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中芯国际：一季度淡季不淡，预计营收继续环增-20250216
00981SMIC(00981) 国信证券·2025-02-16 11:46

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is expected to continue its revenue growth in Q1 2025, with a projected quarter-on-quarter increase of 6%-8%. The revenue for 2024 is estimated at 8.03billion,representingayear−on−yeargrowthof278.03 billion, representing a year-on-year growth of 27% [2][4] - The company achieved a record high in sales revenue of 2.207 billion in Q4 2024, with a year-on-year increase of 31.5% and a quarter-on-quarter increase of 1.7%. The gross margin for Q4 2024 was 22.6%, exceeding the guidance upper limit [2][4] - The increase in the proportion of 12-inch wafers is expected to drive up the average selling price (ASP) [3] Summary by Relevant Sections Financial Performance - The company reported a total revenue of 8.03billionfor2024,withagrossmarginof188.03 billion for 2024, with a gross margin of 18%. The net profit attributable to the parent company was 108 million, showing a year-on-year decrease of 38% [2][4] - The company’s Q4 2024 wafer shipments amounted to 199.18 million equivalent 8-inch wafers, with a capacity utilization rate of 85.5% [3] - The average price for 8-inch wafers increased to 1,025,reflectingayear−on−yearincreaseof101,025, reflecting a year-on-year increase of 10% [3] Revenue Composition - In Q4 2024, revenue from consumer electronics, industrial and automotive, and wearable devices all showed year-on-year growth, with respective increases of 130.9%, 41.3%, and 23.5%. Consumer electronics remained the largest revenue source, accounting for 40.2% of total revenue [4] - The revenue from China accounted for 89.1% of total revenue in Q4 2024, indicating an increase in contribution from this region [4] Capital Expenditure and Future Outlook - The capital expenditure for Q4 2024 was 1.66 billion, with an annual capital expenditure of approximately 7.33billionfor2024.Itisexpectedthatcapitalexpenditurewillremainstablein2025[3][4]−Thecompanyisprojectedtoachievenetprofitsof7.33 billion for 2024. It is expected that capital expenditure will remain stable in 2025 [3][4] - The company is projected to achieve net profits of 493 million, 655million,and655 million, and 950 million for 2024, 2025, and 2026 respectively [4]