SMIC-中芯国际：2024年三季度业绩点评：3Q24营收创季度新高，4Q24延续积极指引

Investment Rating - The report maintains a "Buy" rating for both the Hong Kong and A-share listings of the company [3][12]. Core Insights - The company achieved record high revenue in Q3 2024, with revenue of $2.17 billion, a year-on-year increase of 34% and a quarter-on-quarter increase of 14% [1]. - The gross margin for Q3 2024 was 20.5%, exceeding the company's previous guidance of 18%-20% [1]. - The company provided optimistic guidance for Q4 2024, expecting revenue growth of 0%-2% quarter-on-quarter, which is better than the market's expectation of a 2% decline [1]. - The company anticipates a full-year revenue of$ 8 billion for 2024, representing a 27% year-on-year growth [1]. Summary by Sections Revenue and Profitability - Q3 2024 revenue reached $2.17 billion, with a gross margin of 20.5% and net profit of$ 223 million, surpassing market expectations [1][2]. - The company expects a full-year revenue of $8 billion for 2024, with a gross margin guidance of 17% [1]. Market Demand and Product Mix - The recovery in consumer electronics and domestic demand in China contributed to the revenue growth, with consumer electronics-related revenue accounting for 42.6% of total revenue in Q3 2024 [1]. - The revenue contribution from 12-inch wafers increased to 78.5% in Q3 2024, driven by strong domestic demand [1]. Capacity and Utilization - The company reported a utilization rate of 90.4% in Q3 2024, with a significant increase in 12-inch production capacity [1]. - Capital expenditure in Q3 2024 was$ 1.18 billion, a decrease of 47.6% quarter-on-quarter, indicating a more conservative approach moving forward [1]. Financial Forecasts - The report projects a decline in net profit for 2024 to $540 million, a decrease of 40.1% year-on-year, with subsequent years showing recovery [2][3]. - The projected P/B ratios for 2024-2025 are 1.4x for Hong Kong shares and 5.5x for A-shares [1][2].