on may 11, a few days ago, SMIC (stock code HK:00981,SH:688981) released its first quarter financial report for 2024. During the statistical period, SMIC's revenue reached $1.75 billion billion, up 19.7 percent year-on-year and 4.3 percent month-on-month.

It is reported that SMIC's revenue performance in the first quarter exceeded that of United Power (US $1.74 billion) and GF (US $1.55 billion). Excluding IDM companies such as Samsung and Intel, SMIC is second only to TSMC (US $18.85 billion) among foundry companies.

SMIC earnings screenshot

in the first quarter of 2024, SMIC shipped 1.79 million 8-inch equivalent wafers, up 7% month on month. Capacity utilization rate was 80.8, up 4 percentage points month on month.

By application category, the smartphone business accounted for 31.2 per cent of revenue, computers and tablets for 17.5 per cent, consumer electronics for 30.9 per cent, connectivity and wearables for 13.2 per cent, and industrial and automotive for 7.2 per cent.

From a regional perspective, the revenue from China accounted for 81.6, the US accounted for 14.9, and the Eurasian region accounted for 3.5.

SMIC co-executive Zhao Haijun said in a conference call, "SMIC received some urgent orders in the first quarter, but because some production lines were close to full capacity and could not fully meet all orders, the company has postponed the delivery of computer and tablet products."

Zhao Haijun said at the performance presentation meeting: "In the first quarter, the integrated circuit industry as a whole was in the recovery stage, and customer inventories gradually improved. Some domestic customers gained more market share and needed to pull the goods in advance. Some foreign customers also raised their inventories to the ideal level." However, due to changes in product portfolio, increased depreciation and reduced investment income, SMIC achieved a net profit of approximately 0.509 billion yuan attributable to shareholders of listed companies in the first quarter of 2024, and a non-net profit of approximately 0.622 billion yuan attributable to shareholders of listed companies. Decline.

looking ahead to the second quarter, SMIC said that the demand for early haulage from some of the company's customers is still continuing, and the company's revenue guidance is to increase by 5% to 7% month on month. at the same time, with the expansion of production capacity, depreciation has increased quarter by quarter, with gross profit margin ranging from 9% to 11%.

According to Zhao Haijun, it is expected that the company's product shipments will continue to rise in the second quarter, while the average sales unit price will decline due to changes in the product mix. On the whole, the volume will continue to rise and the price will continue to fall. At the same time, the company will reduce costs and increase efficiency to offset the impact of price cuts, but with the expansion of production capacity, depreciation gradually increases, gross margin is expected to decline month-on-month.

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