SMIC(SH:688981) 半导体芯闻·2025-08-08 10:54Core Viewpoint - SMIC reported a slight decline in sales revenue for Q2 2025 compared to the previous quarter, but a significant year-on-year increase, indicating steady annual growth in the semiconductor foundry sector [2][6]. Financial Performance - In Q2 2025, SMIC achieved sales revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year. Gross profit was $450 million, down 11.1% quarter-on-quarter but up 69.7% year-on-year, with a gross margin of 20.4% [2][6]. - For the first half of 2025, SMIC's sales revenue reached $4.46 billion, a 22.0% year-on-year increase, with a gross margin of 21.4%, up 7.6 percentage points from the previous year [2][6]. Revenue Structure - The Chinese market remains the core for SMIC, accounting for 84.1% of total revenue, while the U.S. market contributed 12.9% and the Eurasian market 3.0% [2][3]. Application Areas - Consumer electronics accounted for the highest revenue share at 41.0%, with smartphones contributing 25.2%, reflecting a stabilization in the overall market. Industrial and automotive electronics saw a 1 percentage point increase to 10.6% [3][6]. - The demand for analog chips is accelerating domestically, with stable orders and growth in image sensor and RF platforms, driven by customer market share increases and product portfolio expansions [3][6]. Capacity and Utilization - SMIC's monthly capacity reached 991,250 wafers (equivalent to 8-inch standard logic wafers) in Q2, with a utilization rate of 92.5%. The order situation is expected to remain above capacity until at least October [6][7]. - The demand for 8-inch wafers is particularly strong, with domestic power semiconductor customers increasing their monthly orders significantly [6][7]. Outlook - For Q3 2025, SMIC anticipates a revenue increase of 5% to 7% quarter-on-quarter, with gross margins expected to remain between 18% and 20%. The cancellation of discounts on 12-inch products is expected to boost average selling prices (ASP) [7][8]. - Despite the traditional seasonal slowdown in Q4, the tight capacity situation is expected to persist, with confidence in maintaining strong order levels throughout the year [7][8].