SMIC is now the world’s second-largest pure-play foundry, second only to TSMC in terms of revenue

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IT Home reported on May 10 that SMIC released its financial report yesterday, with Q1 revenue of US$1.75 billion in 2024 (note: currently about 12.635 billion yuan), compared with US$1.462 billion in the same period last year, an increase of 19.7% year-on-year and 4.3% month-on-month.

According to the financial reports released by these two companies, its first-quarter revenue was $1.71 billion and $1.549 billion, respectively, both lower than SMIC.

This also means that SMIC has temporarily become the world’s second largest pure-play wafer foundry after TSMC. TSMC’s revenue for the first quarter of 2024 was NT$592.644 billion (currently about NT$132.16 billion, US$18.262 billion).

In the first quarter of 2024, SMIC shipped 1.79 million 8-inch equivalent wafers, up 7% QoQ. Capacity utilization was 80.8%, up four percentage points from the previous quarter.

By application, the smartphone business accounted for 31.2% of revenue, computers and tablets accounted for 17.5%, consumer electronics accounted for 30.9%, connected and wearable accounted for 13.2%, and industrial and automotive accounted for 7.2%.

Regionally, revenue came from China at 81.6%, the U.S. at 14.9%, and Eurasia at 3.5%.

SMIC said in its financial report that in the second quarter, the demand for early delivery of goods from some customers continued, and the company’s revenue guidance was a quarter-on-quarter increase of 5%~7%; Depreciation has increased quarter-on-quarter as capacity has expanded, and gross margin guidance is between 9% and 11%.

Source: IT Home China