Financial Associated Press (Shanghai, editor Chen Lihong) news, A-share total market value of more than 400 billion semiconductor wafer faucets since the August 2021 highs so far the maximum decline of nearly 35%, but the stock price recently rebounded slightly.
After today's hours, SMIC disclosed the fourth quarter of 2021 performance express in the evening, achieving a total operating income of 10.26 billion yuan, an increase of 53.8% year-on-year, a net profit of 3.415 billion yuan, an increase of 172.7% year-on-year; 2021 annual operating income of 35.631 billion yuan, net profit of 10.733 billion yuan. Based on this estimate, Q4 net profit increased by 64% sequentially.
It is worth noting that SMIC's fourth-quarter revenue was 10.26 billion yuan, compared with 9.281 billion yuan in the third quarter.
As of today's close, a total of 12 institutions have made forecasts for SMIC's 2021 annual results within 6 months, of which the estimated average net profit attributable to the mother is 8.778 billion yuan, and the estimated maximum value is 10.463 billion yuan; the net profit announced in the after-hours announcement is 10.733 billion yuan, which is 22.27% higher than the average forecast of the institution, which can be described as exceeding the expectations of the institution.
According to SMIC's main products, the icicular wafer foundry business accounts for 90.15% of the operating income.
Speaking of the main reasons for the pre-increase in performance, SMIC announced that the increase in sales revenue was mainly due to the increase in sales revenue due to the combination of higher wafer sales, higher average selling prices and changes in the product portfolio, as well as higher income from investments in associated companies and financial assets. SMIC's monthly production capacity increased from 593,000 8-inch wafers in the third quarter of 2021 to 621,000 8-inch wafers in the fourth quarter of 2021.
Zhu Jixiang of Qunyi Securities said in the research report released on November 26 that thanks to the strong demand for in-vehicle chips, HPC and 5G, while the expansion of foundry capacity has been mostly locked, it is expected that the wafer foundry boom in the fourth quarter of 2021 and even 2022 will be at a high level. As a domestic foundry leader, SMIC's tight chip supply is objectively conducive to the company's stable customer relations, and its revenue and profitability are expected to continue to increase.
According to the Tianfeng Securities Research Report, the structure of the 8-inch wafer industry chain is as follows, from the perspective of the whole industry chain, SMIC is located in the midstream, and the same wafer foundry is TSMC, UMC, Samsung and so on.
Guohai Securities Wu Jisen said in the research report released on November 16 that in the medium and long term, the downstream demand for power management, radio frequency, image signal processing and so on is strong, and SMIC has increased the layout of mature processes, which is expected to continue to benefit from the wave of local substitution, expand market share, and consolidate the leading position in the industry. According to profit forecasts and valuation estimates, it is expected that the year-on-year growth rate of net profit in 2022 will be only 8% (compared with a cliff-like decline of more than 111% in 2021).
SMIC also said it expects revenue to grow 15% to 17% sequentially in the first quarter of 2022, with gross margins ranging from 36% to 38%. In addition, capital expenditures are expected to be approximately $5 billion in 2022.
According to PE/PB-Band data, SMIC is currently at near the lowest level in history as the stock price pulls back from its high level.