SMIC 0981

[winston]

not vested

G Sachs Finds SMIC (00981.HK) 2Q Revenue Guidance Slightly Beats, Rates Neutral

2023/05/12

Goldman Sachs said in a report that SMIC (00981.HK)'s revenue guidance for the second quarter is 5-7% QoQ growth, slightly better than broker and market expectations of 4% QoQ and flat QoQ respectively.

The chipmaker maintained its full-year revenue guidance of a low-teens YoY decline and gross margin guidance of about 20%.

Goldman noted that during today's results conference call at SMIC, major concerns included key drivers of the second quarter revenue recovery, outlook for the second half of the year, updates on this year's capital expenditures and capacity plans, and pricing trends amidst overall market weakness.

Goldman gave SMIC a Neutral rating and increased its target price from $18.9 to $21.4.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... 266137/all

[winston]

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Semiconductor Manufacturing International Corp (SMIC) quarterly revenue fell for the third straight quarter, reflecting the impact of a global smartphone slump and Washington’s broadening campaign to curb China’s technology sector.

The Shanghai company reported a 15-per cent fall in revenue to US$1.62 billion, versus an average projection for US$1.64 billion.

Net income fell 80 per cent to US$94 million, compared with estimates for US$178.1 million.

The numbers missed despite hopes that the surprise popularity of a new range of Huawei Technologies 5G smartphones would help offset lost sales.

Source: Phillips

[winston]

not vested

May 16, 2024

<Research>M Stanley Trims TP of SMIC (00981.HK) to $13.8; Margins Continue to Fall

Morgan Stanley noted in a report that it has lowered its target price on SMIC (00981.HK) to $13.8 from $16 and maintained its Underweight rating.

Although SMIC's capacity utilisation is recovering, huge capital spending and intensifying price wars for mature process chips will continue to depress the company's gross margin performance.

SMIC's guidance for 2Q24 revenue growth of 5-7% QoQ is better than the market's expectation of 1% QoQ growth, but its gross margin guidance of 9-11% is still weak.

The broker lowered its full-year gross margin assumption to 12.5%, estimating that the flat trend will continue into 2H25, mainly due to higher depreciation and a pressured chip price trend.

The report said the outlook for non-AI orders remains constrained, with customers cautious about supply chain activities.

The semiconductor industry is expected to recover in 2H24, but the trend of inventory replenishment and destocking will continue until there is a significant improvement in end demand.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

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SMIC expects an uptick in third quarter

Expects its revenue to grow faster by up to 15 percent in the third quarter.

Source: The Standard

https://www.thestandard.com.hk/section- ... rd-quarter

[winston]

not vested

<Results>SMIC 2Q NP Sinks 59.1% YoY to US$164M

SMIC (00981.HK) announced its 2Q results as of the end of June.

Revenue was US$1.901 billion, up 21.8% YoY, compared to US$1.75 billion in the previous quarter.

Net profit for the period was US$164 million, down 59.1% YoY.

Gross profit was US$265 million, down 16.2% YoY and up 10.6% QoQ.

Gross margin was 13.9%, down 6.4 ppts YoY and up 0.2 ppts QoQ.

The Company's guidance for 3Q was that revenue will increase by 13%-15% QoQ, and gross margin will be between 18% and 20%.

The Company's management said that the Company’s revenue and gross margin both beat guidance in 2Q.

Revenue increased by 9% QoQ to US$1.9 billion, of which, 8-inch equivalent wafer shipments increased by 18% QoQ to more than 2.11 million, and blended ASP declined by 8% QoQ due to the changes in product mix.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

SMIC expects an uptick in third quarter

Expects its revenue to grow faster by up to 15 percent in the third quarter, after its income and gross margin during the previous three-month period beat estimates.

In the second quarter, the Chinese chipmaking giant saw its revenue rise 8.6 percent from three months ago to US$1.9 billion (HK$14.82 billion) and net profit surged 129 percent to about US$165 million, both above market expectations.

Source: The Standard

https://www.thestandard.com.hk/section- ... rd-quarter

[winston]

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Downstream recovery on the way

SMIC's 2Q24 GPM came in at 13.9%, +0.2% pt qoq, driven by an improved utilisation rate while offset by declining ASP.

SMIC guided for 3Q24F sales to grow 13%-15% qoq (vs. 5%-7% qoq in 2Q24) and GPM at 18-20% (vs. 9-11% in 2Q24).

Upgrade to Add on downstream recovery, with a higher TP of HK$20.2.

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 505F9A4172

[winston]

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Aug 29, 2024

<Results>SMIC Interim NP Slips 62.7% YoY to US$236M

SMIC (00981.HK) announced its interim results for the six months ended June 2024, reporting a net profit of US$236 million, down 62.7% YoY, and EPS of US3 cents.

Profit for the period attributable to owners of the Company decreased, primarily due to the product mix change, the increase in depreciation, the decrease of investment income and net interest income for this period.

Profit for the period, net of non-recurring profit or loss, dropped 29% YoY to RMB181 million.

No interim dividend was declared.

Source: AAstocks.com

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

not vested

SMIC net jumps 58pc on record revenue

Net profit surged 58.3 percent to US$148 million (HK$1.15 billion) in the third quarter from a year ago,

Revenue for the period rose by 14 percent quarter-on-quarter to US$2.17 billion.

Chip capacity utilization rose 5.2 percentage points to 90.4 percent, and wafer shipments advanced 38.1 percent year-on-year.

SMIC expects the fourth quarter's revenue to reflect a quarter-on-quarter growth up to 2 percent, with gross margins ranging from 18 to 20 percent.

Source: The Standard

https://www.thestandard.com.hk/section- ... rd-revenue

[winston]

vested

SMIC Collapses 7%+ After Midday as CN Chip A-shrs Dive Collectively on US Stricter Export Ban

Chip stocks listed in Hong Kong caved under pressure along with their A-share counterparts.

The US government announced at the beginning of last month a further tightening of the semiconductor export ban to China, adding 136 Chinese entities to the control list, effective from December 31, 2024.

The sanctioned targets include NAURA Technology, Piotech, chipmaker SwaySure collaborating with Huawei, SiEn (Qing Dao), and Pensun Technology among other Chinese companies.

Related News - Ping An Securities: Semiconductor Sector in Recovery; Rebound in Consumer Electronics Drives New Sector Upcycle

The new measures include restrictions on exporting high-bandwidth memory chips crucial for high-tech applications like AI training to China, coupled with 24 types of semiconductor manufacturing equipment and 3 software tools, as well as new export restrictions on chip equipment manufactured in countries like Singapore and Malaysia, but Japan and the Netherlands industries will enjoy a certain degree of exemption.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news