第一财经·2025-11-17 12:13Core Viewpoint - SMIC's production lines are operating at a high capacity utilization rate of 95.8% in Q3, indicating strong demand and a supply shortage situation [1] Group 1: Market Conditions - The smartphone market is currently facing a severe shortage of memory components, leading to significant price increases [1] - Customers are cautious about future supply uncertainties, resulting in a tendency to stockpile memory components to ensure complete assembly of devices [1] - The impact of memory supply issues is twofold: it boosts current orders but creates uncertainty for the upcoming quarter [1] Group 2: Product and Supply Dynamics - SMIC has taken on a large number of urgent orders for products such as NOR/NAND Flash and MCUs, leading to a temporary decrease in the proportion of mobile business [1] - The supply of NOR Flash, NAND Flash, and MCUs has long validation cycles and high barriers to entry, making it difficult for new entrants to quickly replace existing suppliers [2] - Even with new competitors, it takes at least 16 months from initial testing to mass production, ensuring the stability of current suppliers' market positions [2] Group 3: Pricing and Supply Outlook - The industry is currently experiencing a supply gap, and a 5% fluctuation in memory supply could significantly impact prices [1] - High pricing trends are expected to persist due to ongoing supply constraints in the market [1]