Stock Performance and Trading Activity - SMIC received net purchases from southbound funds for 3 consecutive days, with a cumulative net purchase amount of HKD 2.366 billion, and its stock price rose by 11.47% during this period [1] - On December 24, the total trading volume of active stocks through the Hong Kong Stock Connect (including Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect) was HKD 15.969 billion, with a net purchase amount of HKD 2.056 billion [1] - SMIC's trading volume through the Hong Kong Stock Connect channel on December 24 was HKD 1.338 billion, with a net purchase amount of HKD 204 million [1]

Market Activity - SMIC led in net financing purchases with a total of 1.384 billion yuan [1] - Other companies with significant net financing purchases include Accelink, Cambricon, Ingenic, ZTE, Woer, Newsea, AMEC, Runze, Runxin, and Wus, all with net purchases exceeding 300 million yuan [1] - 10 stocks had net financing purchases exceeding 300 million yuan [1] - Last week (December 16 to December 20), 1,659 stocks received net financing purchases, with 68 stocks having net purchases exceeding 100 million yuan [1]

Stock Performance - Hong Kong semiconductor stocks mostly rose with Pentamaster Corporation surging 16% [1] - HG Semiconductor and SMIC gained 6 90% and 6 88% respectively [1] - Solomon Systech and Hua Hong Semiconductor also performed well increasing by 4 44% and 4 15% respectively [1] - Shanghai Fudan Microelectronics and China Electronics Huada Technology rose 3 82% and 2 44% respectively [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2024年12月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00981 | 說明 港股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中芯國際集成電路製造有限公司 呈交日期: 2024年12月4日 I. 法定/註冊股本變動 III.已發行股份及/或庫存股份變動詳情 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00981 | 說明 | 港股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,986,252,614 | | 0 | | 5,986,252,614 | | 增加 / 減少 (-) | | | 856,232 | | 0 | | | | 本月底結存 | | | 5,987,108 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2024年11月27日 第 1 頁 共 11 頁 v 1.3.0 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 2,000 | 0.00003 % | HKD | 18.096 | | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2014以認股權計劃(於2013年6月13日獲採納) | | | | | | | 變動日期 2024年11月1日 | | | | | | 3). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 24,400 | 0.00031 % | HKD | 10.512 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2014以認股權計劃(於2013年6月13日獲採納) | | | | | | | 變動日期 2 ...

Investment Rating - Maintain "Overweight" rating [2] Core Views - SMIC achieved record-high revenue in Q3 2024 driven by strong domestic demand for wafers, with revenue reaching RMB 15.6 billion, up 14% QoQ and 33% YoY [4] - Q3 gross margin improved significantly to 21%, up 7 percentage points QoQ, due to higher ASPs for 12-inch wafers [4] - Capacity utilization exceeded 90% in Q3, up 5 percentage points QoQ [4] - SMIC expects Q4 revenue to grow 0-2% QoQ with gross margin between 18-20% [4] - The company added 20k 12-inch wafer capacity in Q3 and plans to add another 30k in Q4, reaching total capacity of 950k 8-inch equivalent wafers by year-end [4] - CAPEX in Q3 was RMB 8.4 billion, down 48% QoQ, returning to Q1 2023 levels [4] Financial Performance - 2024E revenue is projected at RMB 57.5 billion, up 27.1% YoY [5] - 2024E net profit attributable to parent company is estimated at RMB 3.8 billion, down 20.2% YoY [5] - 2024E gross margin is forecast at 19.4%, with net margin of 6.7% [5] - ROE is expected to be 2.6% in 2024, improving to 3.9% by 2026 [5][7] - 2024E EPS is projected at RMB 0.48, with P/E of 193x and P/B of 5.11x [4][7] Industry Outlook - China's 12-inch wafer capacity is expected to account for 25% of global capacity by 2026, becoming the world's largest [4] - SMIC is well-positioned to benefit from the localization trend in wafer manufacturing [4] - The semiconductor industry is experiencing a moderate recovery, with consumer markets gradually improving [4] Valuation and Projections - 2024-2026 net profit attributable to parent company is projected at RMB 3.8 billion, RMB 4.9 billion, and RMB 6.1 billion respectively [4] - 2024-2026 EPS is estimated at RMB 0.48, RMB 0.61, and RMB 0.77 respectively [4] - 2024-2026 P/E ratios are projected at 193x, 152x, and 122x respectively [4] - 2024-2026 P/B ratios are estimated at 5x, 4.9x, and 4.7x respectively [4]

Investment Rating - Strong Buy (Maintained) with a target price of 123.7 CNY/53.5 HKD [1] Core Views - Revenue in Q3 2024 reached a historical high of 15.609 billion CNY, a YoY/QoQ increase of 32.50%/14.14%, in line with previous guidance [1] - Gross margin improved significantly to 23.92%, up 10.27pct QoQ, exceeding the guidance range of 18%-20% [1] - Q4 2024 revenue is expected to grow 2% QoQ, with gross margin projected to be between 18%-20% [1] - Local demand continues to rise, with capacity utilization increasing to 90.4% and product mix optimization driving margin recovery [2] - The semiconductor industry cycle is recovering, with AI innovation driving demand growth, particularly in the AI sector, which is expected to grow over 10% [2] - Domestic substitution is accelerating, benefiting leading domestic foundries like SMIC, which is expanding capacity in 28nm and above processes [2] Financial Performance - Q3 2024 revenue: 15.609 billion CNY, +32.50% YoY, +14.14% QoQ [1] - Q3 2024 gross margin: 23.92%, -0.13pct YoY, +10.27pct QoQ [1] - 2024E revenue: 57.806 billion CNY, +27.7% YoY [6] - 2024E net profit: 3.826 billion CNY, -20.7% YoY [6] - 2025E net profit: 5.495 billion CNY, +43.6% YoY [6] - 2026E net profit: 6.796 billion CNY, +23.7% YoY [6] Industry Outlook - The semiconductor industry is expected to continue growing, with AI and HPC sectors driving demand [2] - Domestic substitution is accelerating, with SMIC well-positioned to benefit from this trend due to its leading technology and capacity expansion [2] Valuation - 2025E PB multiple: 6.5x, target price: 123.7 CNY [2] - 2025E PB multiple for H-shares: 2.6x, target price: 53.5 HKD [2]

证券研究报告：电子 | 公司点评报告 2024 年 11 月 12 日 公司基本情况 最新收盘价（元） 104.98 总股本/流通股本（亿股）79.75 / 19.88 总市值/流通市值（亿元）8,372 / 2,087 52 周内最高/最低价 104.98 / 40.33 资产负债率(%) 35.5% 市盈率 172.10 第一大股东HKSCC NOMINEES LIMITED 股票投资评级 中芯国际(688981) 买入|维持 个股表现 -31% -19% -7% 5% 17% 29% 41% 53% 65% 77% 89% 2023-11 2024-01 2024-04 2024-06 2024-08 2024-11 中芯国际 电子 资料来源：聚源，中邮证券研究所 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 收入创新高 ⚫ 事件 公司 24Q3 销售收入为 21.71 亿美元, 环比增长 14.2%；毛利率 为 20.5%，环比增长 6.6 个百分点；经营利润为 1.70 亿美元；息税折 旧及摊销前利润为 11.57 亿美元； ...

Financial Performance - Q3 2024 revenue was $2.171 billion, a 14.2% increase quarter-over-quarter [2] - Q3 2024 gross margin was 20.5%, up 6.6 percentage points quarter-over-quarter [2] - Q3 2024 operating profit was $170 million [3] - Q3 2024 EBITDA was $1.157 billion, with an EBITDA margin of 53.3% [3] - Q3 2024 net profit attributable to the company was $149 million [3] - Total assets at the end of Q1 2024 were $47.2 billion, with $12.6 billion in cash [3] - Total liabilities at the end of Q1 2024 were $15.8 billion, including $10.4 billion in interest-bearing debt [3] - Total equity at the end of Q1 2024 was $31.4 billion [3] - Interest-bearing debt to equity ratio was 33.1%, and net debt to equity ratio was -7.1% [3] - Q1 2024 net cash from operating activities was $1.236 billion [3] Capacity and Production - Q3 2024 8-inch wafer revenue share decreased to 21.5%, while 12-inch wafer revenue share increased to 78.5% [4] - Q4 2024 revenue guidance is flat to a 2% increase quarter-over-quarter, with gross margin between 18% and 20% [4] - Full-year 2024 revenue is expected to be around $8 billion, a 27% year-over-year increase [4] - Full-year 2024 gross margin is expected to be around 17% [4] - By the end of 2024, monthly capacity is expected to reach 950,000 8-inch equivalent wafers [4] - Q4 2024 will see the release of approximately 30,000 12-inch wafer monthly capacity [4] Market and Industry Trends - The semiconductor industry's last peak was in Q3 2022, and the current cycle is longer and more moderate [4] - Industry capacity utilization is expected to reach around 85% when fully recovered [5] - Power device capacity is oversupplied, but new requirements in automotive and industrial sectors create opportunities [5] - The company aims to capture about one-third of the power device market transitioning to China [5] - The company's BCD platform has strong demand, driven by AI-related applications [6][7] Strategic Focus - The company is accelerating power device capacity to support automotive, industrial, and new energy markets [4] - The company is focusing on product mix optimization to maintain average selling prices and stabilize gross margins [4] - The company is committed to deepening wafer manufacturing, accelerating platform verification, and maintaining market share [4] - The company is leveraging its comprehensive process capabilities, including backside processing and bonding, to meet new industry demands [5] - The company is expanding its product platforms and capacity to serve a diverse customer base, including CIS, display drivers, MCUs, and low-power applications [6] Competitive Landscape - New project orders have decreased, and capacity growth is expected to slow in the coming year [5] - The company's 28nm, 40nm, and 45nm nodes are operating at full capacity, with plans for medium- and long-term capacity expansion [6] - The company is well-positioned to benefit from AI-related demand, particularly in mature process nodes [6] - The company's BCD platform has a strong competitive advantage, with a comprehensive quality system and advanced technology [7]