SMIC(HK:00981)2024-05-09 12:05Financial Performance - In Q1 2024, the company's revenue was $1,750.2 million, a 4.3% increase from Q4 2023 and a 19.7% increase from Q1 2023[7]. - Gross profit for Q1 2024 was $239.7 million, down 12.8% from Q4 2023 and down 21.3% from Q1 2023, resulting in a gross margin of 13.7%[7]. - The net profit for Q1 2024 was $63.5 million, a decrease of 73.2% from Q4 2023 and a decrease of 76.2% from Q1 2023[7]. - The company reported a basic and diluted earnings per share of $0.01 for Q1 2024[7]. - Other income for Q1 2024 was $72.0 million, down 48.8% from Q4 2023's $140.7 million, primarily due to changes in government project funding and fixed asset disposal gains[14]. - Operating cash flow for Q1 2024 was $470,022, down from $959,888 in Q4 2023, a decrease of 51%[17]. - The company incurred a net loss of $63,515 for the three months ending March 31, 2024, compared to a profit of $237,268 in the previous quarter[21]. Operational Metrics - The company shipped 1,794,891 8-inch equivalent wafers in Q1 2024, a 7.2% increase from Q4 2023 and a 43.4% increase from Q1 2023[7]. - Capacity utilization rate improved to 80.8% in Q1 2024, up from 76.8% in Q4 2023 and significantly higher than 68.1% in Q1 2023[7]. - Q1 2024 wafer sales volume was 1,794,891 units, a 7.2% increase from Q4 2023's 1,675,002 units, with a capacity utilization rate of 80.8% compared to 76.8% in Q4 2023[11]. Future Guidance - For Q2 2024, the company expects revenue to grow by 5% to 7% quarter-over-quarter, with a gross margin guidance of 9% to 11%[2]. - The company aims for annual revenue growth to exceed the average of comparable peers, assuming no significant changes in the external environment[3]. Expenses and Liabilities - Operating expenses increased by 41.5% year-over-year to $237.3 million in Q1 2024[7]. - The company's depreciation and amortization expenses in Q1 2024 were $630.8 million, a 4.7% increase from Q4 2023's $602.2 million[13]. - Total liabilities increased to $8,144,558 in Q1 2024 from $7,601,582 in Q4 2023, an increase of 7.1%[19]. - The trade and other payables increased to $4,206,695 as of March 31, 2024, compared to $3,727,922 at the end of 2023[20]. Cash and Assets - The company's cash and cash equivalents decreased to $5,348,718 in Q1 2024 from $6,215,058 in Q4 2023, a decline of 13.9%[16]. - Total current assets as of March 31, 2024, were $13,001,438, down from $13,635,163 at the end of Q4 2023, a reduction of 4.7%[19]. - The total assets as of March 31, 2024, were $48,168,813, an increase from $47,787,312 at the end of Q4 2023, representing a growth of 0.8%[19]. - The company reported a cash outflow from investing activities of $1,328,356 for the three months ending March 31, 2024, compared to $2,171,391 in the previous quarter[21]. Regional Revenue Breakdown - In Q1 2024, the revenue from the China region accounted for 81.6%, up from 80.8% in Q4 2023[9]. - The revenue from the U.S. region decreased to 14.9% in Q1 2024 from 15.7% in Q4 2023[9]. - Q1 2024 revenue from smartphones was 31.2%, up from 30.2% in Q4 2023, while revenue from computers and tablets decreased to 17.5% from 30.6%[9].