SMIC （0981.HK）+13% ~ +15% QoQ for 3Q24 revenues， GM guidance higher than expected； 1Q24 beat on GM； Neutral
Goldman Sachs·2024-08-12 08:01
9 August 2024 | 2:53AM HKT Source: Company data, Goldman Sachs Global Investment Research, Bloomberg SMIC (0981.HK): +13% ~ +15% QoQ for 3Q24 revenues, GM guidance higher than expected; 1Q24 beat on GM; Neutral SMIC guides 3Q24 revenues to grow 13%~15% QoQ, with mid-point 10% / 16% higher than our estimate (US$2.0bn) / Bloomberg consensus (US$1.9bn). 3Q GM is guided to 18%~20% (vs. 13.9% in 2Q24), in a faster than expected recovery trajectory. 2Q24 Rev of US$1.9bn (+9% QoQ) was slight higher than guidance r ...