's performance is too impressive.
htmlOn the evening of August 5, SMIC released its second quarter performance report on Hong Kong Stock Exchange . achieved operating income of US$1.344 billion in a quarter, a month-on-month increase of 21.8%, and a profit of US$688 million, a month-on-month increase of 332.9%. In response to this, many electronic analysts called it: It exceeded expectations.SMIC raised its annual revenue growth target to about 30%.
China Securities Journal reporter noticed that in the second quarter, the revenue of SMIC from the mainland and Hong Kong increased significantly compared with the first quarter, reaching 62.9%, an increase of 7.3 percentage points month-on-month. North America 's revenue share fell by 4.4 percentage points month-on-month to 23.3%.
SMIC 's stock price has risen sharply recently. Since July 26, the company's A shares have risen 30%, and H shares have risen 27%, with the latest total market value of 268.7 billion yuan.
Image source: Wind
Advanced technology revenue increased significantly
In the second quarter, SMIC sales revenue was US$1.344 billion, a month-on-month increase of 21.8%, and a year-on-year increase of 43.2%; gross profit margin was 30.1%, a month-on-month increase of 7.4 percentage points, a year-on-year increase of 3.6 percentage points; net profit attributable to shareholders was US$688 million, a month-on-month increase of 332.9%, and a year-on-year increase of 398.5%.
According to the process division, SMIC revenue from advanced processes (FinFET/28 nanometers) accounted for 14.5% in the second quarter, an increase of 7.6 percentage points month-on-month and 5.4 percentage points year-on-year.
Image source: Announcement
is converted into 8-inch wafers. SMIC sold wafers in the second quarter, a 12% increase from the previous month and a 21.6% increase from the previous year, mainly due to the expansion of the production capacity of 8-inch wafer factories in the first quarter. It is worth mentioning that the company's capacity utilization rate in the second quarter was as high as 100.4%, an increase of 1.7 percentage points month-on-month.
In the second quarter, SMIC capital expenditure was US$771 million, compared with US$534 million in the first quarter. The company's planned capital expenditure in 2021 is approximately US$4.3 billion, most of which is used to expand production of mature processes, and a small part is used to advanced processes, civil engineering of Beijing's new joint venture project and others.
SMIC expects sales revenue to grow by 2%-4% month-on-month in the third quarter, and the gross profit margin is expected to be between 32%-34%. Due to depreciation and dilution, the company expects that the adverse impact of advanced processes on the company's overall gross profit margin this year will drop to about 5 percentage points.
capacity expansion is still being promoted as planned
SMIC co-CEO Zhao Haijun and Liang Mengsong commented: "Since it was included in the entity list last year, SMIC has been moving forward in difficulties. In terms of operational continuity, we actively cooperate with suppliers to ensure that the commitment to customers is realized, and the uncertainty risk of mature processes is further reduced. In terms of capacity expansion, we are still being promoted as planned, but uncontrollable factors such as permit approval, shortage of industrial chain, and logistics caused by the epidemic inevitably affect the arrival time of equipment. The company will do its best to optimize internal procurement flows. We understand that everyone has high expectations for SMIC , but integrated circuit manufacturing industry does not overtake or jump forward in a curve. The company will take one step at a time to grasp its own advantages in subdivided fields, improve its core competitiveness, and improve customer satisfaction. "
SMIC Chief Financial Officer Gao Yonggang said that the company is still facing the impact of the entity list, and the expectations of various indicators are uncertain, but the company will actively work hard to solve the problems, do its best to ensure continuous operation and performance improvement, and better repay shareholders.
Global wafer production capacity continues to be short of
The industry generally expects that the global wafer production capacity shortage will continue until at least 2022. This also means that for a long time in the future, the prosperity of the semiconductor industry will still be at a high level, and it is expected that the "price increase wind" will still blow to all links of the industrial chain.
Recently, a media quoted a source from a chip design company and revealed that many foundries in Taiwan are preparing to increase the quotations of 8-inch and 12-inch wafers for mature processes by the first quarter of next year, with a price increase of at least 5%-10%.
Under the global "chip shortage wave", on the one hand, industrial chain companies and relevant departments are trying to alleviate the chip shortage, while on the other hand, chip dealers are stockpiling goods and raising prices, which makes downstream companies complain. Such economic behaviors that interfere with market order will surely bear fruit.
The State Administration for Market Regulation reported on August 3 that in response to prominent problems such as speculation in the automotive chip market and high prices, the State Administration for Market Regulation recently filed an investigation into automobile chip distributors suspected of price gouging based on price monitoring and reporting clues. In the next step, the State Administration for Market Regulation will continue to pay attention to the market price order of important commodities such as chips, further increase supervision and law enforcement, and severely investigate and punish illegal acts such as hoarding, price gouging, and colluding to raise prices.
chip stocks are in the semi-annual report
Recently, "hard technology" has become more popular. In addition, the semi-annual report performance of many chip stocks exceeded expectations, and the overall market of the semiconductor sector has risen.
Take Siruipu, the leading domestic analog chip, as an example. The company released its semi-annual report on the evening of August 4, achieving operating income of 485 million yuan in the first half of the year, an increase of 60.56% year-on-year; excluding the impact of share payment fees, the net profit attributable to shareholders was 155 million yuan, an increase of 57.68% year-on-year. Among them, the company's power management chip grew rapidly, contributing revenue of 70.2502 million yuan, an increase of 816.68% year-on-year.
htmlOn August 5, Siruipu's "20cm" hit the daily limit, reaching 678.01 yuan per share.Image source: Wind
Mainland semiconductor IP leader core stock html released its semi-annual report on the evening of August 3, with losses narrowing by nearly 20 million yuan to 45.645 million yuan compared with the same period, but it achieved a profit of 22.6001 million yuan in the second quarter, which is the first time the company's single-quarter profit.
htmlOn August 4, xinyuan shares "20cm" hit the daily limit, and an institution bought 25.43 million yuan; on August 5, the daily limit was once "20cm" hit the daily limit during the session, and finally closed up 18.06%. After two days of sharp rise, the company's total market value soared by 14.7 billion yuan to 50 billion yuan.Image source: Wind
htmlOn August 5, some chip stocks that left the suspense of performance exceeding expectations also rose sharply. For example, the research and development and sales of Xinpengwei 's main business in power management integrated circuits closed up 10.28%; Guoke Micro, the leader in domestic solid-state storage main control chips, closed up 9.96%, etc.A shares some electronic companies that are about to disclose their semi-annual reports (Shenwan industry level)
This article is from China Securities Journal
