SMIC(HK:00981)2024-11-07 11:07Financial 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]