机构：国海证券 2025 年8 月7 日，华虹半导体发布2025 年Q2 财报：2025Q2，公司实现收入5.66 亿美元（QoQ+4.6%， YoY+18.3%）；归母净利润0.08 亿美元（QoQ+112.1%，YoY+19.2%）；晶圆季出货量（等效八英寸晶 圆）130.5 万片（ QoQ+6.0% ， YoY+18.0% ） ； 产能利用率108.3%（QoQ+5.6pct，YoY+10.4pct）。 投资要点: 2025Q2 业绩：新厂投产折旧压力下，公司毛利率仍实现优化2025Q2 ， 华虹半导体实现收入5.66 亿美 元（ QoQ+4.6% ，YoY+18.3%），指引5.5-5.7 亿美元，彭博一致预期为5.63 亿美元，增长主要得益于 晶圆出货量上升。毛利率10.9%（QoQ+1.7pct，YoY+0.4pct），指引为7%-9%，彭博一致预期为8.3%， 年增主要得益于产能利用率提升及ASP 上涨，部分被折旧成本上升所抵消；季增主要由于产能利用率 提升。2025Q2，公司归母净利润0.08 亿美元（QoQ+112.1%，YoY+19.2%），环比增长主要由于毛利率 优化、外汇损失收敛、财务 ...

交银国际发布研报称，中芯国际(00981)股价之前一个季度表现符合该行的预期，即受市场情绪影响股 价或出现波动，但由于公司在国产半导体产业链上的龙头地位叠加估值基本充分反映公司基本面情况， 股价在市场回归基本面之后或在该行之前的目标价附近区间震荡。该行维持中性评级，调整目标价到45 港元(前值48港元)，对应2.1倍2025年市净率(前值2.25倍)以反映收入增速变动。 收入不及指引，但毛利率水平韧性较强：1Q25收入22.47亿美元，环比增长2%，不及之前指引下限(环 比+6%)。但1Q25毛利率22.5%超过之前指引上限21%，韧性仍强。该行测算1Q25或增加超1万片12英寸 月产能，而ASP或环比下降9%。管理层重申不主动降价的策略，收入不及预期主因1Q25设备维护出现 突发状况，影响到开始部分开始生产的晶圆。考虑到ASP环比下降，该行认为受影响的晶圆或主要集中 在部分高端产品。管理层认为设备突发状况影响或持续到2Q25，指引2Q25收入环比下降4%到6%，这 或是2Q23去库存周期缓和以来环比首次下降，指引毛利率在18%到20%之间。 工业与汽车需求或边际改善，关注下半年需求变化：1Q25工业与汽车收 ...

Core Viewpoint - SMIC reported a slight increase in revenue for Q1 2025, driven by demand in the industrial and automotive sectors, but anticipates a decline in revenue for Q2 2025 due to falling average selling prices and rising depreciation costs [1][3]. Group 1: Financial Performance - In Q1 2025, SMIC achieved sales revenue of $2.247 billion, a quarter-on-quarter increase of 1.8% [1]. - The revenue breakdown shows wafer revenue at 95.2% and other revenue at 4.8%, with wafer revenue increasing by 5% quarter-on-quarter [1]. - The total shipment volume reached 2.29 million 8-inch equivalent wafers, reflecting a 15% quarter-on-quarter growth [1]. Group 2: Sector Performance - Revenue from the industrial and automotive sectors grew over 20% quarter-on-quarter, increasing its share from 8% to 10% of total revenue [2]. - The automotive electronics segment benefited from advancements by major clients and SMIC's investments in automotive electronic platforms [2]. - Demand for BCD, MCU, and special memory products surged, with revenue in these areas increasing by approximately 20% [2]. Group 3: Future Guidance - For Q2 2025, SMIC projects a revenue decline of 4% to 6%, with stable shipment volumes but a decrease in average selling prices [3]. - The gross margin guidance for Q2 is set at 18% to 20%, down by 1 percentage point from Q1 [3]. - Despite challenges, SMIC maintains a full capacity utilization rate and observes positive signals of recovery in various sectors, including industrial and automotive [3]. Group 4: Market Challenges and Opportunities - The company is closely monitoring the impact of the U.S. "reciprocal tariffs" and its potential effects on market demand and inventory levels [4]. - There is uncertainty regarding visibility for the latter half of the year, particularly in Q3 and beyond [4]. - SMIC emphasizes the importance of maintaining focus on core operations and enhancing resilience against risks [4]. Group 5: Customer Sentiment - Following the introduction of new U.S. tariff policies, the direct impact on the industrial sector is assessed to be minimal, less than 1 percentage point [5]. - Customers are eager to expedite shipments before potential tariff increases, which has led to a slight increase in orders [5]. - SMIC's production capacity for Q4 2024 is already full, limiting additional growth opportunities [5].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $247 million, up 1.8% sequentially [4] - Gross margin was 22.5%, down 0.1 percentage points sequentially [4] - Profit from operations was $310 million, and EBITDA was $1.292 billion with an EBITDA margin of 57.5% [4] - Total assets at the end of Q1 were $48 billion, with total cash on hand of $12.7 billion [5] - Total liabilities were $15.7 billion, with total debt at $11.3 billion [5] - Debt to equity ratio was 34.9%, and net debt to equity ratio was negative 4.5% [5] - Net cash used in operating activities was $160 million, while net cash used in investing activities was $1.328 billion [5] - Guidance for Q2 2025 indicates a revenue decrease of 4% to 6% sequentially and a gross margin expected to be in the range of 18% to 20% [5][15] Business Line Data and Key Metrics Changes - Revenue from wafer sales increased by close to 5% sequentially, with wafer revenue from 8-inch and 12-inch wafers increasing by 182% sequentially [10] - Wafer revenue accounted for 95.2% of total revenue, while other revenue accounted for 4.8% [9] - Revenue from industrial and automotive sectors increased by more than 20% sequentially, contributing to an increase from 8% to 10% of total revenue [11] - Overall revenue from product platforms such as BCD, MCU, and specialty memory increased around 20% sequentially [13] - Capacity utilization rate increased by 4.1 percentage points sequentially to 89.6% [14] Market Data and Key Metrics Changes - Revenue by region: China accounted for 84%, the Americas 13%, and EUAsia 3% [11] - Revenue from China remained stable, while revenue from overseas increased sequentially due to geopolitical factors and demand for commodity products [11] - The automotive business segment saw significant growth due to increased investment and collaboration with industrial chains [12] Company Strategy and Development Direction - The company is prioritizing funds for core business areas, including capacity expansion and R&D activities, to enhance competitiveness and corporate value [6][7] - The company plans not to distribute profits for the year 2024, aligning with long-term development needs and shareholder interests [7] - The company aims to maintain its leading position in a competitive market through strategic focus on core business and adaptability to market changes [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the second half of the year presents both opportunities and challenges, with a focus on enhancing adaptability and risk resilience [19] - There is uncertainty regarding the impact of tariff policy changes and market demand fluctuations, particularly in the latter half of the year [18] - The company observed positive signals in various industries, indicating a potential recovery in demand [17] Other Important Information - The company is in a critical phase of capacity construction and market share expansion, requiring continuous capital expenditures [6] - The company has achieved mass production of new high-value products in collaboration with strategic partners [13] Q&A Session Summary Question: What are the expectations for revenue in the second quarter? - Revenue is expected to decrease by 4% to 6% sequentially, with stable shipment units but a decrease in blended ASP [15] Question: How is the company addressing the impact of price fluctuations? - The company is mitigating price fluctuation impacts through cost reduction and efficiency improvements, although equipment depreciation will continue to increase [15]