On Thursday,Watch Power Chinese chip foundry SMIC reported record-high annual revenue of RMB 57.8 billion ($8.07 billion), a 27.7% year-on-year increase. The gross margin was 18.6%, and capacity utilization stood at 85.6%, according to its 2024 fiscal year financial report. However, net profit attributable to shareholders fell 23.3% year-on-year to RMB 3.7 billion ($520 million), with earnings per share at RMB 0.46 ($0.064). The number of wafers sold, converted to an 8-inch standard, reached 8.021 million units, up 36.7% year-on-year, while the average selling price declined to RMB 6,639 ($927.31). SMIC’s management noted a 2024 recovery in the global semiconductor industry, driven by demand for intelligent and high-performance computing. The company added that automotive chip inventory adjustments slowed but said it expects growing competition and external uncertainties in 2025. [Icsmart, in Chinese]
