摩根士丹利：中芯国际

May 9, 2025 04:58 AM GMT SMIC | Asia Pacific Weak 2Q25 guidance; EW 2Q25 guidance missed: SMIC guided 2Q25 revenue to be down by 4-6% Q/Q and GM of 18-20% (down 2.5-4.5ppts Q/Q), due to: 1) blended ASP decline given lower yield caused by one-time maintenance incident and new equipment's underperformance; 2) rising equipment depreciation. Management believes new equipment debugging will take time and blended ASP pressure may persist until Q3. Here are some key takeaways from SMIC's 1Q25 analyst meeting: Keep ...