Core Insights - Both SMIC and Hua Hong Semiconductor reported their latest financial results, highlighting challenges in the semiconductor industry due to weak global demand and increased competition [1][10]. SMIC Financial Performance - SMIC's Q4 2023 revenue was $1,678.3 million, a 3.6% increase from Q3 2023 and a slight increase from Q4 2022 [1][2]. - The company's full-year 2023 revenue was $6,321.6 million, down 13% year-over-year from $7,273.3 million in 2022 [1][2]. - Gross margin for Q4 2023 was 16.4%, aligning with guidance, while the full-year gross margin was 19.3% [1][2]. - The company reported a net profit of $237.3 million for Q4 2023, a 51.7% increase from Q3 2023 but a 44.2% decrease from Q4 2022 [2][9]. - The average capacity utilization rate for 2023 was 75%, with a slight increase in monthly capacity from Q3 to Q4 2023 [4][5]. Revenue Breakdown - In Q4 2023, revenue contributions by region showed an increase in the U.S. market share, while China remained the largest contributor at 80.8% [3][4]. - The main revenue sources were computers and tablets (30.6%) and smartphones (30.2%), both showing growth compared to the previous quarter [3][4]. Hua Hong Semiconductor Financial Performance - Hua Hong Semiconductor reported Q4 2023 revenue of $455.4 million, down 27.7% year-over-year and 19.9% from Q3 2023 [10][11]. - The gross margin for Q4 2023 was 4.0%, significantly lower than 38.2% in Q4 2022 [10][11]. - The net profit attributable to the parent company was $35.4 million, a decrease of 77.8% compared to the same quarter last year [10][11]. - The company’s operating expenses increased by 59.6% year-over-year, primarily due to reduced government subsidies for R&D activities [10][11]. Revenue Analysis - Hua Hong's revenue from China accounted for 80.5% of total sales in Q4 2023, reflecting a 19.8% decline from the previous year [12][10]. - The demand for MCU and smart card chips decreased, impacting overall revenue, while IGBT and CIS products saw some demand increase [10][12]. Capacity and Utilization - Hua Hong's total capacity at the end of Q4 2023 was 391,000 8-inch equivalent wafers, with a utilization rate of 84.1% [20][21]. - The company is expanding its capacity to meet long-term market demand, with plans for a new 12-inch production line expected to be operational by year-end [21][22].
晶圆代工双雄华虹、中芯齐发业绩！最新财报观点来了