国芯网·2026-02-12 12:00Core Viewpoint - The article emphasizes the strong performance of Semiconductor Manufacturing International Corporation (SMIC) in 2025, highlighting its significant revenue growth and capital expenditure, which reflects a robust semiconductor industry outlook [2][4]. Group 1: Financial Performance - SMIC reported a total sales revenue of $9.327 billion for the year 2025, marking a year-on-year increase of 16.2%, achieving a historical high [2]. - The company maintained a high capital expenditure of $8.1 billion, indicating ongoing capacity expansion [2]. - In Q4 2025, SMIC's overall sales revenue increased by 4.5% quarter-on-quarter to $2.489 billion, with wafer revenue growing by 1.5% [4]. Group 2: Capacity and Utilization - SMIC added 16,000 pieces of 12-inch wafer capacity in the quarter, maintaining an overall capacity utilization rate of 95.7% [4]. - The utilization rate for 8-inch capacity was reported to be over full load, while the 12-inch capacity was close to full load, driven by ongoing industry transitions [4]. Group 3: Market Outlook - The company anticipates that the capacity for consumer storage chips will be released quickly, with a potential market reversal expected in Q3 2026 [4]. - For Q1 2026, SMIC projects stable sales revenue quarter-on-quarter and a gross margin between 18% and 20% [4]. - In the absence of significant external changes, SMIC expects its revenue growth to exceed the average of comparable peers in 2026, with capital expenditure remaining roughly the same as in 2025 [5].