Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's Q2 performance exceeded expectations, with significant increases in wafer shipments and revenue [5] - The demand for consumer electronics is recovering, driven by both inventory restocking and geopolitical factors [5] - The company has provided positive guidance for Q3, expecting revenue growth and improved gross margins [5] Summary by Sections Financial Performance - For Q2 2024, the company reported revenue of $1.901 billion, a year-over-year increase of 21.8% and a quarter-over-quarter increase of 8.6% [5] - The net profit attributable to shareholders was $165 million, with a quarter-over-quarter increase of 129.2% [5] - The gross margin for Q2 was 13.9%, surpassing the previous guidance of 9%-11% [5] Market Demand - The company's Q2 wafer delivery volume reached 2,111K, reflecting a quarter-over-quarter increase of 17.7% and a year-over-year increase of 50.5% [5] - The revenue contribution from the smartphone segment was 32%, while consumer electronics accounted for 35.6% [5] Capital Expenditure and Depreciation - Depreciation and amortization costs for Q2 were $797 million, a year-over-year increase of 21.4% [5] - Capital expenditures for Q2 were $2.252 billion, slightly up from $2.235 billion in Q1 [5] Future Guidance - The company expects Q3 revenue to be between $2.148 billion and $2.186 billion, representing a quarter-over-quarter growth of 13%-15% [5] - The gross margin is projected to improve to between 18% and 20% in Q3 [5] Profit Forecast Adjustments - The profit forecasts for 2024-2026 have been adjusted to $4.296 billion, $5.506 billion, and $6.678 billion respectively [5][6] - The corresponding price-to-earnings ratios for 2024-2026 are projected to be 88, 69, and 57 times [6]

中芯国际(688981) / 半导体 / 公司点评 / 2024.08.15 收入毛利均超预期，晶圆行业筑底回升 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元) | 48.95 | | 流通股本(亿股) | 79.56 | | 每股净资产(元) | 17.94 | | 总股本(亿股) | 79.56 | 最近 12 月市场表现 -17% -9% -1% 7% 15% 23% 中芯国际 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《收入环比增加，资本开支上调》 2023-11-15 2. 《收入稳定增长，下游复苏抬头》 2023-08-11 3. 《中芯国际 2023Q1 季报点评》 2023-05-16 ❖ 事件：中芯国际2024Q2财报显示该季度收入19.0亿美元，同比上升21.8%， 环比上升 8.6%；毛利率 13.9%，同比下降 6.4 个百分点，环比上升 0.2 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.14 公 司 更 新 报 告 证 券 研 究 报 告 -15% -7% 0% 8% 16% 23% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-----------------------|-------|-------|-------| | [Table_Trend] 升幅(%) | 1M | 3M | 12M | | 绝对升幅 | 1% | 14% | 5% | | 相对指数 | 5% | 23% | 15% | [Table_Report] 相关报告 ——中芯国际二季度业绩点评 产能利用率稳步提升，二季度收入超预期 中芯国际(688981) [Table_Industry] 综合类/综合类 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | ...

二季度营收及毛利率超预期，三季度指引 乐观 核心观点 ⚫ 中芯国际发布 2024 年第二季度未经审核业绩公告，销售收入及毛利率均好于指 引。24Q2 公司实现营业收入 19.0 亿美元，环比增长 9%，同比增长 22%，主要得 益于晶圆销售量的增加。24Q2 公司毛利率为 13.9%，环比增长 0.2 个百分点；经营 利润为 0.87 亿美元，环比增长 3522%；归属于本公司拥有人的应占利润为 1.65 亿 美元，环比增长 129%；息税折旧及摊销前利润为 10.56 亿美元，息税折旧及摊销 前利润率为 55.5%。三季度，公司给出的收入指引是环比增长 13%~15%， 毛利率 介于 18%到 20%的范围内。 ⚫ 产能和产能利用率同步提升。公司的 8 英寸利用率有所回升，12 英寸产能在过去几 个月处于接近满载状态。今年上半年，公司新增了一定的有效产能，以 8 英寸晶圆 约当量计，中芯国际月产能由 24Q1 的 81.5 万片增加至 24Q2 的 83.7 万片。新增产 能快速投入生产，公司综合产能利用率环比增长了 4 个百分点，从 24Q1 的 80.8% 提升至 24Q2 的 85.2%。预计今年公司 ...

证券代码：688981 证券简称：中芯国际 中芯国际集成电路制造有限公司 投资者关系活动记录表 投资者关系活□特定对象调研 □ 分析师会议 动类别 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 电话会议 □ 其他（ ） | --- | --- | |--------------|----------------------------------------------------------------| | 参与单位名称 | 华泰证券、海通证券、国信证券、中信证券及通过电话和网络参加会议 | | | 的各界人士。根据业绩说明会平台统计，共有一千一百五十位投资者等 | | | 收听了此次业绩说明会直播。 | 时间 2024 年 8 月 9 日 地点 网络/电话会议 公司接待人员 联合首席执行官赵海军博士、资深副总裁兼董事会秘书郭光莉女士、资 深副总裁兼财务负责人吴俊峰博士 姓名 投资者关系活动主要内容介绍 | --- | |----------------------------------------------------------------| | 中芯国际（证券代码 ...

证券研究报告 | 公司动态点评 2024 年 08 月 11 日 中芯国际（688981.SH） 24Q2 营收/毛利率均超预期，本地化需求加速下全年营收增速可超同业平均 财务指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 49,516 45,250 51,884 57,353 65,365 增长率 yoy（%） 39.0 -8.6 14.7 10.5 14.0 归母净利润（百万元） 12,133 4,823 3,381 3,817 4,227 增长率 yoy（%） 13.0 -60.3 -29.9 12.9 10.8 ROE（%） 7.3 2.9 1.8 2.0 2.1 EPS 最新摊薄（元） 1.52 0.61 0.42 0.48 0.53 P/E（倍） 31.8 80.0 114.1 101.1 91.3 P/B（倍） 2.9 2.7 2.6 2.6 2.5 资料来源：公司财报，长城证券产业金融研究院 中低端消费电子复苏，客户备货意愿提升，24Q2 营收及毛利率均好于指引。 国际会计准则下，24Q2 营收 19.01 亿美元，环比+8.6%(原指引 5%~7%)， ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index within the next 12 months [3][11]. Core Insights - The company has exceeded expectations in its Q3 guidance, with a significant acceleration in 12-inch wafer production. The revenue for Q2 2024 reached $1.9 billion, representing a year-over-year increase of 21.8% and a quarter-over-quarter increase of 8.6% [4][5]. - The company is experiencing a recovery in capacity utilization, which has improved from a low of 77-78% in Q3 2023 to 85.2% in Q2 2024, reflecting confidence in its growth strategy [5][6]. - The company plans to maintain its capital expenditure at approximately $7.5 billion for 2024, consistent with 2023 levels, driven by improvements in the global equipment supply chain [5][6]. Financial Performance - In H1 2024, the company reported total revenue of $3.65 billion, a year-over-year increase of 20.8%, while the net profit attributable to shareholders was $236 million, down 62.7% year-over-year [4][5]. - The gross margin for H1 2024 was 13.8%, a decrease of 6.7 percentage points year-over-year [4]. - The company expects Q3 2024 sales revenue to grow by 13%-15% quarter-over-quarter, with gross margins projected to improve to between 18-20% [6]. Market Position and Strategy - The company is benefiting from strong domestic demand and government support, positioning itself as a key player in the semiconductor industry amid ongoing global supply chain challenges [6]. - The company is accelerating its expansion plans for 12-inch wafers, with an increase in production capacity expected to reach an additional 60,000 wafers per month by the end of 2024 [5][6]. - The company anticipates achieving revenues of RMB 551.9 billion, RMB 618.6 billion, and RMB 685.9 billion for the years 2024, 2025, and 2026, respectively, with net profits projected to be RMB 48.9 billion, RMB 60.7 billion, and RMB 67.7 billion [6][7].

2024 年 8 月 12 日 公司研究 3Q24 指引强劲，下游需求复苏已现，ASP 涨价提振未来盈利水平 ——中芯国际（0981.HK+688981.SH）2024 年二季度业绩点评 要点 事件：2Q24公司业绩亮眼。2Q24公司实现收入19.01亿美元，同比上升 21.8%，环比增长8.6%，超出此前公司收入指引环比增长5%-7%的区间上 限，主要系晶圆出货量环比上升18%，抵消ASP因产品组合变化环比下降8% 的影响。盈利方面，2Q24公司实现毛利率13.9%，超出此前公司毛利率指引 区间9%-11%的上限，环比上升0.2pct，同比下降6.4pct；归母净利润1.65亿 美元，同比下降59%，环比上升129%，对应归母净利率环比上升5pct至 9%。3Q24公司指引强劲、大超预期。3Q24公司指引收入环比增长13%- 15%，对应21.5-21.9亿美元，中值较市场预期的18.7亿美元高逾16%，毛利 率指引18%-20%，中值较市场预期的12.08%高约7pct。强劲业绩系本土化 需求加速，产能利用率提升叠加ASP涨价所致。公司指引24年全年营业收入 增速将超过行业平均值，下半年收入规模有望超过上 ...

浦银国际 公司研究 中芯国际 （981.HK/688981.CH） 浦银国际研究 公司研究 | 半导体行业 沈岱 首席科技分析师 tony_shen@spdbi.com (852) 2808 6435 马智焱 科技分析师 ivy_ma@spdbi.com (852) 2809 0300 黄佳琦 科技分析师 sia_huang@spdbi.com (852) 2809 0355 2024 年 8 月 12 日 中芯国际（981.HK） 目标价（港元） 19.3 潜在升幅/降幅 +22% 目前股价（港元） 15.8 52 周内股价区间（港元） 13.9-25.2 总市值（百万港元） 131,917 近 3 月日均成交额（百万港元） 735 注：截至 2024 年 8 月 8 收盘价 市场预期区间 HKD 13.0 HKD 22.4 HKD 15.8HKD 19.3 SPDBI 目标价 目前价 市场预期区间 资料来源：Bloomberg、浦银国际 中芯国际（688981.CH） 目标价（人民币） 56.7 潜在升幅/降幅 +26% 目前股价（人民币） 45.0 52 周内股价区间（人民币） 40.0-59.4 总市 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an upgraded target price of HKD 19.3 for the Hong Kong stock and RMB 56.7 for the A-share, indicating potential upside of 22% and 26% respectively [2][3]. Core Insights - The company is experiencing an upward trend in the semiconductor fundamentals, with a projected 14% quarter-over-quarter revenue growth for Q3 and a gross margin target of 19%, up 5.1 percentage points from the previous quarter. This growth is driven by local demand, optimization of product mix, and favorable pricing [2][3]. - The second quarter performance exceeded market expectations, with a 9% quarter-over-quarter and 22% year-over-year revenue increase. The company anticipates a 34% year-over-year revenue growth for Q3 [2][6]. - The company expects to increase its 12-inch capacity by approximately 60,000 wafers per month by the end of the year, which is higher than previous plans [2][3]. Summary by Sections Financial Performance - Q2 revenue reached USD 1.901 billion, a 22% increase year-over-year and a 9% increase quarter-over-quarter. Gross profit was USD 265 million, with a gross margin of 13.9% [6]. - The net profit for Q2 was USD 165 million, a 59% decrease year-over-year but a 129% increase quarter-over-quarter [6]. Revenue and Margin Guidance - For Q3, the company projects revenue to be between USD 1.695 billion and USD 2.167 billion, with a gross margin target of 19% [7]. - The guidance reflects a significant improvement in both revenue and margin compared to previous quarters, indicating strong operational performance [2][7]. Valuation Adjustments - The report adjusts the revenue forecasts for 2024, 2025, and 2026, with expected revenues of USD 7.875 billion, USD 9.318 billion, and USD 10.617 billion respectively, reflecting a 16% to 14% increase from previous estimates [8]. - The adjusted EBITDA and net profit forecasts also reflect a positive outlook, although net profit margins are expected to decline slightly [8]. Market Position - The company's current price-to-book ratio is 0.8x for the Hong Kong stock and 2.7x for the A-share, both indicating potential for upward movement compared to historical averages [2][11].