华鑫证券表示，中芯国际作为中国大陆集成电路制造业领导者和世界领先的集成电路晶圆代工企业之一，稀缺性和重要性不言而喻。公司Q3收入环比+14%，达到21.7亿美元，首次站上单季20亿美元台阶，创历史新高。产能方面，公司新增2.1万片12英寸月产能，促进产品结构进一步优化，平均销售单价上升。整体产能利用率提升至90.4%，毛利率提升至20.5%。根据公司指引，公司四季度收入环比持平至增长2%，毛利率介于18%至20%之间。Some semiconductor stocks are rebounding. As of the time of writing, Semiconductor Manufacturing International Corporation (00981) is up 3.45%, priced at 30 HKD; SHANGHAI FUDAN (01385) is up 1.4%, priced at 14.52 HKD; SOLOMON SYSTECH (02878) is up 1.06%, priced at 0.475 HKD.
According to Zhitong Finance APP, some semiconductor stocks are rebounding. As of the time of writing, Semiconductor Manufacturing International Corporation (00981) is up 3.45%, trading at 30 Hong Kong dollars; SHANGHAI FUDAN (01385) is up 1.4%, trading at 14.52 Hong Kong dollars; SOLOMON SYSTECH (02878) is up 1.06%, trading at 0.475 Hong Kong dollars; HUA HONG SEMI (01347) is up 0.99%, trading at 20.4 Hong Kong dollars.
Guokai Securities pointed out that looking ahead to the full year of 2025, strong drivers from AI and the innovation industry are expected to continue. At the same time, consumer subsidy policies combined with a new round of innovation cycle are likely to lead to gradual improvement in terminal demand. As an important engine of new productive forces, semiconductors are expected to remain a market hotspot theme in 2025, even though the external environment may face intensified technological competition among major powers. However, domestic policies will provide support in various dimensions including finance, fiscal, and industry. The industrial structure and industry landscape will be continuously optimized through mergers and reorganizations. It is suggested to pay attention to advanced packaging and storage leaders, which are expected to further open up growth space driven by AI, as well as semiconductor equipment sectors that benefit fully from domestic substitution and have strong performance certainty.
Huaxin Securities stated that Semiconductor Manufacturing International Corporation, as a leader in the integrated circuit manufacturing industry in mainland China and one of the world's leading integrated circuit wafer foundry companies, is undeniably scarce and important. The company's Q3 revenue increased by 14% quarter-on-quarter, reaching 2.17 billion USD, marking the first time it has crossed the 2 billion USD mark in a single quarter, setting a historical record. In terms of production capacity, the company added 0.021 million pieces of 12-inch monthly production capacity, promoting further optimization of product structure and an increase in average selling price. Overall capacity utilization rose to 90.4%, and gross margin increased to 20.5%. According to the company's guidance, revenue in the fourth quarter is expected to remain flat to increase by 2% quarter-on-quarter, with a gross margin between 18% and 20%.
