whitewaterpinball| SMIC (688981.SH): Revenue in the first quarter reached US$1.75 billion, making it the world's second largest wafer foundry

Date: 4个月前 (05-10)View: 61Comments: 0

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In the first quarter of 2024, SMIC had revenue of 17.Whitewaterpinball50 billion US dollars, an increase of 4.3% month-on-month, a gross profit margin of 13.7%, an increase of 7% in shipments, an increase in capacity utilization to 80.8%, and an estimated revenue growth of 5% to 7% in the second quarter compared with the previous quarter. SMIC ranks second only to TSMC in the global wafer foundry market.

whitewaterpinball| SMIC (688981.SH): Revenue in the first quarter reached US.75 billion, making it the world's second largest wafer foundry

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[688981.SH 's revenue in the first quarter of 2024 was $1.75 billion, up 19.7% from a year earlier, and gross profit fell 12.8% from a month earlier] on May 9, SMIC released its financial results for the first quarter of 2024. SMIC posted revenue of $1.75 billion in the first quarter, up 4.3 per cent from the previous quarter and 19.7 per cent from a year earlier, according to the report. However, the company's gross profit was $240 million, down 12.8% from a month earlier and 21.3% from a year earlier. The gross profit margin is also compared with the same period last year.Whitewaterpinball20.8% fell to 13.7%. SMIC said the decline in gross margin was mainly affected by an increase in depreciation. In the first quarter of 2024, the company's depreciation and amortization expenses reached $746 million, an increase of 6.5 per cent month-on-month and 18.1 per cent year-on-year. Nevertheless, SMIC's management is satisfied with the company's performance. They believe that against the backdrop of rising global customer readiness, the company's sales revenue reached US $1.75 billion, an increase of 4.3% from the previous month, and capacity utilization also increased to 80.8%, an increase of 7% from the previous month. Looking ahead to the second quarter, SMIC expects revenue to grow by 5% to 7% month-on-month. But as capacity expands, depreciation charges will rise quarter by quarter, with gross profit margins between 9% and 11%. For full-year results, SMIC said that without significant changes in the external environment, the company's sales revenue growth is expected to exceed the average level of comparable peers. It is worth noting that although SMIC's first-quarter revenue surpassed that of UMC and Groupon, there is still a gap in profitability between SMIC and the latter two. In the first quarter of 2024, Grosfond had a gross profit of 25.4% and a net profit of $134 million, while UMC had a gross profit of 30.9% and a net profit of $327 million. By contrast, SMIC's net profit attributable to shareholders of listed companies in the first quarter of 2024 was 509 million yuan, or about $70.4455 million, down 68.0% from a year earlier. The company said that the decline in net profit was mainly affected by changes in product mix, increased depreciation and reduced investment income. In terms of production capacity, SMIC shipped 1.79 million 8-inch equivalent wafers in the first quarter, up 7.2 per cent from a month earlier and 43.4 per cent year-on-year. At present, the company's new production capacity is mainly 12 inches, with an increase of about 532300 8-inch wafers in the first quarter from a year earlier, or about 241000 12-inch production capacity. Although production capacity has maintained rapid growth, SMIC's capacity utilization has also increased steadily, from 68.1% in the first quarter of 2023 to 80.8% in the first quarter of 2024, an increase of 12.7 percentage points. By contrast, UMC's capacity utilization rate was only 65 per cent in the first quarter of 2024, much lower than SMIC. Overall, SMIC performed well in the first quarter of 2024, with growth in revenue and capacity utilization. But at the same time, the company also faces the challenge of falling gross profit margin and sharp decline in net profit. In the future, SMIC can further improve its profitability, which deserves the continuous attention of investors.

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