billion RMB in the same period of 2023[26] Tax Refunds and Payables - Tax refunds received increased significantly to RMB 7.26 billion, up from RMB 3.68 billion in the previous year[29] - Accounts payable increased to 5,229,786 from 4,939,533 compared to the end of 2023[24] - Employee benefits payable increased to 1,971,734 from 1,579,904 compared to the end of 2023[24] - Other payables decreased to 17,645,140 from 20,125,032 compared to the end of 2023[24] Current Assets and Liabilities - Current assets decreased to 77,297,667 from 96,573,772 compared to the end of 2023[23] - Short-term borrowings decreased to 800,487 from 3,397,576 compared to the end of 2023[24] - Contract liabilities decreased to 7,313,395 from 14,680,669 compared to the end of 2023[24] - Current liabilities decreased to 48,165,282 from 52,613,732 compared to the end of 2023[24]