SMIC(688981) 市值风云·2025-02-12 11:00Investment Rating - The report indicates a strong performance for the company, with a projected revenue of 57.796 billion RMB for 2024, representing a year-on-year growth of 27.7% [2] Core Insights - The company is expected to surpass UMC and GlobalFoundries, becoming the second-largest foundry globally, excluding IDM manufacturers like Samsung and Intel [2] - Despite a decline in net profit by 23.3% year-on-year to 3.699 billion RMB, the overall performance is considered better than expected [3][5] - The fourth quarter of 2024 showed a revenue of nearly 16 billion RMB, with a year-on-year increase of over 30%, marking the fifth consecutive quarter of growth [7] - The gross margin for Q4 2024 increased by 2.1 percentage points to 22.6%, attributed to an optimized product mix and a 6% rise in average selling prices [10][11] - The company provided guidance for Q1 2025, expecting a revenue increase of 6-8% quarter-on-quarter, approximately 17 billion RMB, with a year-on-year growth rate of around 35% [13] - The gross margin for Q1 2025 is projected to be between 19% and 21%, significantly higher than the 14.2% margin in the same period of 2024 [14] Summary by Sections Revenue Performance - The company reported a strong revenue performance with a total revenue of 57.796 billion RMB for 2024, a 27.7% increase year-on-year [2] - The fourth quarter revenue reached nearly 16 billion RMB, showing a year-on-year growth of over 30% [7] Profitability - The net profit for 2024 was 3.699 billion RMB, reflecting a 23.3% decline year-on-year [3] - In Q4 2024, the net profit was 999.3 million RMB, down 13.5% year-on-year, primarily due to decreased financial income [8][9] Capital Expenditure - The capital expenditure for 2024 is approximately 73.3 billion RMB, remaining stable compared to 2023 [23] - The expectation for capital expenditure in 2025 is to remain flat compared to 2024, indicating a sustained investment level in the semiconductor sector [18][30]