SMIC: 2Q20 revenue of US$938.5 million and net profit of US$138 million

SMIC: 2Q20 revenue of US$938.5 million and net profit of US$138 million

On August 6, 2020, SMIC announced its second quarter results for the three months ended June 30, 2020:

Second quarter revenue was $938.5 million, compared with market expectations of $944.8 million.

Net profit was $138 million, the market expected $95.19 million, and the profit in the same period last year was $18.54 million;

Gross profit was US$249 million, up 6.4% from the previous month and 64.5% from the previous year; gross profit margin was 26.5%, while the market estimate was 26.2%;

Earnings per share were $0.02, in line with market expectations and $0 in the same period last year.

In addition, SMIC said that in the second quarter, there was strong demand for mature technology application platforms, consumer electronics revenue grew significantly, and advanced process business progressed steadily. The company's capacity utilization rate remained high, and the expansion of capacity will be gradually released, and revenue is expected to continue to grow in the third quarter.

In terms of third-quarter guidance, SMIC expects third-quarter revenue to increase by 1%-3% month-on-month ; gross profit margin to be between 19% and 21%; non-IFRS operating expenses to be between US$220 million and US$235 million; and losses borne by non-controlling interests to be between US$0 and US$10 million.

Dr. Haijun Zhao and Dr. Mengsong Liang, co-CEOs of SMIC, commented on the financial report: "Although the macro environment is still changing, chip demand remains strong. The company achieved another success in the second quarter: revenue reached US$938 million, a 4% increase from the previous quarter and a 19% increase from the previous year; the profit attributable to the company was US$138 million, a record high for a single quarter.

In the second quarter, there was strong demand for mature technology application platforms, consumer electronics revenue grew significantly, and advanced process business progressed steadily. The company's capacity utilization rate remained high, and the expansion of capacity will be gradually released. It is expected that revenue will continue to grow in the third quarter. The company is committed to innovation and development, seizing the opportunities of domestic and international dual circulation, providing more high-quality products and services to more domestic and overseas customers, and promoting the company's continuous growth. "

Second Quarter Operating Results Summary

via Futu NiuNiu

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