Jing Ji Guan Cha Bao·2025-05-09 03:37Group 1 - The core viewpoint of the article highlights that SMIC reported a revenue of $2.247 billion for Q1 2025, with a quarter-on-quarter growth of 1.8% and a gross margin of 22.5, remaining relatively stable [2] - The company's capacity utilization rate increased to 89.6%, up by 4.1 percentage points quarter-on-quarter, while R&D investment totaled 1.068 billion yuan, accounting for 6.6% of revenue [2] - SMIC anticipates a revenue decline of 4% to 6% in Q2, with gross margins expected to range between 18% and 20% [2] Group 2 - The company analyzed the current semiconductor market trends, noting that initial expectations for a significant recovery in the smartphone and PC markets have been adjusted downwards [2] - The smartphone shipment forecast has been revised down, leading to expected inventory adjustments by clients in Q3, while the PC market remains stable but lacks growth momentum [2] - The television and tablet markets are experiencing steady demand, but increasing supply is altering the supply-demand relationship, resulting in downward price pressure on the wafer foundry industry [2][3] Group 3 - In response to market challenges, SMIC will adopt a prudent operational strategy, focusing on optimizing operational efficiency and providing competitive service support to clients [3] - The company emphasizes a value-oriented approach, avoiding price cuts to gain market share, reflecting its commitment to maintaining a healthy industry ecosystem and long-term sustainable development [3] - SMIC will prioritize deep collaboration with core customers, leveraging technological innovation and capacity optimization to navigate market fluctuations rather than engaging in price wars [3]