Group 1 - The stock price of SMIC as of August 8, 2025, is 86.66 CNY, down by 3.93 CNY or 4.34% from the previous trading day [1] - SMIC is the largest and most advanced wafer foundry in mainland China, providing integrated circuit wafer foundry services with technology nodes ranging from 0.35 microns to 14 nanometers [1] - For Q2 2025, SMIC reported sales revenue of 2.209 billion USD, a decrease of 1.7% quarter-on-quarter but an increase of 16.2% year-on-year; net profit was 132.5 million USD, down 19% year-on-year, below market expectations of 167.1 million USD [1] Group 2 - The gross margin for Q2 2025 was 20.4%, a decrease of 2.1 percentage points quarter-on-quarter; the company expects Q3 revenue to grow by 5% to 7% with a gross margin guidance of 18% to 20% [1] - SMIC's capacity utilization rate reached 92.5% in Q2 2025, an increase of 2.9 percentage points quarter-on-quarter [1] - On August 8, 2025, the net outflow of main funds from SMIC was 1.003 billion CNY, accounting for 0.58% of the circulating market value; over the past five trading days, the cumulative net outflow was 949 million CNY, representing 0.55% of the circulating market value [1]

Core Viewpoint - The article discusses the recent Q2 financial performance of SMIC, highlighting mixed results with a revenue increase but a decline in net profit, and emphasizes the rising ASP in the wafer foundry market due to high capacity utilization [2][4]. Financial Performance Summary - SMIC reported Q2 revenue of $2.209 billion, a year-on-year increase of 16.2%, but a quarter-on-quarter decrease of 1.7% [2]. - The net profit for Q2 was $132.5 million, reflecting a year-on-year decline of 19% [2]. - Capacity utilization reached 92.5%, up 2.9 percentage points from Q1's 89.6% [2]. ASP and Pricing Strategy - The increase in ASP is attributed to high capacity utilization, particularly for 12-inch wafer products, which are no longer offered at a discount [4]. - SMIC's CEO stated that the company does not initiate price increases but may follow competitors if they raise prices [4]. - The ASP for Q2 was approximately $924, with an equivalent of 239,000 8-inch wafers shipped, translating to about 6,600 yuan per wafer [4]. Competitive Landscape - SMIC's ASP remains significantly lower than TSMC, which primarily generates revenue from advanced processes (5nm and below) with wafer prices ranging from $15,000 to $30,000 [5].

Core Viewpoint - Semiconductor foundry leader SMIC reported a second-quarter revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year, with a net profit of $132.5 million, down 19% year-on-year, falling short of market expectations [1][2] Financial Performance - In Q2, SMIC's gross margin was 20.4%, a decrease of 2.1 percentage points quarter-on-quarter but an increase of 6.5 percentage points year-on-year [1] - For the first half of the year, SMIC's revenue reached $4.46 billion, a 22% increase compared to the same period last year, with a gross margin of 21.4%, up 7.6 percentage points year-on-year [3] Capacity Utilization and Industry Outlook - SMIC's capacity utilization rate in Q2 was 92.5%, an increase of 2.9 percentage points quarter-on-quarter and 7.3 percentage points year-on-year, indicating a recovery in industry demand [2][4] - The company expects Q3 revenue to grow by 5% to 7% quarter-on-quarter, with a gross margin guidance of 18% to 20% [2] Market Segmentation - In Q2, revenue from the Chinese market accounted for 84.1%, the U.S. market 12.9%, and the Eurasian market 3.0% [3] - The highest revenue contribution came from consumer electronics at 41.0%, followed by smartphones at 25.2%, and industrial and automotive sectors at 10.6%, with the latter showing continuous growth [3] Product Demand and Trends - Significant growth in demand for analog chips, particularly in fast charging and power management applications, is noted, with SMIC gaining incremental orders from domestic clients [4] - The automotive electronics segment saw a 20% quarter-on-quarter growth, driven by various types of automotive chips [3][4] Future Expectations - SMIC remains optimistic about future growth, aiming to exceed the average growth rate of comparable peers, with a focus on market demand changes [6] - The company anticipates stable demand in the smartphone market, with a projected flat global smartphone shipment volume by year-end [7] - Average selling prices (ASP) are expected to rise in Q3 due to the discontinuation of discounts on 12-inch wafer products [7]

Core Viewpoint - The article discusses a significant leak of confidential information related to TSMC's 2nm process, which has raised concerns about the ongoing chip competition between Taiwan and Japan. The leak was reportedly facilitated by a former TSMC engineer who used remote work to capture sensitive information [1][2]. Group 1: Incident Overview - TSMC's confidential information was leaked to Tokyo Electron (TEL), highlighting the competitive landscape in the semiconductor industry between Taiwan and Japan [1]. - The leak involved a former TSMC engineer who used a company-issued laptop to access confidential files and then photographed them with a personal phone, circumventing digital monitoring systems [2]. - TSMC's internal investigation was triggered by unusual access to confidential files, leading to the identification of the involved employees and subsequent legal action [2]. Group 2: Security Measures and Challenges - TSMC has stringent security measures in place, including restrictions on mobile phone usage within facilities and monitoring systems to detect anomalies [1]. - Despite these measures, the complexity of chip manufacturing processes, which can involve hundreds to thousands of steps, makes it challenging to fully replicate the technology even if some information is leaked [1]. - TSMC's chairman has previously stated that the current technological advancements make it extremely difficult for individuals to steal or replicate their processes [1].

Core Viewpoint - The recovery in industrial and automotive demand is expected to lead to continuous improvement in wafer foundry capacity utilization, with leading fabs likely to achieve performance growth [1] Industry View and Investment Recommendations - As industrial and automotive downstream sectors begin to replenish inventory, demand for BCD Analog is anticipated to grow, leading to an expected increase in wafer foundry capacity utilization in Q2 and the second half of the year. The industry is rated "Overweight" [2] - Semiconductor Manufacturing International Corporation (SMIC) reported Q2 2025 results with revenue of $2.209 billion, a year-on-year increase of 16.2% and a quarter-on-quarter decrease of 1.7%, exceeding previous guidance. The gross margin was 20.4%, up 6.5 percentage points year-on-year and down 2.1 percentage points quarter-on-quarter, also above the upper limit of guidance [2] - In Q2 2025, SMIC's capacity utilization rate was 92.5%, an increase of 2.9 percentage points quarter-on-quarter. For Q3 2025, the company expects revenue to increase by 5-7% quarter-on-quarter, with a gross margin range of 18-20% [2] - Hua Hong Semiconductor reported Q2 2025 results with revenue of $566 million, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.7%, close to the upper limit of previous guidance. The gross margin was 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, exceeding the upper limit of guidance [3] - Hua Hong's equivalent 8-inch capacity was 447,000 wafers per month at the end of Q2 2025, with shipments of approximately 1.305 million wafers, a year-on-year increase of 18% and a quarter-on-quarter increase of 6%. The capacity utilization rate was 108.3%, an increase of 5.6 percentage points quarter-on-quarter [3] - For Q3 2025, Hua Hong expects revenue in the range of $620-640 million, with a midpoint indicating an 11.3% quarter-on-quarter increase, and a gross margin range of 10-12%, with a midpoint indicating a 0.1 percentage point increase [3] Market Recovery and Capacity Utilization - According to TrendForce, the shipment of end markets such as smartphones, PCs/laptops, and servers is expected to recover year-on-year in 2025. Additionally, the automotive and industrial control sectors are anticipated to see replenishment demand after inventory corrections throughout 2024, which will support the capacity utilization of mature processes, projected to slightly increase to above 75% [4] - SMIC and Hua Hong Semiconductor both reported increased capacity utilization rates in Q2, reaching 92.5% and 108.3%, respectively. The overall capacity utilization rate for SMIC's 8-inch and 12-inch processes increased by 4.1%, exceeding 90% [4]

股 票 研 究 股票研究 /[Table_Date] 2025.08.08 晶圆代工行业龙头 25Q2 毛利率优于指引上限 [Table_Industry] 半导体 中芯国际及华虹半导体发布 25Q2 业绩 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 吴小沛(研究助理) | 021-23187269 | wuxiaopei@gtht.com | S0880125042240 | 本报告导读： 我们认为在工业及汽车需求修复下，晶圆代工产能利用率有望持续改善，叠加在 地化生产趋势确立，头部 Fab 有望实现业绩增长。 投资要点： [Table_Report] 相关报告 半导体《AI 发展潜力大，半导体自主可控是关 键》2025.07.24 半导体《景气提升，关注晶圆代工产能扩张及先 进封装稀缺性》2025.07.21 半导体《沐曦股份及摩尔线程科创板 IPO 受理》 2025.07.04 半导体《设置科创 ...

Core Viewpoint - Both SMIC and Hua Hong Semiconductor reported strong financial results for the first half of the year, with significant increases in revenue and gross profit margins, indicating a robust demand in the semiconductor industry [1][9]. Revenue Analysis - SMIC's revenue for Q2 2025 reached $2.209 billion, a year-on-year increase of 16.2%, with a gross profit of $450 million, up 69.7% [1]. - Hua Hong Semiconductor's Q2 revenue was $566.1 million, reflecting an 18.3% year-on-year growth [5]. - The revenue composition for SMIC shows that 84% comes from China, with significant contributions from smartphones (25%) and consumer electronics (41%) [3][4]. Capacity Utilization and Capital Expenditure - SMIC's wafer sales volume increased by 4.3% quarter-on-quarter and 13.2% year-on-year, with capacity utilization rising from 89.6% to 92.5% [10]. - Capital expenditure for SMIC in Q2 was $1.885 billion, up from $1.415 billion in Q1 [10]. - Hua Hong's capital expenditure for the quarter was $407.7 million, with a focus on expanding 12-inch and 8-inch production capacities [12][13]. Future Outlook - SMIC expects a revenue growth of 5% to 7% in Q3 2025, with gross margin guidance remaining stable between 18% to 20% [15]. - Hua Hong anticipates Q3 revenue between $620 million and $640 million, with a gross margin forecast of 10% to 12% [15][16].

华虹公司在公告中还给出今年第三季度的业绩指引。今年第三季度，公司预计销售收入在6.2亿美元至 6.4亿美元之间，毛利率在10%至12%之间。 （文章来源：证券日报） 8月7日，华虹半导体有限公司（以下简称"华虹公司"）公布了2025年第二季度业绩。报告显示，公司第 二季度实现销售收入5.661亿美元，同比增长18.3%，环比增长4.6%；毛利率为10.9%，优于指引；母公 司拥有人应占利润800万美元，同比上升19.2%，环比上升112.1%。 华虹公司总裁兼执行董事白鹏表示："面对需求分化的半导体市场，公司坚持以特色工艺技术壁垒为 锚，力争在关键技术平台实现技术突破，丰富产品组合。随着无锡新12英寸产线稳步推进产能爬坡，公 司将实现产能规模到技术生态的全面升级。市场策略上，公司协同国内外战略客户需求，秉持国际化和 开放的业务发展战略，做大做强全球客户群体。未来公司将继续积极布局各项战略规划，为提升公司在 晶圆代工行业中的优势地位奠定坚实基础。" ...

Core Viewpoint - TSMC's advanced 2nm process technology has been compromised due to an internal leak, with over a thousand confidential images reportedly shared with TEL, a partner in Japan's semiconductor industry [2][7]. Group 1: Incident Details - A former TSMC engineer, who transitioned to TEL, allegedly colluded with two current TSMC engineers to capture and transmit sensitive 2nm process images [2][4]. - The leak was discovered when TSMC noticed unusual access patterns to confidential files, leading to an investigation that identified the involved engineers [3][7]. - TSMC has terminated the employment of the implicated engineers and is pursuing legal action, with potential severe penalties for those found guilty of organized theft of trade secrets [4][5]. Group 2: Legal and Security Implications - The engineers involved face a maximum sentence of life imprisonment if found guilty of organized crime related to the theft of TSMC's core technology [4]. - TSMC has a dedicated unit for protecting proprietary information, which regularly conducts audits and training to prevent such leaks [4][5]. - The incident raises concerns about TSMC's reputation and customer trust, although immediate impacts on customer orders are not expected [4][5]. Group 3: Industry Context - The leak highlights TSMC's leading position in the global semiconductor market and suggests that competitors may resort to espionage due to their inability to keep pace with TSMC's technological advancements [5][8]. - The incident underscores the importance of robust security measures and employee training to safeguard sensitive information within the semiconductor industry [5].

Core Viewpoint - The global pure foundry industry is projected to achieve a revenue of $165 billion by 2025, reflecting a 17% year-on-year growth and a compound annual growth rate (CAGR) of 12% from 2021 to 2025, driven by advanced nodes like 3nm and 5/4nm [4][8]. Industry Summary - The revenue from the global pure foundry market is expected to reach a historical high of $165 billion in 2025, compared to $105 billion in 2021, indicating a strong growth trajectory [8]. - Advanced process nodes (7nm and below) are anticipated to contribute over 56% of total revenue by 2025, fueled by demand for AI smartphones, high-performance computing (HPC), and server chips [8]. - The introduction of the 2nm process is expected to further tilt the revenue structure towards advanced nodes, with projections indicating that it will contribute over 10% of revenue by 2027 [8][9]. Node-Specific Insights - The 3nm node is expected to see a revenue increase of over 600% by 2025, reaching approximately $30 billion, while the 5/4nm nodes are projected to exceed $40 billion in revenue [4]. - The 20-12nm node range is expected to remain stable, contributing about 7% of total revenue, reflecting a transition of some chips from mature nodes to intermediate nodes [7]. - The 28nm node is highlighted as a standout among mature nodes, with an expected CAGR of 5%, despite the overall revenue share of mature nodes declining from 54% in 2021 to 36% in 2025 [9]. Competitive Landscape - TSMC is expected to be the largest beneficiary in the advanced node sector, followed by Samsung and Intel, while UMC, GlobalFoundries, and SMIC will continue to benefit from stable market demand, albeit at a slower growth rate [9]. - Innovations in front-end process technologies, such as High-NA EUV, and advancements in back-end packaging technologies are creating diverse opportunities for foundries [9].