SMIC-中芯国际(688981) - 2024Q1投资者关系活动记录表

Group 1: Company Overview - Semiconductor Manufacturing International Corporation (SMIC) is a leading integrated circuit foundry in China, providing 8-inch and 12-inch wafer foundry and technology services globally [3] - The company has manufacturing and service bases in Shanghai, Beijing, Tianjin, and Shenzhen, with marketing offices in the US, Europe, Japan, and Taiwan [3] Group 2: Q1 2024 Financial Performance - Q1 2024 unaudited revenue was $1.75 billion, a quarter-on-quarter increase of 4.3% [4] - Gross margin was 13.7%, down 2.7 percentage points from the previous quarter [4] - Operating profit was$ 2.41 million, with EBITDA of $887 million and an EBITDA margin of 50.7% [4] - Total assets at the end of Q1 were$ 48.2 billion, with total liabilities of $17.3 billion, including interest-bearing debt of$ 10.3 billion [4] - Total equity stood at $30.8 billion, with a debt-to-equity ratio of 33.5% and a net debt-to-equity ratio of -16.4% [4] Group 3: Q2 2024 Guidance - Q2 2024 revenue is expected to grow by 5% to 7% quarter-on-quarter, with gross margin projected between 9% and 11% [4] - The company anticipates a significant increase in revenue for the first half of 2024 compared to the same period last year [5] Group 4: Market Dynamics and Strategy - The integrated circuit industry is recovering, with improved customer inventory levels and increased demand for consumer electronics [5] - The company is prioritizing capital expenditure on capacity expansion and R&D to enhance core competitiveness and shareholder value [4][5] - SMIC plans not to distribute profits for the fiscal year 2023, aligning with long-term development needs and shareholder interests [4] Group 5: Product and Revenue Breakdown - In Q1 2024, the company shipped 1.79 million 8-inch equivalent wafers, a 7% increase quarter-on-quarter [5] - Revenue by region: China (82%), USA (15%), and Eurasia (3%) [5] - Revenue by service type: wafer revenue (93%) and other revenue (7%) [5] - Revenue by application: smartphones (31%), computers and tablets (18%), consumer electronics (31%), IoT and automotive (13%), and others (7%) [5] Group 6: Future Outlook - The global semiconductor market is projected to reach$ 1 trillion by 2030, driven by new market demands and increased silicon content in electronic products [6] - The company plans to maintain a capital expenditure of approximately $7.5 billion for the year, focusing on equipment spending [8]