Xinda Securities·2025-05-12 12:23Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Short-term fluctuations do not affect the long-term growth logic of the industry, with a focus on the "China for China" strategy potentially realizing performance in 2026 [3][26] - The first quarter of 2025 saw revenue for SMIC reach $2.25 billion, a year-on-year increase of 28.4%, while gross profit margin was 22.5%, up 8.8 percentage points year-on-year [7][9] - The first quarter of 2025 for Huahong Semiconductor reported revenue of $540 million, a year-on-year increase of 17.6%, with a gross margin of 9.2% [13][17] - TSMC's revenue in April 2025 reached NT$349.57 billion, a significant year-on-year increase of 48.1%, indicating strong recovery in downstream demand [21][22] Summary by Relevant Sections SMIC - Revenue for Q1 2025 was $2.25 billion, with a gross margin of 22.5% and a net profit of $188 million, reflecting a year-on-year increase of 161.9% [7][8] - The company indicated a revenue guidance for Q2 2025 of $2.14 billion, with a gross margin expected to decline to 19% [9][10] - Production capacity increased to 973,000 wafers per month, with a utilization rate of 89.6% [9][10] Huahong Semiconductor - Q1 2025 revenue was $540 million, with a gross margin of 9.2% and a significant drop in net profit [13][14] - The company expects Q2 2025 revenue to be between $550 million and $570 million, with a gross margin forecast of 8% [13][14] - The company maintains a high capacity utilization rate of 102.7% in Q1 2025 [17][19] TSMC - TSMC reported record revenue of NT$349.57 billion in April 2025, with a cumulative revenue of NT$1,188.82 billion for the first four months of 2025 [21][22] - The company expects Q2 2025 revenue to be between $28.4 billion and $29.2 billion, with a gross margin forecast of 58% [21][22]