智通财经网·2025-11-17 02:39Core Viewpoint - The report from CMB International raises the capital expenditure forecast for SMIC (00981) for 2025, 2026, and 2027 to $7.4 billion, $7.6 billion, and $7.2 billion respectively, up from previous estimates of $6.85 billion, $6.49 billion, and $5.98 billion [1] Group 1 - In Q3 2025, revenue reached $2.38 billion, a 7.8% increase quarter-on-quarter, with ASP rising approximately 3.8% and shipment volume increasing by 4.6%, aligning with market expectations [2] - The gross margin for Q3 2025 was 22.0%, exceeding the previous guidance of 20% and the analyst's expectation of 19.3% [2] - Management indicated that production fluctuations have been largely resolved, contributing to improved gross margins, alongside increased capacity utilization rates of 92.5% in Q2 2025 and 95.8% in Q3 2025 [2] Group 2 - The management noted that the demand for consumer electronics has significantly increased, with its share rising to 43.4% in Q3 2025 from 41.0% in Q2 2025, while smartphone demand decreased by 3.7 percentage points to 21.5% [3] - The company anticipates continued expansion in production capacity, driven by strong demand in the home appliance sector and a moderate recovery in automotive and industrial demand [3] - Due to AI-driven increases in storage prices, customers may accelerate inventory purchases in Q4 2025, although visibility on demand for 2026 and beyond, particularly in the smartphone sector, remains uncertain [3]