SMIC(SH:688981) 海豚投研·2025-05-08 15:28Overall Performance - The company achieved revenue of $2.247 billion in Q1 2025, a 1.8% increase quarter-over-quarter, but below the guidance range of 6-8% and market expectations of $2.36 billion [1][5] - The gross margin for Q1 2025 was 22.5%, exceeding the upper limit of the guidance range (19-21%) and market consensus (19.1%) [1][5] - The growth in revenue was primarily driven by increased demand for 8-inch wafers from customers in consumer electronics, automotive, and industrial sectors [1] Key Metrics Revenue - The revenue growth was mainly due to a 15% increase in wafer shipments, while the average selling price (ASP) decreased by 11.5% [1][10] - The increase in shipments was influenced by a higher proportion of 8-inch wafer sales, which structurally lowered the ASP [1][10] Gross Margin - The gross margin of 22.5% in Q1 2025 was slightly down by 0.1 percentage points from the previous quarter but better than market expectations [12][17] - The unit gross margin was $221 per wafer, down $30 from the previous quarter, but the cost per wafer was reduced due to increased shipment volumes [15][17] Capacity Utilization - The capacity utilization rate was 89.6%, reflecting a recovery driven by customer preemptive stocking of 8-inch wafers, despite overall weak downstream demand [18][20] - The total capacity reached 2,558 thousand wafers, a 9.8% increase quarter-over-quarter [18] Business Progress - The consumer electronics and automotive sectors were the main contributors to revenue growth, with consumer electronics revenue increasing by 5.8% quarter-over-quarter, stabilizing above $800 million [1][20] - The revenue share from the industrial and automotive sectors rose to 9.6% in Q1 2025 [1][20] - The revenue from the U.S. and Eurasian regions increased, while the revenue share from China decreased to 84% [1][24] Future Guidance - The company expects Q2 2025 revenue to decline by 4-6%, translating to $2.11-2.16 billion, significantly below market expectations of $2.43 billion [5][12] - The gross margin is projected to be between 18-20%, also below market expectations of 21.3% [5][17] Operational Data Operating Expenses - Operating expenses for Q1 2025 were $196 million, a decrease attributed to reduced R&D spending [26] - The operating expense ratio fell to 8.7% [26] Inventory and Receivables - Inventory increased to $3.048 billion, up 3% quarter-over-quarter, while accounts receivable rose by 36.6% to $1.15 billion [29][31] EBITDA - The EBITDA for Q1 2025 was $1.29 billion, maintaining a profit margin of 57.5% [31]