SMIC-中芯国际：港股公司信息更新报告：完备特色工艺平台能力，提振公司盈利前景

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's unique process platform capabilities are expected to enhance profitability, with net profit forecasts for 2024-2025 raised from $400 million and$ 800 million to $600 million and$ 1.1 billion, respectively, while maintaining a 2026 net profit forecast of $1.4 billion, corresponding to year-on-year growth rates of -31.0% / 78.7% / 21.8% [3] - The current stock price corresponds to a PE ratio of 20.1x for 2024, 12.5x for 2025, and 8.1x for 2026, with a PB ratio of 0.8x for 2024 [3] - The company benefits from the upgrade of downstream domestic IC design clients' products, which drives improvement in profitability [3] Financial Summary and Valuation Metrics - Revenue (million USD): 2022A: 7,273; 2023A: 6,322; 2024E: 8,150; 2025E: 9,679; 2026E: 11,397 [5] - Year-on-Year Growth (YOY %): 2022A: 33.6; 2023A: -13.1; 2024E: 28.9; 2025E: 18.8; 2026E: 17.8 [5] - Net Profit (million USD): 2022A: 1,818; 2023A: 903; 2024E: 622; 2025E: 1,112; 2026E: 1,355 [5] - Gross Margin (%): 2022A: 38.0; 2023A: 19.3; 2024E: 17.3; 2025E: 24.5; 2026E: 26.6 [5] - Net Margin (%): 2022A: 25.0; 2023A: 14.3; 2024E: 7.6; 2025E: 11.5; 2026E: 11.9 [5] - ROE (%): 2022A: 6.3; 2023A: 2.9; 2024E: 1.9; 2025E: 3.0; 2026E: 3.3 [5] - EPS (diluted, USD): 2022A: 0.23; 2023A: 0.11; 2024E: 0.11; 2025E: 0.17; 2026E: 0.26 [5] - P/E (x): 2022A: 9.3; 2023A: 18.8; 2024E: 20.1; 2025E: 12.5; 2026E: 8.1 [5] - P/B (x): 2022A: 0.9; 2023A: 0.8; 2024E: 0.8; 2025E: 0.7; 2026E: 0.7 [5] Performance and Guidance - In Q2 2024, the company reported revenue of$ 1.9 billion, a quarter-on-quarter increase of 8.6%, exceeding the company's guidance of 5%-7% and Bloomberg consensus of $1.84 billion [4] - The increase in revenue was primarily driven by consumer electronics applications, including gaming consoles and home appliances, with the share of consumer electronics revenue rising from 30.9% in Q1 2024 to 35.6% in Q2 2024 [4] - The company achieved a gross margin of 13.9% in Q2 2024, surpassing the company's guidance of 9%-11% and Bloomberg consensus of 11.3% [4] - For Q3 2024, the company guides a revenue increase of 13%-15%, corresponding to$ 2.15-2.19 billion, driven by price increases for 12-inch products and an increase in their shipment proportion [4]