是说芯语·2025-05-10 02:55Core Viewpoint - The article discusses the financial performance and strategic challenges faced by SMIC (Semiconductor Manufacturing International Corporation), highlighting the importance of long-term goals over short-term financial metrics in the semiconductor industry [4][8][9]. Financial Performance - SMIC reported a quarterly revenue of $2.247 billion, a 1.8% increase from the previous quarter, with a gross margin of 22.5% remaining stable [4]. - The capacity utilization rate reached 89.6%, up by 4.1 percentage points from the previous quarter [4]. - For Q2, SMIC expects a revenue decline of 4% to 6% and a gross margin between 18% and 20%, primarily due to increased depreciation costs [4][6]. Capital Expenditure and Depreciation - In 2024, SMIC's capital expenditure is projected to reach $7.326 billion, with depreciation expenses amounting to $3.742 billion, representing 30.1% of the cost of sales [6]. - The company plans to maintain capital expenditures at a similar level in 2025, which will continue to drive depreciation upwards by over 20% annually [6]. - High capital expenditures have led to increasing depreciation, resulting in revenue growth not translating into profit growth for SMIC and similar companies like Hua Hong [6]. Strategic Considerations - The article argues against the notion that SMIC should strictly control capital expenditures to improve gross margins, emphasizing the need for a broader vision that includes long-term industry positioning [8]. - SMIC's pursuit of advanced process technologies is framed as critical not just for the company but for the national semiconductor industry, impacting various sectors including equipment, materials, and AI [8]. Production Challenges - SMIC faced production fluctuations due to unexpected issues during annual maintenance, affecting product yield and average selling prices [10][11]. - The company is actively working to optimize production efficiency in response to market price fluctuations [10]. Equipment and Technology - SMIC is focusing on domestic equipment replacement, with new 12-inch wafer fabs serving as key validation platforms for domestic equipment [16]. - Various types of domestic equipment, including CMP, etching, and cleaning devices, are being introduced to enhance production capabilities [17][18][19][20][21][22][23].