SMIC(00981) 开源证券·2024-11-09 09:56Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's gross margin has consistently exceeded expectations, indicating an improvement in its process competitiveness [1] - The reduction in government subsidies has led to a downward revision of the net profit forecast for 2024 from 540 million [2] - The company is expected to benefit from the upgrade of products by domestic IC design clients, which may enhance its profitability [2] Financial Performance Summary - In Q3 2024, the company reported revenue of 149 million, which was below Bloomberg consensus expectations due to reduced government subsidies [3] Future Guidance - The company has guided for Q4 2024 revenue to grow by 0%-2%, which is above Bloomberg consensus expectations [4] - The gross margin guidance for Q4 2024 is set at 18%-20%, in line with market expectations [4] - The company's revenue forecast for 2024 is $8.017 billion, reflecting a year-on-year growth of 26.8% [4]