Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is positioned as the leading domestic wafer foundry, benefiting from the AI wave and the reshaping of its scarce advanced processes [2][4] - The company is expected to see a revenue increase of approximately 27% in 2024, with a strong recovery in demand from consumer electronics and smartphones [3][30] - The company is projected to have a revenue growth rate that outpaces the industry average in 2025, with a quarter-on-quarter revenue increase of 6-8% expected in Q1 2025 [3][6] Summary by Sections Company Overview - The company is the most advanced and largest wafer foundry in mainland China, with a total capacity of approximately 421,000 wafers per month (equivalent to 12-inch) by the end of 2024 [4][20] - The company has multiple production bases in Shanghai, Beijing, Shenzhen, and Tianjin, and is currently expanding its production lines [4][20] Financial Performance - The total revenue for 2023 is projected at 45.25 billion yuan, with a year-on-year decline of 8.6%. However, revenue is expected to grow to 57.80 billion yuan in 2024, representing a 27.7% increase [3][30] - The net profit attributable to the parent company is forecasted to be 3.687 billion yuan in 2024, down 23.5% from the previous year, but is expected to recover to 4.937 billion yuan in 2025, a growth of 33.9% [3][30] Market Dynamics - The AI wave is expected to significantly increase the demand for high-performance computing, with the Chinese smart computing scale projected to reach 1,037.3 EFLOPS by 2025, growing at a compound annual growth rate of 46.2% from 2023 to 2028 [18][20] - The company is well-positioned to benefit from the return of domestic advanced manufacturing capabilities due to increased export controls from the U.S. on semiconductor technologies [20][21] Growth Prospects - The company anticipates a strong recovery in demand across various sectors, including consumer electronics, smartphones, and automotive applications, driven by government subsidies and AI innovations [30][31] - The revenue from the consumer electronics segment is expected to grow significantly, with projections of 195.84 billion yuan in 2024, reflecting a year-on-year increase of 92.11% [30][31]

| 股代码：688981 A | 股简称：中芯国际 A | 公告编号：2025-004 | | --- | --- | --- | | 港股代码：00981 | 港股简称：中芯国际 | | 华夏上证科创板 50 成份交易型开放式指数证券投资基金 关于所持中芯国际集成电路制造有限公司境内股票变动 的提示性公告 信息披露义务人华夏基金管理有限公司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、准确和完整依法承担法律责任。 重要内容提示： 本公告是根据中国证监会《创新企业境内发行股票或存托凭证上市后持 续监管实施办法（试行）》第四章第二节的规定披露的提示性公告。 本次变动数量：2,810,281 股。 本次变动后，华夏基金管理有限公司（以下简称"信息披露义务人"） 旗下华夏上证科创板 50 成份交易型开放式指数证券投资基金持有中芯国际集成 电路制造有限公司（以下简称"公司"或"上市公司"）境内股票 98,599,124 股， 占公司境内总股本的比例为 4.96%，占公司总股本的比例为 1.24%。 华夏上证科创板 50 成份交易型开放式指数证券投资基金（以下简称"本 基金"）为在上海证 ...

Core Viewpoint - The rumors regarding price cuts by SMIC to gain market share have been debunked, as the company has maintained stable pricing while increasing production capacity and meeting market demand [1][5]. Financial Performance - In Q4 2024, SMIC achieved sales revenue of over $2.2 billion, marking a 1.7% quarter-on-quarter increase, with a gross margin of 22.6%, up 2.1 percentage points [1]. - For the entire year of 2024, SMIC's sales revenue reached $8.03 billion, a 27% year-on-year increase, setting a historical record, while the gross margin was 18.0%, down 1.3 percentage points due to rising depreciation [2]. - The average selling price in Q4 increased by 6% quarter-on-quarter, counteracting the impact of decreased shipments and rising depreciation on revenue and gross margin [1][2]. Production and Capacity - SMIC's production capacity utilization rate remained at 85.5% in Q4, with a total of 1.991761 million 8-inch wafers sold [1]. - The company added 28,000 pieces of 12-inch capacity in Q4, optimizing its product mix [1]. - By the end of 2024, SMIC's 8-inch standard logic monthly production capacity was 948,000 pieces, with total shipments exceeding 8 million pieces [2]. Market Demand and Trends - The demand for 28nm and 40nm nodes remains strong, particularly in automotive electronics, IoT, and smart hardware sectors, indicating a supply-demand imbalance rather than oversupply [3]. - The company anticipates a positive outlook for Q1 2025, with expected sales revenue growth of 6%-8% and a gross margin between 19%-21% [3]. - There is a notable trend of industries transitioning to domestic supply chains, with some products entering mass production [3]. Strategic Insights - SMIC aims to enhance its core competitiveness through leading technology and strategic pricing, avoiding proactive price cuts while being prepared to face price competition with strategic customers when necessary [5]. - The company emphasizes that technological innovation and capacity optimization are key to sustainable development in the wafer foundry industry, moving away from price-cutting as a competitive strategy [5].

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： 2025年2月17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 。 FF305 | 8). | 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 | 1,000 | 0.00001 % | 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 | 2025年2月5日 | | | | | | 9). | 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 | 6, ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a record high revenue of $2.207 billion in Q4 2024, with a quarter-over-quarter growth of 1.7%, while the net profit attributable to shareholders was $493 million, a year-over-year decrease of 45.4% due to declines in investment and financial income [4] - The company’s A-share forecast for 2024 indicates a revenue of 15.917 billion yuan, a year-over-year increase of 31%, with a gross margin of 21.1% [5] - The company’s overall capacity utilization rate for Q4 2024 was 85.5%, with an average selling price (ASP) of $1,108 per wafer, reflecting an 8.3% increase due to product mix changes [7] - The company expects Q1 2025 sales revenue to be between $2.34 billion and $2.38 billion, representing a quarter-over-quarter increase of 6% to 8% [7] - The report adjusts the profit forecast for 2024-2026, projecting net profits of 3.699 billion yuan, 6.055 billion yuan, and 7.544 billion yuan respectively, with corresponding price-to-earnings ratios of 214, 131, and 105 [7] Financial Data Summary - The company’s total revenue for 2024 is projected at 57.796 billion yuan, with a year-over-year growth rate of 27.7% [6] - The gross margin for 2024 is expected to be 19.3%, with a return on equity (ROE) of 2.5% [6] - The company’s net profit for 2024 is forecasted to be 3.699 billion yuan, a decline of 23.3% year-over-year [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 114.63 CNY [2][5][9] Core Insights - The company is expected to see a recovery in downstream demand, leading to continuous capacity expansion, with the first quarter of 2025 not being a traditional off-season [1][8] - The forecasted net profit attributable to the parent company for 2024-2026 is 37.0 billion, 56.1 billion, and 71.0 billion CNY respectively, reflecting adjustments in tax rates and minority interests [2][9] Financial Performance Summary - **Revenue**: The company reported revenues of 49,516 million CNY in 2022, with a projected increase to 57,796 million CNY in 2024, representing a growth of 28% [4][15] - **Net Profit**: The net profit attributable to the parent company is expected to decline from 12,133 million CNY in 2022 to 3,699 million CNY in 2024, before recovering to 5,614 million CNY in 2025 [4][15] - **Earnings Per Share (EPS)**: EPS is projected to decrease from 1.52 CNY in 2022 to 0.46 CNY in 2024, with a recovery to 0.70 CNY in 2025 [4][15] - **Gross Margin**: The gross margin is expected to decline from 38.3% in 2022 to 18.6% in 2024, before improving to 20.7% in 2025 [4][15] - **Net Margin**: The net margin is projected to decrease from 24.5% in 2022 to 6.4% in 2024, with a slight recovery to 7.9% in 2025 [4][15] Capacity and Market Outlook - The company plans to accelerate capacity expansion, with a projected capital expenditure of 73.3 billion USD in 2024, aiming for a monthly capacity of 948,000 8-inch wafers by the end of the year, an 18% increase from 2023 [8][9] - The average capacity utilization rate is expected to improve to 85.6% in 2024, up by approximately 11 percentage points from the previous year [8][9] - Downstream demand is anticipated to improve due to national consumption stimulus policies, leading to increased inventory replenishment by customers [8][9]

Investment Rating - The report maintains a "Buy" rating for the company, with an upgraded target price of HKD 55.6 for the Hong Kong stock and RMB 120.1 for the A-share, indicating potential upside of 15.8% and 15.2% respectively [2][4]. Core Insights - The company is experiencing a continuous improvement in gross margin, with Q4 2024 revenue reaching USD 2.207 billion, a 32% year-on-year increase, and a gross margin of 22.6%, exceeding market expectations [3][11]. - The company anticipates a strong order demand for the first half of 2025, driven by domestic subsidies for consumer electronics and geopolitical factors leading to preemptive orders [2][3]. - The long-term outlook remains optimistic due to domestic demand for localization and the company's competitive advantages in the semiconductor industry [2][4]. Financial Performance Summary - Q4 2024 revenue was USD 2.207 billion, with a gross profit of USD 499 million, resulting in a gross margin of 22.6%, which is a 6.2 percentage point increase year-on-year [11]. - The company expects Q1 2025 revenue to be around USD 2.362 billion, reflecting a 35% year-on-year growth [12]. - The projected revenue for 2025 is USD 9.764 billion, with a gross margin forecasted to improve to 19.7% [5][13]. Earnings Forecast Summary - The company’s net profit for 2024 is projected to be USD 493 million, with a significant increase to USD 829 million in 2025, representing a 68% growth [5][13]. - Basic earnings per share are expected to rise from USD 0.06 in 2024 to USD 0.10 in 2025 [5][13]. - The EBITDA for 2025 is forecasted at USD 5.246 billion, with an EV/EBITDA multiple of 15.9x [4][14]. Market Position and Valuation - The company is positioned favorably within the semiconductor industry, with a projected EV/EBITDA of 15.9x for 2025, indicating potential for valuation upside [4][14]. - The report highlights the competitive landscape, noting that while there is pressure from new capacity in the semiconductor foundry sector, the company maintains a strong market position [2][4].

Group 1 - Alibaba's stock surged in Hong Kong, reaching a peak increase of 9.1%, the highest since January 2022, with a year-to-date increase of 41.63% and a trading volume of 400.6 billion HKD on February 13 [1][2] - The collaboration between Alibaba and Apple to advance AI large model technology has been confirmed, enhancing market confidence in Alibaba's innovative capabilities [2][5] - The overall performance of Chinese tech stocks, including Alibaba, has been buoyed by a recovery in the Chinese economy and advancements in AI technology, leading to a significant rise in the Nasdaq Golden Dragon Index [7][8] Group 2 - Alibaba's innovative business developments, such as the commercialization of Xianyu and integration of AI technologies, are crucial for capturing the AI wave and attracting younger consumers [4][3] - The company has repurchased shares worth 1.3 billion USD in Q4 2024, totaling 16 billion USD for the entire year, reflecting strong confidence in the current market environment [4] - Analysts maintain a strong recommendation for Alibaba, citing its competitive edge in AI and potential for growth in the cloud services sector [5][6]

Investment Rating - The report maintains a "Buy" rating for both the A-shares and H-shares of the company [7]. Core Views - The company is expected to benefit from strong revenue guidance for Q1 2025, driven by supply chain security considerations and national consumption stimulus policies, leading to increased customer orders [1][3]. - The company anticipates a robust performance in H1 2025, supported by national consumption stimulus policies and the return of the industry chain, particularly in the automotive and AI sectors [3]. - The report highlights the strong growth in the Chinese market, with local manufacturing driving significant revenue increases [2]. Revenue and Profitability - In Q4 2024, the company reported revenue of $2.207 billion, a year-on-year increase of 32% and a quarter-on-quarter increase of 1.7% [1]. - The gross margin for Q4 2024 was 22.6%, exceeding previous guidance and market expectations [1]. - The company expects Q1 2025 revenue to grow by 6% to 8% quarter-on-quarter, translating to $2.334 to $2.378 billion, which is a year-on-year increase of 34% to 36% [1]. Market Segmentation - In Q4 2024, the revenue breakdown by application showed that smartphones, computers and tablets, consumer electronics, and industrial and automotive sectors contributed 24.2%, 19.1%, 40.2%, 8.3%, and 8.2% respectively to wafer revenue [2]. - The 12-inch wafer revenue accounted for 80.6% of total wafer revenue in Q4 2024, reflecting a year-on-year increase of 6.4 percentage points [2]. Capacity and Capital Expenditure - The company plans to maintain its capital expenditure at $7.33 billion in 2024, with a similar forecast for 2025, which is expected to support key capacity construction [4]. - The utilization rate for Q4 2024 was 85.5%, showing a year-on-year increase of 8.7 percentage points [4]. Profit Forecast and Valuation - The report raises the profit forecast for the company, projecting a net profit of $795 million for 2025, representing a year-on-year growth of 61% [5]. - The price-to-book ratio for the company's H-shares is projected at 2.2x for 2025 and 2.1x for 2026 [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 123.7 CNY or 53.5 HKD [2][7]. Core Insights - The company reported a sales revenue of 15.917 billion CNY in Q4 2024, showing a year-on-year increase of 31.0% and a quarter-on-quarter increase of 2.0%, exceeding previous guidance [7]. - The gross margin for Q4 2024 was 21.1%, higher than the prior guidance of 18-20% [7]. - For Q1 2025, the company expects a sales revenue growth of 6-8% and a gross margin between 19-21% [7]. - The automotive industry is experiencing accelerated domestic production, and consumer demand is becoming clearer, with significant contributions from various sectors [7]. - The company is positioned to benefit from the increasing demand for advanced process manufacturing capabilities, particularly in the AI era [7]. Financial Summary - Total revenue is projected to grow from 45.25 billion CNY in 2023 to 57.80 billion CNY in 2024, representing a year-on-year growth rate of 27.7% [3][8]. - The net profit attributable to the parent company is expected to decline from 4.82 billion CNY in 2023 to 3.70 billion CNY in 2024, with a significant recovery anticipated in 2025 [3][8]. - Earnings per share (EPS) is forecasted to be 0.46 CNY in 2024, increasing to 0.74 CNY in 2025 and 0.91 CNY in 2026 [3][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 173 in 2023 to 141 in 2025, indicating an improvement in valuation [3][8]. Market Position and Strategy - The company is recognized as a leading domestic foundry, benefiting from the strategic importance of wafer fabrication in the current market environment [7]. - The report highlights the company's ability to adapt to changing market demands and its focus on enhancing product mix to improve average selling prices (ASP) [7]. - The anticipated capital expenditures for 2025 are expected to remain stable compared to 2024, indicating a cautious yet optimistic growth strategy [7].