Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a Q4 2024 revenue of 15.917 billion yuan, a year-on-year increase of 31%, with a gross margin of 21.1% [5] - For the full year 2024, the company achieved a revenue of 57.796 billion yuan, a year-on-year growth of 27.7%, while the net profit attributable to shareholders was 3.699 billion yuan, a decline of 23.3% [5] - The company is positioned as the second-largest foundry globally, surpassing UMC and GlobalFoundries, with a market share increase to 6.22% [8] - The company is expected to maintain high capital expenditures, with a forecasted capital expenditure of 7.33 billion USD for 2024, and a similar level for 2025 [8] - The average selling price (ASP) of products increased by 8.3% to 1,108 USD per wafer due to product mix changes [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 45.25 billion yuan - 2024: 57.796 billion yuan - 2025E: 69.951 billion yuan - 2026E: 77.970 billion yuan - 2027E: 86.133 billion yuan - The net profit attributable to shareholders is projected to be: - 2025E: 5.824 billion yuan - 2026E: 6.812 billion yuan - 2027E: 7.691 billion yuan [7][10] - The company’s return on equity (ROE) is expected to improve from 2.5% in 2024 to 4.6% by 2027 [7]

Core Viewpoint - Nvidia and Broadcom are conducting manufacturing tests with Intel, indicating confidence in Intel's advanced production technology, which could significantly boost Intel's contract manufacturing business and revenue [1][2]. Group 1: Manufacturing Tests and Client Interest - Nvidia and Broadcom are evaluating Intel's 18A manufacturing process, which is designed for advanced AI processors and complex chips, as they consider committing hundreds of millions of dollars in manufacturing contracts [1]. - AMD is also assessing Intel's 18A process but has not confirmed whether it has submitted test chips for evaluation [1]. - Intel's spokesperson noted a strong interest from the ecosystem in Intel's 18A technology [1]. Group 2: Challenges and Delays - Intel's contract manufacturing business is facing delays, particularly in certifying key intellectual property (IP) components necessary for production, pushing timelines back by at least six months [2][7]. - Previous tests by Broadcom yielded disappointing results, raising concerns among its executives about Intel's manufacturing capabilities [2]. - The delays in production capacity could hinder Intel's ability to attract external clients, as many chip designers are waiting to see Intel's progress before committing to its services [8]. Group 3: Strategic Importance and Government Interest - Intel's contract manufacturing is a crucial part of the company's revitalization plan, especially after the dismissal of former CEO Pat Gelsinger [3]. - The U.S. government is interested in revitalizing domestic semiconductor manufacturing to counter China's dominance, with Intel seen as a key player capable of producing advanced chips domestically [3][4]. Group 4: Financial Projections and Revenue Impact - Analysts project that Intel's contract manufacturing could generate $16.47 billion in revenue by 2025, primarily from internal operations rather than external clients [8]. - Intel's contract manufacturing revenue dropped by 60% in 2023, and the company anticipates it will not achieve breakeven until at least 2027 [8].

股票简称：中芯集成 股票代码：688469 绍兴中芯集成电路制造股份有限公司 二〇二三年五月九日 Semiconductor Manufacturing Electronics（Shaoxing）Corporation （浙江省绍兴市越城区皋埠街道临江路 518 号） 首次公开发行股票 科创板上市公告书 保荐人（主承销商） 上海市黄浦区广东路 689 号 联席主承销商 深圳市前海深港合作区南山街道桂湾五 路 128 号前海深港基金小镇 B7 栋 401 福州市湖东路 268 号 特别提示 绍兴中芯集成电路制造股份有限公司（以下简称"中芯集成"、"发行人"、 "公司"、"本公司"）股票将于 2023 年 5 月 10 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上 ...

特别提示：本次股票发行拟在科创板市场上市，科创板公司具有研发投入大、经营风险高、业绩 不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资 风险及本公司所披露的风险因素，审慎作出投资决定。 绍兴中芯集成电路制造股份有限公司 Semiconductor Manufacturing Electronics（Shaoxing）Corporation （浙江省绍兴市越城区皋埠街道临江路 518 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 上海市黄浦区广东路 689 号 联席主承销商 深圳市前海深港合作区南山街道桂湾五 路 128 号前海深港基金小镇 B7 栋 401 福州市湖东路 268 号 绍兴中芯集成电路制造股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具 有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 合肥晶合集成电路股份有限公司 Nexchip Semiconductor Corporation （住所：安徽省合肥市新站区合肥综合保税区内西淝河路 88 号） 首次公开发行股票并在科创板上市 招股意向书 （住所：北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 保荐人（主承销商） 合肥晶合集成电路股份有限公司 首次公开发行股票并在科创板上市招股意向书 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对 发行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人 自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依 法发行 ...