Sou Hu Cai Jing·2025-08-16 17:23Core Viewpoint - SMIC's stock price increased by 5.98% this week, closing at 91.84 yuan, with a market capitalization of 733.464 billion yuan, ranking 1st in the semiconductor sector and 16th in the A-share market [1] Trading Information Summary - On August 12, SMIC executed two block trades with a total transaction value of 16.146 million yuan [1][8] Institutional Research Highlights - During the earnings conference on August 8, it was noted that the demand for SMIC's products in sectors like smartphones is expected to remain stable compared to last year, with inventory replenishment primarily driven by consumer products [2] - The company anticipates that its production capacity will remain below customer order demand until at least October, indicating a supply-demand imbalance [2][8] - North American revenue accounted for 9% of total revenue in Q2, with the impact of high import tariffs from the U.S. estimated to be minimal, around 1.3% [3][8] - The depreciation expense in Q2 decreased by 6% quarter-on-quarter due to increased production capacity utilization, although it is expected to rise in Q3, potentially putting pressure on gross margins [3] - SMIC is expanding its power device segment and has established new capacity for 8-inch wafers to meet domestic customer demand, with international clients also adopting a "China for China" strategy [4] - ASP (Average Selling Price) is expected to rise in Q3 due to a combination of factors, including the introduction of new 12-inch capacity [5] - The company maintains a high capacity utilization rate of 92%-93%, with ongoing investments of approximately $7-8 billion annually to support growth [6]