SMIC: wafer sales prices rise to boost performance contract liabilities increased by 647% year-on-year

SMIC, the leading wafer manufacturer in China, released its semi-annual financial report on the evening of August 27. In the first half of the year, the company achieved revenue of 16.09 billion yuan and net profit of 5.241 billion yuan, an increase of 22.3% and 278.1% respectively over the same period last year. The non-net profit was 2.339 billion yuan, an increase of 331.6% over the same period last year, and the gross profit margin was 26.7%, an increase of 3.2% over the same period last year.

SMIC said that the revenue growth in the first half of the year was mainly due to the increase in the number of wafers sold and the average selling price. Among them, the company sold about 3.3 million 8-inch wafers, an increase of 16.2% over the same period last year. The average selling price of wafers is 4390 yuan, up 6% from the same period last year.

"recurrent epidemics, residential economy, and the demand for the Internet of everything continue to bring market opportunities to our chip industry. The market demand mainly comes from the original stock demand, the upgrading of 5G Internet of things and other products, as well as the incremental market brought about by the transfer of industry shape. " Zhao Haijun, co-CEO of SMIC, pointed out in the second-quarter results presentation.

Revenue by sales region, the combined revenue of mainland China and Hong Kong accounted for 59.6% in the first half of the year, down 4.3 percentage points from the same period last year, the same as the data at the end of the last two years. The two major regions of North America, Europe and Asia accounted for 25.3% and 15.1% of revenue, respectively.

In terms of application classification, 33.2% of revenue in the smartphone sector is still the largest product application direction, but it is down 14.3% from the same period last year. Other areas jumped to second place by 12 percentage points year-on-year to 30.7%; in terms of technology nodes, the combined revenue of the two mature processes 55max 65nm and 40max 45nm accounted for 46.7%, the same as in the same period last year. FinFET/28 nano accounted for 11.1% of revenue, a year-on-year increase of 2.7%.

The company explained, "in the case of limited production capacity, we adhere to the consistent principle of capacity allocation, giving priority to meeting the needs of long-term strategic customers, and then high-priced, high-margin products as well as customer important products." The demand of each market segment grows rapidly in the first half of this year, and it mainly focuses on RF and MCU, high-voltage driver and ISP in the mature process. "

It is worth noting that SMIC's contract debt in the first half of the year was 5.213 billion yuan, an increase of 647% over the same period last year, with revenue accounting for 32.45%, an increase of 27.1% over the same period last year; inventory of 6.282 billion yuan, an increase of 33% over the same period last year, and revenue accounted for 39.04% of the current period, up 3 percentage points from the same period last year.

In R & D, the company's Fin FET and other advanced process derivative platforms have been steadily introduced into customers' characteristic process technologies such as, NAND Flash storage technology for mass production, 55nm and 40nm high voltage display drive platforms have entered risk mass production, and other projects such as special storage technology and image sensing technology are also in steady progress.

A reporter from Science and Technology Innovation Board Daily noted that SMIC's R & D investment has weakened compared with the same period last year. In the first half of the year, the company invested 1.937 billion yuan in R & D, down 15% from the The rate of R & D expenditure was 12%, a decrease of 5.3% over the same period last year. The company said that it is mainly due to urgent customer demand, focusing on increasing production capacity and slowing down the progress of the project.

Citic Construction Investment Liu Shuangfeng team believes that at present, semiconductors are still in a high demeanor and tight supply and demand, and there are no signs of capacity easing or loosening in the second half of the year. The company may continue to benefit from the high demeanor of the industry and achieve higher growth momentum and sustainability than the industry.

* * as for shareholders, there has been a decline in the number of shareholder households and a differentiation in institutional shareholding.

* * as of June 30, SMIC had 360000 shareholders, down 3.38 per cent from a year earlier. Nuoan growth Fund and Galaxy Innovation growth Fund, headed by "chip number one" Cai Songsong, reduced their holdings by 7.77 million shares and 1.2 million shares respectively, reducing their holdings for two consecutive quarters. The League of Nations Huirui No. 12 single asset management plan has newly entered the top 10 tradable shares, accounting for 1.91% of the total.