baccaratvirgilabloh| SMIC: Sales revenue in the first quarter was US$1.75 billion, up 19.7% year-on-year

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SMIC's first-quarter sales revenue reached 17%.Baccaratvirgilabloh0.5 billion US dollars, an increase of 19.7% over the same period last year, but net profit decreased by 68.9%. Smartphones, computers and tablets, and consumer electronics are the main sources of income, with income in China accounting for 81.6%. Revenue is expected to grow by 5% to 7% month-on-month in the second quarter, with a gross profit margin of between 9% and 11%.

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[00981.HK first quarter results report: sales revenue increased by 19.7% year on year, gross profit margin was 13.7%] SMIC first quarter 2024BaccaratvirgilablohThe company reported sales of $1.75 billion, up 19.7% from the same period last year. However, affected by the market environment, the company's net profit fell 68.9% year-on-year to $71.792 million. Gross profit margin also fell, to 13.7% from 20.8% in the same period last year. In terms of application classification, the smartphone business brings 31.2% of SMIC's revenue and is the company's main source of revenue. Other business areas, such as computers and tablets, consumer electronics, interconnection and wearability, and industry and automobiles, contributed 17.5%, 30.9%, 13.2% and 7.2% of revenue, respectively. In terms of regional revenue, China accounted for 81.6% of revenue in the first quarter, an increase of 6.1% over the same period last year, making it the company's most important market. Meanwhile, the share of revenue in the US fell to 14.9 per cent. Despite the challenges, SMIC's management team is optimistic about the future of the company. They said that the willingness of global customers to prepare stocks increased in the first quarter, driving the company's sales revenue to grow 4.3% month-on-month. At the same time, the company shipped 1.79 million 8-inch equivalent wafers, an increase of 7% month-on-month, and capacity utilization increased by 4% to 80.8%. Looking ahead, SMIC expects revenue to grow by 5% or 7% in the second quarter compared with the previous quarter. With the expansion of production capacity, the company's depreciation costs will rise quarter by quarter, and the gross profit margin is expected to be between 9% and 11% in the second quarter.

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