第一创业晨会纪要-20250509

Group 1: Company Performance - Semiconductor Manufacturing International Corporation (SMIC) reported Q1 2025 revenue of $2,247.2 million, a quarter-on-quarter increase of 1.8%, but below the previous guidance [3] - For Q2 2025, SMIC's revenue guidance indicates a quarter-on-quarter decline of 4% to 6%, with gross margin expected to be between 18% and 20%, down from 22.5% in Q1 [3] - The lower-than-expected performance in Q1 and the negative guidance for Q2 are attributed to internal production issues leading to a decrease in yield, although the company believes these issues are one-time events that can be resolved in Q2 and Q3 [3] Group 2: Industry Insights - The 137th Canton Fair attracted 288,900 overseas buyers from 219 countries and regions, marking a 17.3% increase compared to the previous session, setting a new record [3] - Intentional export transactions at the fair reached $25.44 billion, a 3% increase year-on-year, indicating resilience in China's foreign trade despite potential impacts from the US tariff war [3] - In April 2025, retail sales of passenger cars in China reached 1.791 million units, a year-on-year increase of 17%, while cumulative retail sales for the year reached 6.918 million units, up 9% year-on-year [4] - The retail sales of new energy vehicles in April 2025 were 922,000 units, a year-on-year increase of 37%, with a penetration rate of 52.3% [4]