China Semiconductors_ Chinese semiconductor foundry - Further GM improvement is key
-·2025-02-16 15:28
13 Feb 2025 17:15:14 ET │ 24 pages A c t i o n | China Semiconductors Chinese semiconductor foundry - Further GM improvement is key CITI'S TAKE Both SMIC and Hua Hong reported their 4Q24 results. Due to recouping domestic demand, there is 32%/18% YoY revenue growth respectively. Thanks to continuous technology migration, SMIC's GM recovery in 4Q24 is more substantial reaching 22.6% (vs 20.5%/16.4% in 3Q24/4Q23) while Hua Hong's 11.4% GM is lackluster compared to 3Q24's 12.2%. During the earnings call, SMIC ...