SMIC-中芯国际：单季营收创新高，Q4持续积极指引

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company achieved a record high quarterly revenue of $2.171 billion in Q3 2024, with a quarter-on-quarter growth of 14.2% and a year-on-year increase of 58.3% in net profit [4]. - The gross margin improved to 20.5%, exceeding the previous guidance of 18%-20% [4]. - The company expects Q4 2024 revenue to remain stable or grow by 2%, with a projected revenue range of$ 2.171 to $2.214 billion [4]. Financial Performance Summary - For Q3 2024, the overall utilization rate was 90.4%, up by 5.2 percentage points from Q2 2024, with wafer deliveries of 2,122K, reflecting a year-on-year increase of 38.1% [4]. - The average selling price (ASP) increased by 13.6% to$ 1,023 per wafer due to changes in product mix [4]. - The company’s capital expenditures for Q3 2024 were $1.18 billion, down from$ 2.25 billion in Q2 2024 [4]. Revenue and Profit Forecast - The company’s total revenue for 2024 is projected to be $57.056 billion, with a year-on-year growth rate of 26.1% [5]. - The net profit for 2024 is estimated at$ 4.346 billion, reflecting a decrease of 9.9% compared to the previous year [5]. - The earnings per share (EPS) for 2024 is forecasted to be ¥0.55 [5].