Xin Lang Cai Jing·2026-02-27 15:05Core Viewpoint - SMIC is expected to report annual revenue between 751.11 billion to 812.80 billion yuan and a net profit between 50.53 billion to 74.49 billion yuan by February 27, 2026, with attention on whether future financial disclosures will exceed expectations [1] Business Performance - In Q4 2025, SMIC demonstrated a strong sales trend despite the seasonal downturn, achieving sales revenue of 2.489 billion USD, a 4.5% increase quarter-on-quarter [2] - The company's capacity utilization rate remains high at 95.7%, with 8-inch and 12-inch capacities nearing full load, benefiting from the restructuring effects of the industry's shift towards localization [2][3] - SMIC has a technological advantage in various segments including BCD, analog, storage, MCU, and mid-to-high-end display drivers, accelerating validation and capacity expansion [2][3] Capital Expenditure and Revenue Growth - The capital expenditure for 2025 is projected at 8.1 billion USD, exceeding expectations to meet customer demand and adapt to external environmental changes [2][3] - For 2026, SMIC anticipates revenue growth to surpass the industry average, with capital expenditure expected to remain roughly the same as in 2025 [2][3]