智通财经网·2025-11-14 07:35Core Viewpoint - SMIC's stock experienced volatility, initially rising over 2% before closing down 3.11% at HKD 73.25, with a trading volume of HKD 6.575 billion [1] Financial Performance - For Q3 2025, SMIC reported sales revenue of USD 2.382 billion, reflecting a quarter-over-quarter increase of 7.8% and a year-over-year increase of 9.7% [1] - The company's gross margin was 22.0%, up 1.6 percentage points from the previous quarter [1] - Capacity utilization increased to 95.8%, a rise of 3.3 percentage points quarter-over-quarter [1] - Net profit attributable to shareholders was approximately USD 192 million, showing a quarter-over-quarter growth of 44.7% and a year-over-year growth of 28.9% [1] Future Guidance - For Q4 2025, SMIC provided guidance indicating flat to 2% growth in revenue, with gross margin expectations between 18% and 20% [1] - The fourth quarter is traditionally a slow season for the wafer foundry industry, but SMIC has built up inventory in response to customer demand in the first three quarters [1] - Management noted that while customer confidence remains strong, the pace of urgent orders and shipments may slow down in Q4 [1] - SMIC aims to exceed the average performance of comparable peers for the year, assuming no significant changes in the external environment [1]