SMIC(00981)2025-02-12 07:09Financial Data and Key Metrics Changes - In Q4 2024, the company reported sales revenue of 8.03 billion, a year-over-year increase of 27% [5][6] - The gross margin for 2024 was 18%, down 1.3 percentage points year-over-year due to increased depreciation [5][6] - Capital expenditure for 2024 was 7.5 billion [12][21] Management's Comments on Operating Environment and Future Outlook - The semiconductor market is showing signs of recovery, with inventory levels returning to healthy status [5][11] - Management expressed concerns about external uncertainties in the second half of 2025, alongside intensifying competition [11][12] - The company anticipates a revenue growth rate higher than the industry average for 2025 [12][13] Other Important Information - The company achieved a monthly capacity of 948,000 standard logic 8-inch equivalent wafers by the end of 2024, with an annualized capacity utilization rate of 85.6% [10] - The company is actively expanding its technology platforms to enhance product performance and meet customer needs [8][9] Q&A Session Summary Question: What were the reasons for the ASP increase in Q4? - The ASP increase was attributed to a higher proportion of 12-inch wafers and a reduction in lower-priced commodities during the seasonal downturn [15][16] Question: How does the company view the impact of consumer stimulus policies? - Management noted that stimulus policies could lead to a 15% to 20% increase in demand, particularly in consumer electronics [34][35] Question: What is the outlook for depreciation and gross margin in 2025? - Depreciation is expected to increase by around 20% in 2025, which will continue to pressure gross margins [33][34] Question: How does the company plan to manage pricing pressures? - The company aims to enhance core competitiveness through technology advancements and strategic customer partnerships, maintaining a consistent pricing strategy [13][14]