中芯国际四季度营收同比增12.8%，折旧激增拖累毛利率

Core Viewpoint - SMIC expects its sales revenue growth for the full year of 2026 to exceed the average of comparable peers, assuming no significant changes in the external environment [1][3]. Financial Performance - In Q4 2025, SMIC reported sales revenue of $2.489 billion, a quarter-over-quarter increase of 4.5% and a year-over-year increase of 12.8% [1]. - The net profit attributable to shareholders for Q4 2025 was $173 million, showing a significant year-over-year growth of 60.7%, but a quarter-over-quarter decline of 9.9% [1]. - The gross margin for Q4 2025 was 19.2%, down 2.8 percentage points from Q3 2025 and lower than the 22.6% in Q4 2024, primarily due to increased depreciation [1]. - Depreciation and amortization expenses for Q4 2025 reached $1.07 billion, with a quarter-over-quarter increase of 7.4% and a year-over-year increase of 26.0% [1]. Capacity and Utilization - SMIC's production capacity utilization rate in Q4 2025 was 95.7%, significantly higher than 85.5% in Q4 2024 [1]. - By the end of 2025, SMIC's monthly capacity for 8-inch standard logic wafers reached 1.059 million pieces, an increase of approximately 110,000 pieces year-over-year [2]. - The average capacity utilization rate for 2025 was 93.5%, an increase of 8 percentage points year-over-year [2]. Revenue Breakdown - In Q4 2025, revenue from smartphone products accounted for 21.5%, while computer and tablet products contributed 11.8%, consumer electronics 47.3%, Internet and wearable products 7.2%, and industrial and automotive products 12.2% [2]. - For Q4 2025, 8-inch wafer revenue represented 22.8% and 12-inch wafer revenue represented 77.2% of total revenue [2]. - Geographically, revenue from China accounted for 87.6% of total revenue, while the U.S. contributed 10.3% (down 0.5 percentage points quarter-over-quarter), and the Eurasia region contributed 2.1% [2]. Future Outlook - For Q1 2026, SMIC anticipates revenue to remain flat quarter-over-quarter, with gross margin expected to be between 18% and 20% [3]. - The company expects that the opportunities from the return of the supply chain and challenges from the storage cycle will coexist in 2026 [3]. - Capital expenditures for 2026 are expected to remain roughly the same as in 2025 [3].