中芯国际：三季度营收创新高，12英寸占比提高

Investment Rating - The report maintains an "Outperform" rating for the company [3][11]. Core Views - The company achieved a record high revenue of $2.17 billion in Q3 2024, with a year-over-year increase of 34$8 billion for 2024 [1]. - The utilization rate of production capacity increased by 5.2 percentage points quarter-over-quarter, reaching 90.4% [1]. - The average selling price (ASP) for 8-inch wafers rose to $966, reflecting a year-over-year increase of 1$8.01 billion, with a year-over-year growth of 26.8% [2]. - Net profit for 2024 is estimated at $509 million, a decrease of 43.7$1.179 billion, a significant decrease of 44.8% year-over-year [1]. - The company’s revenue composition shows that 12-inch wafers contributed 78.5% to the total wafer revenue [1]. Revenue Breakdown - In Q3 2024, revenue from consumer electronics, industrial, and automotive sectors grew year-over-year by 145.4%, 33.5%, and 17.9% respectively [1]. - The revenue from China accounted for 86.4% of total revenue in Q3 2024, indicating an increase both year-over-year and quarter-over-quarter [1].