21世纪经济报道·2025-08-08 15:21Core Viewpoint - SMIC's second-quarter financial results showed a mixed performance with a slight revenue decline but significant year-on-year growth, indicating resilience in the semiconductor industry despite challenges [2][3]. Financial Performance - In Q2, SMIC reported sales revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year. Net profit was $132.5 million, down 19% year-on-year, falling short of market expectations [2]. - The gross margin for Q2 was 20.4%, down 2.1 percentage points quarter-on-quarter but up 6.5 percentage points year-on-year [2]. - For the first half of the year, SMIC's sales revenue reached $4.46 billion, a 22% increase compared to the same period last year, with a gross margin of 21.4%, up 7.6 percentage points year-on-year [5]. Capacity Utilization and Industry Outlook - SMIC's capacity utilization rate significantly improved to 92.5% in Q2, up 2.9 percentage points quarter-on-quarter and 7.3 percentage points year-on-year, indicating a recovery in industry demand [3][6]. - The company anticipates a revenue growth of 5% to 7% in Q3, with a gross margin guidance of 18% to 20% [2]. Market Segmentation and Demand - In Q2, 84.1% of SMIC's revenue came from the China region, with 12.9% from the U.S. and 3.0% from Europe and Asia [5]. - The consumer electronics sector accounted for the largest share of revenue at 41%, followed by smartphones at 25.2% and industrial and automotive sectors at 10.6%, with the latter showing continuous growth [5]. - Demand for automotive chips is expected to grow, driven by increasing shipments of analog power management, image sensors, and embedded logic chips [5]. Product Trends and Pricing - The average selling price (ASP) of SMIC's products decreased by 6.4% quarter-on-quarter in Q2, but an increase is expected in Q3 due to the removal of discounts on 12-inch wafer products [10]. - There is a trend of "downgrading" in mobile chip features, with advanced functionalities now being integrated into lower-priced smartphones, leading to increased demand for chips [10].