智通财经网·2025-11-17 02:45Core 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 an average selling price (ASP) increase of approximately 3.8% and a shipment volume increase of 4.6%, aligning with market expectations [2] - The gross margin for Q3 2025 was 22.0%, exceeding the previous forecast of 19.3% and the upper limit of prior guidance (20%) [2] - Management attributes the improved gross margin to resolved production fluctuations, increased capacity utilization (92.5% in Q2 2025 and 95.8% in Q3 2025), and changes in product mix [2] Group 2 - Management indicates that the industry is accelerating its transition, leading to supply-demand imbalances, with domestic design firms enhancing competitiveness as a key driver for long-term revenue growth [3] - The share of consumer electronics in Q3 2025 rose significantly to 43.4%, up from 41.0% in Q2 2025, while the smartphone segment saw a decline of 3.7 percentage points to 21.5% [3] - Management noted a moderate recovery in demand from the automotive and industrial sectors, with a rebound in end-user inventory replenishment intentions [3]