中芯国际：12英寸业务稳增长，季度收入首超20亿美元

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [3][4] Core Views - The company achieved a record high quarterly revenue of $2.171 billion in Q3 2024, marking a 34$2 billion mark for the first time [1] - Gross margin improved to 20.5% in Q3 2024, up 0.7 pct YoY and 6.6 pcts QoQ, within the guidance range of 18%-20% [1] - Net income attributable to shareholders reached $149 million in Q3 2024, a 58.3$255 million [1] - The company provided Q4 2024 revenue guidance of $2.171-$2.214 billion, slightly above the FactSet consensus estimate of $2.137 billion [1] Financial Performance - The company's wafer production reached 884,000 wafers per month in Q3 2024, an 11$1.609 billion in Q3 2024, up 47.3% YoY and 23.8% QoQ, driving overall average price improvements [2] - The company aims to achieve a monthly production capacity of 900,000 8-inch equivalent wafers by the end of 2024 [2] Market and Industry Outlook - The non-AI foundry market is expected to grow by 4%-9% in 2025, with wafer shipments projected to increase by double digits [5] - The company is well-positioned to benefit from the expansion of AI applications into edge devices such as smartphones and IoT, leveraging its BCD and NPU products [5] Financial Projections - Revenue is projected to grow to $8.015 billion in 2024,$9.348 billion in 2025, and $10.202 billion in 2026, with YoY growth rates of 26.8$584 million in 2024, $820 million in 2025, and$1.123 billion in 2026, with significant YoY growth in 2025 and 2026 [4] - Gross margin is forecasted to improve from 16.7% in 2024 to 22.3% in 2026, reflecting operational efficiency and product mix optimization [4]