中芯国际：2024年四季度业绩点评：国补和产业回流驱动25Q1营收指引强劲，看好毛利率持续改善-20250214

Investment Rating - The report maintains a "Buy" rating for both the A-shares and H-shares of the company [7]. Core Views - The company is expected to benefit from strong revenue guidance for Q1 2025, driven by supply chain security considerations and national consumption stimulus policies, leading to increased customer orders [1][3]. - The company anticipates a robust performance in H1 2025, supported by national consumption stimulus policies and the return of the industry chain, particularly in the automotive and AI sectors [3]. - The report highlights the strong growth in the Chinese market, with local manufacturing driving significant revenue increases [2]. Revenue and Profitability - In Q4 2024, the company reported revenue of $2.207 billion, a year-on-year increase of 32$2.334 to $2.378 billion, which is a year-on-year increase of 34$7.33 billion in 2024, with a similar forecast for 2025, which is expected to support key capacity construction [4]. - The utilization rate for Q4 2024 was 85.5%, showing a year-on-year increase of 8.7 percentage points [4]. Profit Forecast and Valuation - The report raises the profit forecast for the company, projecting a net profit of $795 million for 2025, representing a year-on-year growth of 61% [5]. - The price-to-book ratio for the company's H-shares is projected at 2.2x for 2025 and 2.1x for 2026 [5].