Dongguan Securities’ research report pointed out that the rebound of the semiconductor industry chain has driven the year-on-year increase in revenue of Semiconductor Manufacturing International Corporation (688981.SH) in the first half of the year. The increase in depreciation expenses has affected the profitability level during the reporting period, and it has been given a "buy" rating for the first time. In the first half of the year, the global semiconductor industry as a whole showed signs of recovery, and the trend of industry chain warming up was basically established. The key industry, wafer fabrication, at the forefront of the industry chain, has experienced a certain rebound in demand, driving the company's 24H1 revenue to achieve year-on-year growth, and 24Q2 revenue to achieve year-on-year and quarter-on-quarter growth. In terms of profitability, during the reporting period, the company’s construction of 12-inch capacity accelerated, and the expansion against the trend caused an increase in depreciation expenses. In addition, the reduction in wafer fabrication prices during the reporting period affected the company’s profitability, leading to pressure on the company’s profitability.
According to the unaudited performance announcement of 24Q2 previously released by the company listed in Hong Kong, the company expects a quarter-on-quarter growth of 13% to 15% in 24Q3 revenue, with a gross margin ranging from 18% to 20%, indicating a relatively positive outlook. Looking ahead to the second half of the year, the company is expected to benefit from the continued recovery of the consumer electronics and smart phone platforms, the accelerated localization demand brought about by geopolitical influences, and the increase in product added value brought about by the continuous expansion of 12-inch capacity, and the operating performance is expected to gradually recover with ample long-term development momentum.
研报掘金丨东莞证券:首予中芯国际“买入”评级,Q3指引较为积极
Research reports from Dongguan Securities: Initial rating for Semiconductor Manufacturing International Corporation is 'buy', with a more positive Q3 guidance.
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