Jing Ji Guan Cha Wang·2026-02-13 03:18Group 1: Core Insights - The company anticipates that its sales revenue growth in 2026 will exceed that of global peers, with capital expenditure plans remaining similar to 2025 at approximately $8.1 billion [1] - For Q1 2026, the company projects flat sales revenue quarter-over-quarter, with gross margins expected to be between 18% and 20% [1] Group 2: Project Advancement - The company plans to add approximately 40,000 pieces of 12-inch monthly capacity in 2026, maintaining a high investment pace [2] - Due to increased demand for AI servers and power management chips, there is a tight supply of some mature process capacities, leading to a 10% price increase for the 8-inch BCD process in December 2025, with further price transmission expected to the 12-inch process in 2026 [2] Group 3: Industry Policy and Environment - The management emphasizes that 2026 will present opportunities from the return of the industrial chain, alongside challenges from fluctuations in the storage chip cycle [3] - There is a structural differentiation in demand within the consumer electronics sector, with high-end orders in AI and automotive electronics growing, while mid-to-low-end orders may face pressure [3] Group 4: Financial Status - High capital expenditure is expected to increase depreciation pressure, with the company forecasting a year-over-year increase of approximately 30% in depreciation expenses for 2026 [4] - The company plans to mitigate this impact by enhancing capacity utilization, which averaged 93.5% for the entire year of 2025, and optimizing its product mix [4] Group 5: Strategic Advancement - The company completed a full acquisition of SMIC North in late 2025 for 40.6 billion yuan, and it is expected to further integrate 12-inch mature process capacity in 2026 to strengthen its position in the domestic supply chain [5]