SMIC(688981) 新浪财经·2025-06-02 10:28Group 1 - The company achieved Q1 2025 revenue of 200 million, reflecting a 74% quarter-on-quarter growth [1] - The gross margin remained stable at 23%, while capacity utilization rose to nearly 90%, an increase of 4 percentage points quarter-on-quarter [1] - Q1 wafer revenue grew nearly 5% quarter-on-quarter, driven by urgent customer orders, national subsidies, and replenishment in the industrial and automotive sectors [1] Group 2 - The overall shipment volume reached 2.29 million wafers (equivalent to 8-inch), a 15% increase quarter-on-quarter, but ASP declined in the latter half of Q1 due to production fluctuations [2] - The company expects the impact of production fluctuations to continue into Q2, with a revenue guidance decline of 4%-6% quarter-on-quarter [2] Group 3 - According to SEMI data, by 2026, China's 12-inch wafer capacity is expected to account for 25% of the global total, positioning the country as the largest producer [3] - The company, as a leading domestic wafer manufacturer, has consistently focused on integrated circuit technology development, increasing its 12-inch capacity by 50,000 wafers annually [3] Group 4 - The company forecasts net profits of 5 billion, 5.7 billion, and 6.3 billion yuan for 2025-2027, with corresponding EPS of 0.62, 0.71, and 0.79 yuan, and the latest closing price reflects PE ratios of 131x, 115x, and 103x [4]