SMIC expects third-quarter revenue to grow 13% to 15% quarter-on-quarter

SMIC, a leading domestic wafer foundry company, released its financial report for the second quarter of 2024 on the evening of August 8. The report showed that the company's sales revenue reached US$1.9013 billion, a year-on-year increase of 21.8% and a month-on-month increase of 8.6%, which exceeded market expectations and exceeded the company's previous forecast upper limit of a month-on-month increase of 5% to 7%. SMIC expects revenue in the third quarter to increase by 13% to 15% month-on-month, and gross profit margin is expected to be between 18% and 20%. This expectation not only reflects the company's confidence in the continued growth of market demand, but also highlights its advantages in capacity expansion and cost control.