SMIC’s Profit Beats Estimates On Strong Demand for Huawei Phones

Bloomberg02-06

Semiconductor Manufacturing International Corp. posted better-than-expected quarterly profit thanks to robust demand for Huawei Technologies Co.’s marquee smartphones powered by components made by the...

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LSLi
02-08
LSLi
Oh no

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Revenue totaled $1.68 billion, the company said Tuesday, versus analysts’ projection of $1.66 billion.As China’s top contract chipmaker, SMIC is capable of making advanced 7-nanometer chips that can power smartphones and laptops, though its technology is still years behind industry leader Taiwan Semiconductor Manufacturing Co.The Chinese chipmaker was instrumental in Huawei’s surprise comeback last year as it produced 7nm processors for the Mate 60 Pro smartphones. With help from SMIC, Huawei was able to return to the 5G handset market after years of US sanctions that restricted its access to advanced chips and stifled its smartphone business.Read: Huawei’s Surprise Comeback Marks New Phase in the Tech Cold WarShipments of Huawei-branded phones surged 36% in the December quarter. The Shenzhen-based company became the No.4 smartphone vendor in China and was the only major brand to gain market share in the past quarter, according to research firm IDC. Huawei was the top-selling smartphone maker in China for the first two weeks of 2024, Counterpoint Research said earlier this week.However, SMIC’s shares have shed about 25% in Hong Kong since the start of the year amid ongoing routs in the financial hub and mainland China.The majority of SMIC’s business still comes from making less sophisticated semiconductors used in a wide range of devices including home appliances and electric vehicles. Sluggish demand for those components is putting pressure on its margins, according to Bloomberg Intelligence analyst Charles Shum.What Bloomberg Intelligence Says ...The core challenge lies in stagnant demand for mature node chips within China, a reflection of a subdued consumer electronics market and a sluggish rebound in local smartphone sales. Compounding this issue is SMIC’s strategic shift toward filling capacity with lower-margin, commodity-type chips, typically characterized by smaller order volumes. This shift not only reduces average selling prices, but also exacerbates gross margin challenges.— BI analyst Charles Shum","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":271608919478432,"gmtCreate":1707348563835,"gmtModify":1707348568350,"author":{"id":"3581293549512826","authorId":"3581293549512826","name":"LSLi","avatar":"https://static.tigerbbs.com/1cd86d2afeac545f926b9576638b55a9","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3581293549512826","authorIdStr":"3581293549512826"},"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/271608919478432","repostId":1132650566,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":3,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1132650566"}