Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 46.06 CNY, reflecting a 70x PE for 2024 [5][6]. Core Insights - The company reported Q1 2024 revenue of 1.75 billion USD, exceeding guidance, with a quarter-over-quarter growth of 4.3% [2][3]. - The gross margin for Q1 2024 was 13.7%, also above guidance, despite a quarter-over-quarter decline of 2.7 percentage points [2][3]. - The company expects Q2 2024 revenue to increase by 5% to 7% quarter-over-quarter, with a projected revenue midpoint of 1.855 billion USD, representing an 18.9% year-over-year growth [3]. - The company anticipates that its full-year revenue growth will exceed the industry average of 8% [3]. Summary by Sections Q1 2024 Performance - Revenue reached 1.75 billion USD, with a quarter-over-quarter increase of 4.3%, surpassing the initial guidance of 0% to 2% [2]. - The company shipped 1.79 million 8-inch equivalent wafers, marking a 7% increase quarter-over-quarter [2]. - Capacity utilization improved to 80.8%, up four percentage points from the previous quarter [2]. Q2 2024 Outlook - The company is optimistic about Q2 2024, expecting a recovery in international consumer markets and increased orders for low-power Bluetooth and MCUs [3]. - The anticipated revenue for Q2 2024 is projected to be between 1.855 billion USD and 1.875 billion USD, with a gross margin expected to range from 9% to 11% [3]. Capital Expenditure - Capital expenditure for Q1 2024 was 2.235 billion USD, with expectations for the full year to remain flat compared to 2023's capital expenditure of 7.466 billion USD [4]. Financial Projections - Revenue projections for 2024 to 2026 are 53.062 billion CNY, 62.772 billion CNY, and 72.188 billion CNY, respectively, with net profits of 5.227 billion CNY, 6.507 billion CNY, and 7.434 billion CNY [5][9].

Financial Data and Key Metrics Changes - In Q1 2024, the company reported revenue of $1.75 billion, a quarter-over-quarter increase of 4.3%, with a gross margin of 13.7%, down 2.7 percentage points [1] - EBITDA for Q1 was $887 million, with an EBITDA margin of 50.7% [1] - The total assets stood at $48.2 billion, with total liabilities of $17.3 billion and total equity of $30.8 billion [1] - The company plans for Q2 2024 sales revenue to grow by 5% to 7% and expects a gross margin of 9% to 11% [1][2] Business Line Data and Key Metrics Changes - The company achieved a production of 1.79 million 8-inch wafers in Q1, a 7% increase quarter-over-quarter [2] - Revenue from wafer sales constituted 93% of total revenue, with other income making up 7% [2] - The revenue breakdown by application showed smartphones and consumer electronics each accounted for 31%, while computers and tablets accounted for 18% [2] Market Data and Key Metrics Changes - Revenue distribution by region remained stable, with China accounting for 82%, North America for 15%, and Eurasia for 3% [2] - The company noted an increase in customer inventory levels and a rise in demand from domestic clients, contributing to improved sales performance [2] Company Strategy and Development Direction - The company is focusing on expanding its production capacity and enhancing market share, particularly in the integrated circuit manufacturing sector [1] - It aims to prioritize cash flow for core business activities, including capacity expansion and R&D, foregoing profit distribution for 2023 [1] - The company is developing technology platforms for various applications, including high-voltage drives and image sensors, to cater to diverse market needs [2] Management Comments on Operating Environment and Future Outlook - Management indicated that the integrated circuit industry is recovering, with improved customer inventory and demand [2] - The company expects to exceed the average growth of comparable companies and is optimistic about maintaining growth in the first half of the year [3] - There are concerns about competitive pricing pressures due to increased local production capacity in China [3] Other Important Information - The company is experiencing depreciation pressure due to high capital expenditures aimed at expanding 12-inch capacity [3] - The management acknowledged the need for a balanced global supply chain and anticipates continued investment in local capacities [7] Q&A Session Summary Question: How does product mix affect ASP and will price declines slow down in the coming quarters? - The ASP is influenced by both price trends and product mix changes. The company has faced production bottlenecks but maintains that overall ASP has not significantly declined since February [4] Question: What specific consumer products are expected to gain market share? - The company noted increased demand for low-power Bluetooth IoT and MCUs, driven by a recovering international consumer market and upcoming sports events [4] Question: What is the contribution of the 28nm process to the company? - The company has been producing 28nm since 2014 and continues to expand its capacity due to strong customer demand across various sectors [5] Question: What is the company's outlook on the global wafer foundry industry growth? - The company aims to exceed the average growth of comparable firms and is optimistic about maintaining a strong order book for the upcoming quarters [6] Question: Will capital expenditures continue throughout the year? - The company expects to maintain capital expenditures in the second half of the year, aligning with customer demand [7] Question: How does the company view the global semiconductor market's future? - The company acknowledges a projected growth in the semiconductor market, driven by new applications and demand, but cautions about uneven growth across different sectors [8]

Summary of the Conference Call for SMIC Q1 2024 Earnings Company Overview - The conference call is regarding SMIC (Semiconductor Manufacturing International Corporation) and its Q1 2024 earnings report [1] Key Points and Arguments - The meeting is being conducted via both online and telephone platforms, indicating a hybrid approach to investor communication [1] - Participants are informed that if they join via telephone, their connection will be in listen-only mode until the management's presentation concludes, followed by a Q&A session [1] Other Important Content - Instructions for participating in the Q&A session will be provided after the management's remarks, emphasizing the structured format of the meeting [1]

Financial Data and Key Metrics Changes - The semiconductor industry has reached a turning point, with demand exceeding supply, leading to a projected annual growth of approximately 20% for the company [1][3] - In Q1 2024, the company reported sales revenue of $1.75 billion, a 4.3% increase quarter-over-quarter and a 19.7% increase year-over-year, with a gross margin of 13.7%, exceeding guidance [11][14] - Capital expenditures for Q1 2024 were $2.235 billion, slightly down from $2.340 billion in Q4 2023 [13][14] Business Line Data and Key Metrics Changes - Revenue by application in Q1 2024 was as follows: smartphones 31.2%, computers and tablets 17.5%, consumer electronics 30.9%, IoT and wearables 13.2%, and industrial and automotive 7.2% [12] - The revenue contribution from 12-inch wafers was 75.6%, while 8-inch wafers accounted for 24.4% [13] Market Data and Key Metrics Changes - The company has established itself as the second-largest pure foundry globally, surpassing UMC and GlobalFoundries, with a 20% year-over-year revenue increase [2] - The revenue from the Chinese market accounted for 81.6%, while the U.S. contributed 14.9% and the Eurasian region 3.5% [13] Company Strategy and Development Direction - The company has shifted its growth guidance to exceed the average of its peers, indicating increased confidence in market recovery and demand [1][14] - The focus remains on expanding advanced process capacities, with a capital expenditure plan of $7.5 billion for 2023 and potentially over $8 billion for 2024 [5] Management's Comments on Operating Environment and Future Outlook - Management emphasized the strong recovery in demand, particularly in consumer electronics and AI applications, with expectations for continued growth in Q2 2024 [3][14] - The company noted that inventory levels among customers have significantly decreased, leading to urgent orders for replenishment [7] Other Important Information - The company’s gross margin is expected to improve as capacity utilization increases, with a target to exceed 60% [8] - The company has a strong customer base, with the largest customer contributing approximately 15% of total revenue [9] Q&A Session Summary Question: What is the outlook for the semiconductor industry? - Management expressed optimism about the semiconductor industry's recovery, citing strong demand in consumer electronics and AI applications [3] Question: How does the company plan to manage capacity? - The company plans to continue expanding its advanced process capacities while maintaining a focus on efficient utilization of existing resources [5] Question: What are the expectations for revenue growth in 2024? - The company aims for revenue growth to exceed the average of its peers, with a strong performance anticipated in Q2 2024 [14]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：00981） 變更香港主要營業地點及法律程序代理人 中芯國際集成電路製造有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司的香 港主要營業地點將由「香港皇后大道中9號30樓3003室」變更為「香港中環康樂廣場8號交易廣 場一期29樓」，自2024年5月9日起生效。 本公司進一步宣佈，(i)符梅芳女士將不再擔任根據香港聯合交易所有限公司證券上市規則第 19.05(2)條及公司條例（香港法例第622章）第16部所規定的代本公司於香港接受法律程序送 達文件及通知書的本公司之授權代表（「法律程序代理人」），自2024年5月9日起生效；及(ii) 吳嘉妍女士已獲委任為法律程序代理人，自2024年 ...

| A股代码：688981 | A股简称：中芯国际 | 公告编号：2024-010 | | --- | --- | --- | | 港股代码：00981 | 港股简称：中芯国际 | | 中芯国际集成电路制造有限公司 关于续聘2024年度会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示: 拟聘任会计师事务所：安永华明会计师事务所（特殊普通合伙）为公 司中国企业会计准则财务报告审计师；安永会计师事务所为公司国际 财务报告准则财务报告审计师。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"） （1）基本信息 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外 合作的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北 京，注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。 截至 2023 年末拥有合伙人 245 人，首席合伙人为毛鞍宁先生。截至 2023 年 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本文檔全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 中芯國際截至 2024年 3月 31日 止三個月未經審核業績公佈 除非以下額外說明，本合併財務信息係依國際財務報告準則編製且表達。 以下爲本公司及其子公司(「本集團」)於 2024 年 5 月 9 日就截至 2024 年 3 月 31 日止三個月的未經審 核業績公佈全文。 除非特別指明，所有貨幣以美元列賬。 中國上海 ─ 2024 年 5 月 9 日 ─ 國際主要半導體代工製造商中芯國際集成電路製造有限公司(香港聯 交所股份代號：00981；上交所科創板證券代碼：688981)(「中芯國際」、「本公司」或「我們」)於今日 公佈截至 2024 年 3 月 31 日止三個月的綜合經營業績。 * 僅供識別 - 1 - SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中芯國際集成電路製造有限公司 * (於開曼群島注冊成立之有限公司) (股份代號：009 ...

中芯国际集成电路制造有限公司 关于董事重选的公告 | A股代码：688981 | A股简称：中芯国际 | 公告编号：2024-012 | | --- | --- | --- | | 港股代码：00981 | 港股简称：中芯国际 | | 2024 年 5 月 10 日 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中芯国际集成电路制造有限公司（以下简称"本公司"）根据现行《经修 订及重述组织章程大纲及细则》（以下简称"组织章程细则"）有关规定，于 2024年5月9日召开董事会审议通过了《关于董事重选的议案》，该议案尚须本 公司2024年股东周年大会审议通过。现将董事重选情况公告如下： 一、董事会成员情况 目前，本公司董事会包括两名第一类董事：鲁国庆先生、吴汉明院士；四 名第二类董事：刘训峰博士、陈山枝博士、刘遵义教授及范仁达博士；两名第 三类董事：杨鲁闽先生及刘明院士。 二、重选董事情况 根据组织章程细则第92条，上述四名第二类董事将于2024年股东周年大会 上退任，其中刘训峰博士、陈山枝博士及范仁达博士符合资格并有意 ...

中芯国际集成电路制造有限公司 关于开展套期保值业务的可行性报告 一、开展套期保值业务情况概述 1.交易目的 拟开展套期保值业务的具体方式或产品主要包括但不限于：远期结售汇、 外汇掉期、外汇期权、 交叉货币掉期 、利率掉期、利率期权等产品或上述产品 的组合。 5.授权及期限 董事会提请股东大会授权管理层在额度范围和有效期内开展套期保值业务 并签署相关文件。授权期限为 2024 年股东周年大会审议通过之日起至 2025 年 股东周年大会日止，在该期限内可循环滚动使用交易额度。 1 二、开展套期保值业务的必要性及可行性 为防范公司及下属全资或控股子公司外汇汇率与利率风险，进一步提高应 对外汇、利率波动风险的能力，增强财务稳健性，公司通过金融衍生工具开展 外汇与利率相关的套期保值工作。 2.交易规模 公司及下属全资或控股子公司的套期保值业务计划规模不超过公司 2023 年 度经审计净资产的 50%。套期保值业务有关授信额度或保证金占用规模根据公 司实际业务的需要确定。 3.资金来源 开展套期保值业务资金来源为自有资金、债务融资以及公司通过法律法规 允许的其他方式筹集的资金。 4.交易方式 拟开展套期保值业务所涉及的币 ...

| A股代码：688981 | A股简称：中芯国际 | 公告编号：2024-011 | | --- | --- | --- | | 港股代码：00981 | 港股简称：中芯国际 | | 中芯国际集成电路制造有限公司 关于2024年度开展套期保值业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示: 1 交易目的：为防范公司及下属全资或控股子公司外汇与利率风险，进 一步提高应对汇率、利率波动风险的能力，更好地规避和防范外汇汇 率、利率波动风险，增强财务稳健性，公司及子公司通过金融衍生工 具开展外汇与利率相关的套期保值工作。 交易信息：公司主要通过远期结售汇、外汇掉期、外汇期权、交叉货 币掉期、利率掉期、利率期权等产品或产品组合，选择经监管机构批 准、具有相关衍生品交易业务经营资质、信誉良好且与公司有稳定合 作关系的金融机构作为交易对手，对公司生产经营活动中所面临的汇 率与利率风险开展套期保值工作。 交易金额：公司及下属全资或控股子公司的套期保值业务计划规模不 超过公司2023年度经审计净资产的50%。套期 ...