SMIC Q1 revenue increased by 57.47% year-on-year, net profit grew by 48.89% | Earnings Report

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SMIC Semiconductor announced that its revenue for the first quarter was 325 million yuan, a year-on-year increase of 57.47%; net profit was 51.2484 million yuan, a year-on-year increase of 48.89%. Net profit excluding non-recurring items was 69.0405 million yuan, a year-on-year increase of 111.91%.

The performance changes were mainly due to increased shipments and optimized product structure. This period’s shipments were about 1.2 billion units, an increase of 320 million units compared to the same period last year, up about 38% year-on-year. Among them, the MO and M0+ series products, which have higher unit value, grew by about 48%, exceeding the overall growth rate of the company’s products. The increase in gross profit margin was mainly affected by price increases resulting from supply and demand dynamics. Tight upstream production capacity led to a structural shortage of supply for the company’s products and an increase in unfulfilled orders, which was passed on to the sales side, pushing up product prices. In addition, due to the company’s previous strategic stocking, cost pressure was delayed, further supporting the improvement in gross margin.

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