中芯国际：逆风展翅，交出炸裂指引

Investment Rating - The report indicates a positive outlook for the company, with strong performance in revenue and gross margin exceeding market expectations [1][2]. Core Insights - The company's Q2 2024 revenue reached $1.901 billion, an 8.6$2.15-2.19 billion, significantly above market expectations [1][2]. Summary by Relevant Sections Overall Performance - The company reported a revenue of $1.901 billion for Q2 2024, which is an 8.6$900, indicating a structural impact from increased demand for lower-priced 8-inch wafers [3][4]. - Capacity utilization improved to 85.2%, reflecting a recovery in demand and inventory reduction [6][11]. Business Developments - The smartphone segment contributed 32% to revenue, while the consumer electronics segment became the largest revenue source at 35.6% [7][8]. - The company’s revenue from 8-inch wafers increased significantly due to rising demand, while 12-inch wafer revenue also saw a 5.8% increase [8][9]. - The Chinese market accounted for approximately 80% of total revenue, with notable contributions from U.S. customers for 8-inch wafers [10][11]. Financial Metrics - Operating expenses were stable at 178 million, with R&D expenses at 181 million and general administrative expenses at $161 million [11][12]. - Inventory decreased by 1$2.740 billion, indicating a positive trend in inventory management [11][12]. - EBITDA for the quarter was $1.056 billion, reflecting a profit margin of 55.5% [12][13].