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SMIC, China's largest chipmaker, reported a 59.1% decline in second-quarter net profit on August 8, despite exceeding expectations.

SMIC posted an unaudited profit of $164.6 million for the quarter ended June 30, exceeding analysts' expectations of $103.8 million. Revenue rose by 21.8% to $1.9 billion, also beating forecasts.

The firm said it expected revenue growth to continue in the third quarter, increasing by 13 to 15 per cent from the second quarter.

According to the company's report, 36.5% of its revenue in Q2 2024 came from consumer electronics, 32% from smartphones, 13.3% from PCs and tablets, 11% from Internet and wearables, and 8.1% from industry and automobiles. From a regional perspective, 80.3% of the company’s second-quarter revenue came from China alone. In comparison, only 16% of it came from the US and only 3.7% came from Eurasia.

In terms of wafer size, 12-inch wafers accounted for 73.6% of SMIC's revenue in Q2 2024, while 8-inch wafers accounted for 26.4% of its revenue. The company’s monthly production capacity increased from 814,500 8-inch equivalent wafers in Q1 2024 to 837,000 8-inch equivalent wafers in Q2 2024.

SMIC's capacity utilization rate rose to 85.2% in Q2 2024. It sold 2.11188 million 8-inch equivalent wafers in the period, which is a month-on-month increase of 17.7% and a year-on-year increase of 50.5%. The company's capital expenditure in Q2 was US$2.2515 billion, slightly higher than US$2.2354, which was the capital expenditure in Q1.

Semiconductor Manufacturing International Corporation (SMIC，00981.HK/688981.SH) is a leading global foundry. SMIC offers semiconductor foundry and technology services to global customers with 8-inch and 12-inch wafer fabrication facilities in Shanghai, Beijing, Tianjin, and Shenzhen. Headquartered in Shanghai, China, SMIC Group also has marketing and customer service offices in the US, Europe, Japan, and Taiwan.

Editor：Vicky

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