中芯国际AH股绩后震荡，四季度业绩喜忧参半

Core Viewpoint - Semiconductor foundry leader SMIC reported a revenue increase for Q4 2025 but faced margin pressure due to depreciation, with a significant stock price decline since October 2022 [1][2] Group 1: Financial Performance - For the full year 2025, SMIC achieved sales revenue of $9.327 billion, a year-on-year increase of 16.2%, and a net profit attributable to shareholders of $685 million, up 39.1% year-on-year [1] - In Q4 2025, SMIC reported sales revenue of $2.489 billion, a quarter-on-quarter increase of 4.5% and a year-on-year increase of 12.8%, with a net profit of $173 million, reflecting a significant year-on-year growth of 60.7% but a quarter-on-quarter decline of 9.9% [1] - The gross margin for Q4 2025 was 19.2%, down 2.8 percentage points from Q3, while capacity utilization remained high at 95.7% [1] Group 2: Future Guidance - SMIC provided guidance for 2026, expecting revenue growth to exceed the industry average, with capital expenditures remaining consistent with 2025 levels and a gross margin target of 18%-20% [1] - The revenue increase is attributed to higher wafer sales, improved capacity utilization, and optimized product mix, with an upward price adjustment for 8-inch processes due to surging demand [1] Group 3: Market Dynamics - Management indicated a decrease in orders for mid-to-low-end products, while orders related to AI, storage, and mid-to-high-end applications are on the rise [2] - The company is positioned as a significant component in various indices, including the Sci-Tech 50 and Hang Seng Technology Index, with notable holdings in related ETFs [2]