SMIC(688981) 中山证券·2025-03-11 02:14Investment Rating - The report indicates a positive outlook for the company, with expectations of revenue growth and stable capital expenditure [3][4][14]. Core Viewpoints - The company's revenue guidance for Q1 2025 is expected to exceed expectations, with a projected revenue increase of 6-8% quarter-on-quarter and a year-on-year growth of 33% based on the midpoint of the guidance [3][10]. - The demand for consumer electronics has significantly boosted the company's performance, with revenue from consumer electronics-related products reaching 20.3 billion yuan in 2024, a year-on-year increase of 99% [4][11]. - The company anticipates that capital expenditure in 2025 will remain stable compared to 2024, with 2024 capital expenditure recorded at 7.33 billion dollars, a slight decrease of 1.87% year-on-year [4][14]. Summary by Sections Q1 2025 Performance Guidance - The company forecasts Q1 2025 sales revenue to be between 6-8% higher than the previous quarter, with a gross margin expected to be between 19%-21% [3][10]. - In Q4 2024, the company reported sales revenue exceeding 2.2 billion dollars, reflecting a 1.7% increase quarter-on-quarter and a 29% increase year-on-year [3][10]. Consumer Electronics Demand - Revenue from consumer electronics products is a major growth driver, with smartphone-related products generating 14.9 billion yuan, a 37% increase year-on-year [4][11]. - The share of consumer electronics-related products in total revenue increased from 24% in 2022 to 35% in 2024 [4][11]. Capital Expenditure - The company plans to maintain its capital expenditure at a similar level to 2024, with management indicating stability in external conditions [4][14].