SMIC(688981) 证券时报网·2025-02-18 07:01Core Viewpoint - The rumors regarding price cuts by SMIC to gain market share have been debunked, as the company has maintained stable pricing while increasing production capacity and meeting market demand [1][5]. Financial Performance - In Q4 2024, SMIC achieved sales revenue of over 8.03 billion, a 27% year-on-year increase, setting a historical record, while the gross margin was 18.0%, down 1.3 percentage points due to rising depreciation [2]. - The average selling price in Q4 increased by 6% quarter-on-quarter, counteracting the impact of decreased shipments and rising depreciation on revenue and gross margin [1][2]. Production and Capacity - SMIC's production capacity utilization rate remained at 85.5% in Q4, with a total of 1.991761 million 8-inch wafers sold [1]. - The company added 28,000 pieces of 12-inch capacity in Q4, optimizing its product mix [1]. - By the end of 2024, SMIC's 8-inch standard logic monthly production capacity was 948,000 pieces, with total shipments exceeding 8 million pieces [2]. Market Demand and Trends - The demand for 28nm and 40nm nodes remains strong, particularly in automotive electronics, IoT, and smart hardware sectors, indicating a supply-demand imbalance rather than oversupply [3]. - The company anticipates a positive outlook for Q1 2025, with expected sales revenue growth of 6%-8% and a gross margin between 19%-21% [3]. - There is a notable trend of industries transitioning to domestic supply chains, with some products entering mass production [3]. Strategic Insights - SMIC aims to enhance its core competitiveness through leading technology and strategic pricing, avoiding proactive price cuts while being prepared to face price competition with strategic customers when necessary [5]. - The company emphasizes that technological innovation and capacity optimization are key to sustainable development in the wafer foundry industry, moving away from price-cutting as a competitive strategy [5].