SMIC(688981) 申万宏源·2025-02-17 10:25Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a record high revenue of 493 million, a year-over-year decrease of 45.4% due to declines in investment and financial income [4] - The company’s A-share forecast for 2024 indicates a revenue of 15.917 billion yuan, a year-over-year increase of 31%, with a gross margin of 21.1% [5] - The company’s overall capacity utilization rate for Q4 2024 was 85.5%, with an average selling price (ASP) of 2.34 billion and $2.38 billion, representing a quarter-over-quarter increase of 6% to 8% [7] - The report adjusts the profit forecast for 2024-2026, projecting net profits of 3.699 billion yuan, 6.055 billion yuan, and 7.544 billion yuan respectively, with corresponding price-to-earnings ratios of 214, 131, and 105 [7] Financial Data Summary - The company’s total revenue for 2024 is projected at 57.796 billion yuan, with a year-over-year growth rate of 27.7% [6] - The gross margin for 2024 is expected to be 19.3%, with a return on equity (ROE) of 2.5% [6] - The company’s net profit for 2024 is forecasted to be 3.699 billion yuan, a decline of 23.3% year-over-year [6]