中芯国际：业绩和指引超预期，晶圆代工触底回升

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's Q2 performance exceeded expectations, with significant increases in wafer shipments and revenue [5] - The demand for consumer electronics is recovering, driven by both inventory restocking and geopolitical factors [5] - The company has provided positive guidance for Q3, expecting revenue growth and improved gross margins [5] Summary by Sections Financial Performance - For Q2 2024, the company reported revenue of $1.901 billion, a year-over-year increase of 21.8$165 million, with a quarter-over-quarter increase of 129.2% [5] - The gross margin for Q2 was 13.9%, surpassing the previous guidance of 9%-11% [5] Market Demand - The company's Q2 wafer delivery volume reached 2,111K, reflecting a quarter-over-quarter increase of 17.7% and a year-over-year increase of 50.5% [5] - The revenue contribution from the smartphone segment was 32%, while consumer electronics accounted for 35.6% [5] Capital Expenditure and Depreciation - Depreciation and amortization costs for Q2 were $797 million, a year-over-year increase of 21.4$2.252 billion, slightly up from $2.235 billion in Q1 [5] Future Guidance - The company expects Q3 revenue to be between$2.148 billion and $2.186 billion, representing a quarter-over-quarter growth of 13$4.296 billion, $5.506 billion, and$6.678 billion respectively [5][6] - The corresponding price-to-earnings ratios for 2024-2026 are projected to be 88, 69, and 57 times [6]