Summary by Futu AI
China Core International Integrated Circuit Manufacturing Co., Ltd. (SMIC) released its first quarter report for 2024 on May 9, 2024. The report showed that the company achieved sales revenue of approximately RMB125.94 billion in the first quarter, an increase of 23.4% year-on-year; the gross margin was 13.7%, which exceeded the company's expectations. However, net profit attributable to shareholders of listed companies fell by 68%, mainly due to portfolio changes, increased depreciation and reduced investment income. The company had an undistributed profit of approximately RMB 36.26 million. R&D investment increased by 15.7% and accounted for 10.6% of operating income. The company's first quarter is unaudited and financial statements are prepared in accordance with Chinese corporate accounting standards. During the reporting period, Mid-Core International's wafer products were mainly sold to China, the United States and Eurasia, with the highest revenue share in the China region. The Company expects full-year sales revenue growth to exceed the industry average if the external environment does not change significantly.