SMIC-中芯国际：港股公司信息更新报告：国产供应链地位提升，驱动基本面稳中向上-20250215

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to continue outperforming its peers, driven by an enhanced competitive position in the domestic supply chain and diversified process platform capabilities. The projected net profits for 2025-2026 are $870 million and$ 1.07 billion, respectively, with a new forecast for 2027 at $1.27 billion, reflecting year-on-year growth rates of 76.7%, 23.3%, and 18.6% [5] - The current stock price of HKD 46 corresponds to price-to-earnings (P/E) ratios of 54.0, 43.8, and 37.0 for 2025-2027, and price-to-book (P/B) ratios of 2.0, 1.9, and 1.7 for the same periods [5] Financial Performance Summary - For Q4 2024, the company reported revenue of$ 2.2 billion, a quarter-on-quarter increase of 1.7%, with a gross margin of 22.6%, exceeding market expectations [6] - The company anticipates a revenue growth of 6%-8% for Q1 2025, driven by increased demand from downstream sales and inventory replenishment [7] - The projected revenue for 2025 is expected to reach $10 billion, representing a year-on-year growth of 25% [7] Financial Metrics and Valuation Indicators - Revenue and net profit forecasts for the upcoming years are as follows: - 2023: Revenue of$ 6.32 billion, Net profit of $903 million - 2024: Revenue of$ 8.03 billion, Net profit of $493 million - 2025: Revenue of$ 9.95 billion, Net profit of $871 million - 2026: Revenue of$ 11.22 billion, Net profit of $1.07 billion - 2027: Revenue of$ 12.43 billion, Net profit of $1.27 billion - The gross margin is projected to improve from 19.3% in 2023 to 25.8% in 2027 [8]