【招商电子】中芯国际：25Q3收入和毛利率超指引，整体订单供不应求

Core Viewpoint - The article highlights the strong performance of SMIC in Q3 2025, with revenue and gross margin exceeding guidance, driven by high capacity utilization and strong demand across various sectors, despite a conservative outlook for Q4 2025 due to seasonal factors and customer ordering patterns [2][4]. Financial Performance - In Q3 2025, SMIC reported revenue of $2.382 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 7.8%, surpassing guidance of 5-7% [2][10]. - The gross margin for Q3 2025 was 22%, up 1.5 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, exceeding the guidance of 18-20% [2][10]. - The net profit attributable to shareholders was $192 million, reflecting a year-on-year increase of 28.9% and a quarter-on-quarter increase of 44.7% [2][10]. Capacity and Utilization - The capacity utilization rate reached 95.8% in Q3 2025, an increase of 5.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter, indicating strong demand and supply constraints [2][10]. - The wafer shipment volume was 2.499 million pieces, equivalent to 8-inch wafers, with a quarter-on-quarter increase of 4.6% [17]. Sector Performance - Smartphone revenue in Q3 2025 was $510 million, down 4.5% year-on-year and 7.4% quarter-on-quarter, primarily due to capacity adjustments and seasonal fluctuations in customer demand [3]. - Revenue from computers and tablets was $336 million, up 2.5% year-on-year and 9.9% quarter-on-quarter, while consumer electronics revenue reached $873 million, up 12.7% year-on-year and 14.9% quarter-on-quarter [3]. - Industrial and automotive revenue surged by 66.6% year-on-year and 21.8% quarter-on-quarter, reflecting strong demand in these sectors [3]. Q4 2025 Outlook - The company provided a conservative revenue guidance for Q4 2025, expecting a quarter-on-quarter growth of 0-2% and a gross margin of 18-20% [4][10]. - The cautious outlook is attributed to customer hesitance regarding year-end orders and the traditional seasonal slowdown, particularly in the smartphone market [4][10]. Strategic Insights - The company anticipates an acceleration in capacity expansion to meet growing domestic demand, particularly in the storage and logic chip sectors [4][10]. - The ongoing trend of domestic substitution is expected to continue, with a stable order flow and a focus on enhancing production capabilities [4][10].