中芯国际分析称，整体来看，存储的影响是双向的。对当前是提拉订单，对来年是看不清。存储供应短 缺或过剩5%就有可能给价格带来成倍的影响。目前行业供应存在缺口，预计高价位态势将持续。此 外，NOR Flash、NAND Flash及MCU等产品验证周期长、替代门槛高。即便有新厂商尝试进入，从流 片到规模化量产也需至少16个月。这意味着在未来一段时间内，现有供应商的市场地位将保持稳定，难 以被快速替代。 上周，中芯国际发布三季度财报，显示产能利用率进一步提升，ASP环比增长3.8%，主要系产品结构优 化所致，展望四季度淡季不淡，产线将继续保持满载，体现半导体行业复苏态势持续。华创证券认为， 行业需求持续复苏，中芯国际产能利用率不断提高、产品结构持续优化，未来盈利弹性有望加速释放。 11月18日早盘，港股三大指数集体下跌。盘面上，科网股普跌，汽车股走弱，半导体股逆势走强。主流 ETF方面，A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数下跌，持仓股中，小鹏汽车、 联想集团、蔚来、理想汽车、比亚迪股份、小米集团等跌幅居前，华虹半导体、中芯国际等领涨。 中芯国际逆势走强，现涨超3%。消息面上，近日中芯国际在 ...

Core Viewpoint - SMIC demonstrated robust growth in Q3 2025, with revenue and gross profit increasing both year-on-year and quarter-on-quarter, showcasing strong business resilience amid market fluctuations [2][5][11]. Financial Performance - In Q3 2025, SMIC achieved total sales revenue of $2.382 billion, a 7.8% increase from Q2 2025 and a 9.7% increase from Q3 2024 [4][5]. - Gross profit reached $522.81 million, reflecting a 16.2% quarter-on-quarter growth and a 17.7% year-on-year growth, with a gross margin of 22.0% [5][12]. - Operating profit surged to $351.07 million, up 133.0% from Q2 2025 and 106.6% from Q3 2024 [5][12]. - Net profit for the period was $315.47 million, marking a 115.1% increase from the previous quarter and a 41.3% increase from the same quarter last year [5][12]. Business Structure and Market Dynamics - The revenue distribution shows that the China market remains the core pillar, contributing 86.2% of total revenue in Q3 2025, up from 84.1% in Q2 2025 [7][8]. - The wafer foundry business continues to dominate, accounting for 95.2% of total revenue, with consumer electronics demand being particularly strong at 43.4% [7][8]. - The company is experiencing a shift in its business structure, with industrial and automotive sectors growing steadily, now representing 11.9% of revenue [7][8]. Capacity and Production - SMIC's monthly capacity increased from 991,300 8-inch equivalent wafers in Q2 2025 to 1,022,800 in Q3 2025, indicating ongoing capacity expansion [9][10]. - The wafer sales volume reached 2,499,465 units in Q3 2025, a 4.6% increase from Q2 2025 and a 17.8% increase year-on-year [10][11]. - Capacity utilization improved to 95.8%, up from 92.5% in the previous quarter, reflecting strong market demand [10][11]. Cost Management and R&D Investment - Operating expenses decreased significantly, down 42.6% quarter-on-quarter and 37.4% year-on-year, totaling $171.74 million [12][15]. - R&D expenditures reached $203.15 million, with an 11.7% increase from Q2 2025, supporting ongoing technological advancements [12][15]. Future Outlook - The company anticipates Q4 2025 revenue to remain flat or grow by 2%, with a gross margin guidance of 18% to 20% [16][17]. - SMIC expects to surpass $9 billion in annual sales revenue for 2025, marking a significant milestone [17][19].

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) demonstrated robust growth in Q3 2025, with revenue and gross profit increasing both year-on-year and quarter-on-quarter, reflecting strong business resilience amid market fluctuations [2][5][17] Financial Performance - In Q3 2025, SMIC achieved total sales revenue of $2.382 billion, a 7.8% increase from Q2 2025 and a 9.7% increase from Q3 2024 [4][5] - Gross profit reached $522.811 million, up 16.2% quarter-on-quarter and 17.7% year-on-year, with a gross margin of 22.0% [5][12] - Operating profit surged to $351.069 million, a 133.0% increase from Q2 2025 and a 106.6% increase from Q3 2024 [4][5] - Net profit for the period was $315.466 million, reflecting a 115.1% increase quarter-on-quarter and a 41.3% increase year-on-year [5][12] Revenue Breakdown - Revenue distribution by region shows that the China market remains the core pillar, contributing 86.2% of revenue in Q3 2025, up from 84.1% in Q2 2025 [7][8] - The wafer foundry business continues to dominate, accounting for 95.2% of total revenue in Q3 2025, with consumer electronics demand being the strongest at 43.4% [7][8] Capacity and Production - SMIC's monthly capacity increased from 991,300 8-inch equivalent wafers in Q2 2025 to 1,022,800 in Q3 2025, indicating ongoing capacity expansion [9][10] - Wafer sales reached 2,499,465 units in Q3 2025, a 4.6% increase from Q2 2025 and a 17.8% increase year-on-year [10] Cost Management and R&D Investment - Operating expenses decreased significantly by 42.6% quarter-on-quarter and 37.4% year-on-year, totaling $171.742 million [12][15] - R&D expenditure reached $203.147 million, reflecting an 11.7% increase from Q2 2025 and a 13.2% increase year-on-year, supporting technological advancements [12][15] Financial Health - As of September 30, 2025, SMIC's total current assets amounted to $14.145 billion, with a current ratio of 1.8, indicating solid short-term liquidity [16] - The company reported total equity of $33.076 billion, with a debt-to-equity ratio of 34.8%, suggesting a more reasonable capital structure [16] Future Outlook - SMIC anticipates stable revenue growth in Q4 2025, with a projected revenue increase of 0% to 2% and a gross margin between 18% and 20% [16][17] - The company is expected to strengthen its leadership position in the domestic integrated circuit manufacturing industry while enhancing its global market share [17]

Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue reaching $635 million, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2%, driven by increased wafer shipments and ASP improvements [2][22][23]. Financial Performance - Revenue for Q3 2025 was $635 million, surpassing guidance expectations, with a gross margin of 13.5%, exceeding the upper limit of guidance [2][22]. - The net profit attributable to shareholders was $25.7 million, a decrease of 42.6% year-on-year but an increase of 223.5% quarter-on-quarter [23][24]. - Operating expenses were $100.4 million, up 23.3% year-on-year, primarily due to increased wafer engineering costs and depreciation [23]. Capacity and Utilization - The company’s 8-inch capacity was 468,000 wafers per month by the end of Q3 2025, with a utilization rate of 109.5% [2][3]. - The ASP for wafers was $453.7, reflecting a year-on-year increase of 3.5% and a quarter-on-quarter increase of 4.6% [2][3]. Embedded Storage and Product Demand - Revenue from the embedded non-volatile storage platform was $160 million, a year-on-year increase of 20.4% and a quarter-on-quarter increase of 13.1%, driven by demand for MCUs and storage [3][25]. - Power discrete devices generated $169 million in revenue, up 3.5% year-on-year, driven by products like super junctions [3][25]. Guidance and Future Outlook - The company guided for Q4 2025 revenue of $650-660 million, representing a year-on-year increase of 21.5% and a quarter-on-quarter increase of 3.1% [3][28]. - The market outlook for 2026 is optimistic, with expectations for continued growth and potential price increases [3][39]. Strategic Initiatives - The company is progressing with an acquisition expected to close in August 2026, which is anticipated to add $600-700 million in revenue [3][44]. - Capital expenditures for 2025 are projected to be approximately $1.2 billion, with ongoing investments in capacity expansion [3][37][38]. Regional Performance - Revenue from the Chinese market was $522.6 million, accounting for 82.3% of total revenue, with a year-on-year growth of 20.3% [24]. - North American revenue reached $63.8 million, a year-on-year increase of 36.7%, driven by demand for power management ICs and MCUs [24]. Product Segmentation - The revenue breakdown for Q3 2025 included $407.5 million from consumer electronics, $137.9 million from industrial and automotive sectors, and $79.8 million from communications [20][24]. - The embedded non-volatile memory segment saw significant growth, with revenue of $159.7 million, primarily due to increased MCU demand [25]. Market Trends - The company is positioned to benefit from the ongoing semiconductor market recovery, with expectations for sustained demand driven by AI and other emerging technologies [3][33][40]. - The power device segment faces competitive pressures, but the company is implementing strategies to maintain its market position [3][34].

Core Viewpoint - The report from Citi indicates that Hua Hong Semiconductor (01347) has exceeded expectations in its third-quarter gross margin and fourth-quarter guidance, primarily benefiting from demand recovery and product mix upgrades leading to increased average selling prices [1] Group 1: Financial Performance - Hua Hong Semiconductor's third-quarter gross margin and fourth-quarter guidance are better than expected [1] - The company is expected to benefit from the semiconductor industry's recovery, product upgrades, and capacity expansion [1] Group 2: Capacity and Expansion - The progress of the new 12-inch wafer fab capacity growth is in line with expectations [1] - The acquisition of the Hua Hong Fab 5 factory project is proceeding as planned [1] Group 3: Earnings Forecast and Target Price - The earnings forecast for 2025 has been raised due to higher gross margins [1] - The target price for H-shares has been increased from HKD 68.4 to HKD 95.6, and the target price for A-shares has been raised from RMB 95.1 to RMB 160.3 [1] - The rating remains "Outperform" [1]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, driven by the recovery in the semiconductor industry and optimization of its business structure [3][4]. Financial Performance - For Q3 2025, the company achieved a revenue of 2,446,619,309.38 CNY, a year-on-year increase of 12.61% [5] - The net profit attributable to shareholders was 59,773,221.51 CNY, up 41.37% year-on-year [5] - The net profit after deducting non-recurring gains and losses was 60,674,668.19 CNY, showing a substantial growth of 60.77% [5] - Basic and diluted earnings per share were both 0.0518 CNY, reflecting a 41.14% increase [5] - For the first nine months of 2025, total revenue reached 6,480,392,134.02 CNY, a 15.58% increase year-on-year [5] - The net profit attributable to shareholders for the same period was 155,903,664.80 CNY, a growth of 55.49% [5] - The net profit after non-recurring items surged by 65.81% to 151,669,582.23 CNY [5] - The company reported a negative net cash flow from operating activities of -66,768,930.74 CNY, a decline of 176.35% [5] - The weighted average return on equity was 4.09%, an increase of 1.35 percentage points year-on-year [5] Asset and Equity Growth - As of September 30, 2025, total assets amounted to 6,730,116,395.84 CNY, representing a growth of 14.39% compared to the end of the previous year [4] - The equity attributable to shareholders was 4,109,724,616.90 CNY, up 10.19% from the previous year-end [4] Industry and Business Drivers - The recovery in the semiconductor industry in 2025 compared to 2024 has significantly boosted market demand, laying a foundation for business growth [3] - The company capitalized on market opportunities, with revenue growth in industrial and new energy sectors, AI, security monitoring, and automotive electronics due to increased downstream customer demand [3] - Cost and expense management contributed positively, with R&D expenses decreasing by 45.47% due to the completion of certain projects, and financial expenses down by 20.92%, enhancing profitability [3]

Core Viewpoint - Fuman Microelectronics (300671.SZ) reported a revenue of 592 million yuan for the first three quarters, marking a year-on-year increase of 19.32%, despite a net loss of 59 million yuan, which represents an 8.24% decline compared to the previous year [1][3] Financial Performance - The company achieved an operating income of 592 million yuan, reflecting a 19.32% year-on-year growth [1] - The net profit attributable to shareholders was -59 million yuan, showing an 8.24% decrease year-on-year [1] - Basic earnings per share were -0.27 yuan, which is a 10.00% increase year-on-year [1] Business Operations - Despite the net loss, the company's main business continues to grow, with revenue scale expanding [3] - During the reporting period, the company optimized its product structure in key areas such as power management chips, analog signal chains, and mixed-signal SoCs, enhancing cost control and supply chain collaboration [3] - Fuman Microelectronics is an integrated circuit design company, with main products including power management chips, LED driver chips, audio amplifiers, and MCU chips, widely used in consumer electronics, lighting, and smart terminals [3] Industry Outlook - Industry experts believe that Fuman Microelectronics' revenue growth amidst the semiconductor industry's recovery lays a foundation for future profit recovery [3] - The gradual mass production of the next generation of high-performance power management chips is expected to improve the company's profitability in upcoming quarters [3]

Core Viewpoint - The semiconductor industry is facing challenges in sustaining recovery, as evidenced by STMicroelectronics' lower-than-expected revenue forecast and reduced capital expenditure plans, raising concerns about the industry's overall health [2][4]. Group 1: Company Performance - STMicroelectronics forecasts Q4 revenue at $3.28 billion, below analysts' expectations of $3.35 billion, indicating potential struggles in the mature semiconductor sector [2]. - The company's Q3 revenue declined by 2% year-over-year to $3.187 billion, with net profit dropping from $351 million to $267 million, and a slight decrease in gross margin to 33.2% [4]. - The CEO stated that the company anticipates a 22.4% growth in the second half of the year compared to the first half, projecting full-year revenue for 2025 at approximately $11.75 billion [4]. Group 2: Market Conditions - The semiconductor industry is threatened by escalating geopolitical tensions, which could impact the recovery from previous inventory surpluses [4]. - Demand recovery remains slow following the pandemic-induced chip supply shortages, leading to customer inventory accumulation [4]. - Competitor Texas Instruments also reported disappointing earnings forecasts, highlighting reduced orders from customers due to trade tensions and economic instability [4].

Core Viewpoint - STMicroelectronics experienced a significant stock price drop, with its US shares falling over 10% on October 23, indicating market concerns about the semiconductor industry's recovery [3][8]. Group 1: Stock Performance - STMicroelectronics' stock price fell to $25.75, marking a decline of 11.56% [5]. - The stock triggered a trading halt on the Milan exchange after an 8.55% drop, with losses extending to 12% [5]. Group 2: Earnings Guidance and Market Conditions - The company provided a fourth-quarter revenue guidance of $3.28 billion, which was below analysts' expectations of $3.35 billion, suggesting a slower-than-anticipated recovery in semiconductor demand for automotive and industrial applications [8][9]. - Year-to-date, the semiconductor industry has faced pressure due to trade tensions initiated by the Trump administration, impacting order volumes [9]. Group 3: Financial Performance - STMicroelectronics reported a 2% year-over-year decline in revenue to $3.19 billion, with operating profit dropping 53% to $180 million, falling short of expectations [9]. - The company incurred $37 million in asset impairment and restructuring costs related to previously announced cost-cutting plans [9]. Group 4: Future Outlook - The CFO indicated that lower production levels in the first half of the year affected manufacturing efficiency and profit margins, but anticipated that higher revenue levels in the current quarter would improve profitability [10]. - The CEO announced a reduction in net capital expenditures to below $2 billion to optimize investments in the current market environment [11].

Core Viewpoint - The semiconductor sector is facing significant challenges as STMicroelectronics (STM.N) reported disappointing earnings forecasts, leading to a sharp decline in its stock price, which fell over 10% on both the Paris and Milan stock exchanges [1][3]. Financial Performance - STMicroelectronics reported third-quarter revenue of $3.187 billion, a year-on-year decrease of 2% but a quarter-on-quarter increase of 15.2% [5]. - The company's net profit dropped from $351 million to $267 million, with a gross margin of 33.2%, showing a slight year-on-year decline [5]. Earnings Outlook - The fourth-quarter revenue forecast from STMicroelectronics is $3.28 billion, which is below the analysts' average expectation of $3.35 billion [7]. - The company has also lowered its capital expenditure plan for 2025 to slightly below $2 billion, citing current market conditions [8]. Market Sentiment - The disappointing earnings forecast from STMicroelectronics has heightened concerns about the sustainability of the recovery in the mature semiconductor industry [3]. - Following STMicroelectronics' report, the Philadelphia Semiconductor Index experienced a decline of over 4% [3]. Analyst Insights - JPMorgan maintained a "neutral" rating on STMicroelectronics with a target price of €26.40 per share, indicating uncertainty regarding the company's growth prospects for fiscal year 2026, primarily due to ongoing weakness in the automotive sector [8][9]. - Analysts express skepticism about the ability of STMicroelectronics' stock to outperform expectations unless there is a significant recovery in semiconductor demand related to automotive, industrial, and Apple-related businesses [9]. Competitor Developments - Texas Instruments also faced a decline of over 5% in its stock price due to a pessimistic earnings outlook just a day before STMicroelectronics' report [3][11]. - Intel is set to release its earnings report, which is particularly noteworthy as it will be the first since the U.S. government acquired a 10% stake in the company [10][11].