中芯国际2023年一季度财务简报-英-15页_968kb

SMIC Q1 2023 Financial Performance Summary

Key Financial Metrics

• Revenue: $1,462.3 million (QoQ: -9.8% YoY: -20.6% YoY)
• Gross Margin: 20.8% (YoY: -19.9% YoQ: -11.2%)
• Profit from Operations: $83 million (YoY: -84.5% YoQ: -70.5%)
• Profit Attributable to SMIC: $231 million (YoY: -48.3% YoQ: -40.1%)
• EBITDA: $951 million (YoY: -7.5% YoQ: -10.6%)

Factors Influencing Performance

• Decrease in wafer shipments led to revenue decline.
• Lower R&D and G&A expenses due to reduced activities and startup cost decreases.
• Gross margin pressure due to lower capacity utilization and shipments.

Segment Insights

• Geographical Distribution: China remains the primary revenue source (75.4%), followed by America and Eurasia.
• Application Segments: Smartphone segment experienced the largest revenue decline in shipments, while IoT saw relative growth.
• Wafer Size: 12-inch wafers saw the highest revenue growth compared to 8-inch wafers.

Capacity and Utilization

• Wafer shipments in Q1 2023 were significantly lower than Q4 2022 (1.25 million vs. 1.57 million).
• Capacity utilization rate decreased due to overall demand downturn.

Outlook and Guidance

• Q2 2023: Revenue expected to increase by 5-7% QoQ; Gross Margin targeted between 19-21%.
• 2023 Capex: Planned to remain roughly flat from 2022.

Balance Sheet and Financial Position

• Net debt increased due to higher borrowings and lease liabilities.
• Free cash flow improved but was insufficient to cover investments.

Forward-Looking Notes

• The financials reflect semiconductor industry-wide challenges including market cyclicality, intense competition, and geopolitical risks.
• The company remains cautious about future performance due to ongoing uncertainties.

Contact: ir@smics.com