SMIC reports Q3 2021 results, production continuity broadly stable, full-year revenue growth target raised to ~39%

SMIC posted third-quarter revenue of RMB 9.28 billion, up 21.5% year-on-year, and net profit of RMB 2.077 billion, up 22.6% year-on-year. Revenue for the fourth quarter is expected to grow 11% to 13% quarter-on-quarter, with a gross margin of between 31% and 33%.

In its third-quarter report, SMIC said, “Looking ahead to next year, we believe that the overall market boom will remain positive and that the company is unlikely to meet our customers’ demand in terms of production capacity next year. Building on the rapid growth this year, the company’s revenue growth next year is expected to be no less than the industry average.

Facing the complex situation, we have always complied with the rules and overcome the difficulties with a spirit of truthfulness and pragmatism, with strong resilience, firm strategic determination, and precise work strategies, and our performance this year has improved significantly compared with the forecasts at the beginning of the year.

In the third quarter, we achieved record revenue and gross profit margin of $1,415 million, up 5.3% from the previous quarter and 30.7% from a year ago, and a gross profit margin of 33.1%, up 3.0 percentage points from the previous quarter and 8.9 percentage points from a year ago.

Growth momentum is expected to continue in the fourth quarter, with sequential sales growth of 11% to 13% and gross margin expected to be between 33% and 35%. Based on the results of the first three quarters and the forecasts for the fourth quarter, the Company’s full-year sales growth target has been further revised upwards to around 39%, while the gross margin target remains at around 30%.

SMIC, SMIC reports Q3 2021 results, production continuity broadly stable, full-year revenue growth target raised to ~39%, Optocrypto

Meet David, the visionary CEO of Optocrypto, a dynamic leader at the forefront of technological innovation. With an unwavering passion for the ever-evolving world of technology, David is dedicated to unraveling the myriad benefits of the latest advancements. As a seasoned professional, he brings a wealth of expertise to the table, steering Optocrypto toward new heights of success.