中芯国际：公司点评报告：Q3指引超预期，12寸加速扩产

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$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$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].