SMIC Reports 2023 Second Quarter Results
All currency figures stated in this report are in US Dollars unless stated otherwise.
The consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
SHANGHAI, Aug. 10, 2023 /PRNewswire/ -- Semiconductor Manufacturing International Corporation (SEHK: 00981; SSE STAR MARKET: 688981) ("SMIC", the "Company" or "we"), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended June 30, 2023.
2023 Second Quarter Highlights
- Revenue was $1,560.4 million in 2Q23, compared to $1,462.3 million in 1Q23, and $1,903.2 million in 2Q22.
- Gross profit was $316.5 million in 2Q23, compared to $304.7 million in 1Q23, and $750.5 million in 2Q22.
- Gross margin was 20.3% in 2Q23, compared to 20.8% in 1Q23 and 39.4% in 2Q22.
Third Quarter 2023 Guidance
The Company expects (in accordance with IFRS):
- Revenue to increase by 3% to 5% QoQ.
- Gross margin to range from 18% to 20%.
The Management Comments
In the second quarter of 2023, the Company's revenue increased by 6.7% sequentially to $1.56 billion, and gross margin declined 0.5 percentage points to 20.3%. The capacity demand of 12-inch were relatively full, while the customer demand of 8-inch were weak. The utilization rate for 8-inch was lower than 12-inch, but still better than the industry average.
Third quarter's revenue is expected to grow by 3%-5% sequentially, and gross margin is expected to be in the range of 18%-20%. Shipments are expected to continue to increase in the third quarter, meanwhile, the depreciation will also continue to increase. The Company's revenue in the second half of the year is expected to be better than that in the first half.
We will continue to strengthen our technology R&D and platform development, verify new products quickly, arrange the supporting capacity as soon as possible, and fully prepare for the next round of growth cycle.
To see the complete results including financial tables, please click here:
https://www.smics.com/uploads/64d4aaba/ER_EN.pdf
Date: Friday, August 11, 2023
Time: 8:30 A.M. - 9:30 A.M.
WEBCAST
The call will be webcast live at:
https://edge.media-server.com/mmc/p/bpmmcrkk
CONFERENCE CALL
Please register in advance for the conference call at:
https://register.vevent.com/register/BI3f07d2f157614c628c463c26f4cea116
REPLAY
Recording will be available 1 hour after the event and it will be archived for 12 months.
https://www.smics.com/en/site/company_financialSummary
About SMIC
Semiconductor Manufacturing International Corporation (SEHK: 00981; SSE STAR MARKET: 688981) and its subsidiaries is one of the leading foundries in the world and is the front runner in manufacturing capability, manufacturing scale, and comprehensive service in the Chinese Mainland. SMIC Group provides semiconductor foundry and technology services to global customers on 0.35 micron to FinFET process node technologies. Headquartered in Shanghai, China, SMIC Group has an international manufacturing and service base, with three 8-inch wafer fabrication facilities ("fabs") and four 12-inch fabs in Shanghai, Beijing, Tianjin and Shenzhen, and three 12-inch fabs under construction in Shanghai, Beijing and Tianjin. SMIC Group also has marketing and customer service offices in the U.S., Europe, Japan, and Taiwan, China, and a representative office in Hong Kong, China.
For more information, please visit www.smics.com.
Forward-Looking Statements
This release contains, in addition to historical information, forward-looking statements. These forward-looking statements are based on SMIC's current assumptions, expectations, beliefs, plans, objectives, and projections about future events or performance. SMIC uses words including but not limited to "believe", "anticipate", "intend", "estimate", "expect", "project", "target", "going forward", "continue", "ought to", "may", "seek", "should", "plan", "could", "vision", "goal", "aim", "aspire", "objective", "schedule", "outlook" and other similar expressions to identify forward looking statements. These forward-looking statements are estimates made by SMIC's senior management based on their best judgment and involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, risks associated with cyclicality and market conditions in the semiconductor industry, intense competition in the semiconductor industry, timely wafer acceptance by SMIC's customers, timely introduction of new technologies, SMIC's ability to ramp new products into volume, supply and demand for semiconductor foundry services, shortages in equipment, parts, raw materials, software and their service supports, orders or judgments from pending litigation, intellectual property litigation in the semiconductor industry, general economic conditions, fluctuations in currency exchange rates and the risk of geopolitics.
Contact:
Investor Relations
+86-21-2081- 2800
SOURCE SMIC
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