中芯国际（00981）：突发事件影响短期盈利预期，消费电子及汽车业务需求饱满（繁体）

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 50.00, representing a potential upside of 16.27% from the current price of HKD 43.00 [3][5]. Core Views - The semiconductor industry is experiencing strong demand from consumer electronics and automotive sectors, despite short-term profit expectations being impacted by unforeseen events [3][5]. - The company is positioned as the third-largest wafer foundry globally, with expectations for significant growth driven by advancements in advanced process technologies and domestic semiconductor industry development [5][6]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 6.32 billion, a decrease of 13.09% year-on-year, with a projected recovery to USD 8.03 billion in 2024, representing a 27.02% increase [4][6]. - The net profit attributable to shareholders for 2023 was USD 492.75 million, down 50.35% from the previous year, but is expected to rebound to USD 851.73 million in 2025, reflecting a growth of 72.85% [4][6]. - The company’s gross margin for Q1 2025 was reported at 22.5%, with a forecasted decline in revenue for Q2 2025 due to production issues [5][6]. Production and Capacity - The company’s production capacity increased to 974,000 equivalent 8-inch wafers in Q1 2025, with a utilization rate of 89.6%, up 4.1 percentage points from the previous quarter [5]. - The company plans to expand its capacity by an average of 50,000 pieces of 12-inch wafers per month annually, driven by demand from AI, automotive, and IoT products [5][6]. Market Dynamics - The report highlights that the demand for AI-related products is expected to grow by over 10% in 2025, contributing to an increase in wafer shipments despite a slight decline in prices [5]. - The company’s revenue from the U.S. market accounted for 12.6% in Q1 2025, reflecting a 3.7 percentage point increase due to tariff policies driving demand from overseas customers [5].