On May 10, SMIC released its financial report for the first quarter of 2024, with sales revenue reaching $1.75 billion, an increase of 4.3% quarter-on-quarter, a year-on-year increase of 19.7%, and a gross profit margin of 13.7%, both exceeding guidance.
Most notably, this is also the first time that SMIC's quarterly revenue has surpassed that of UMC and GF, which are lower than SMIC's first-quarter revenues of $1.71 billion and $1.549 billion, respectively, according to their financial reports.
This also means that SMIC has temporarily become the world's second largest pure-play wafer foundry after TSMC.
By application, 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%.
In terms of regional revenue contribution, China accounted for the highest proportion of 81.6%, the United States accounted for 14.9%, and Eurasia accounted for 3.5%.
In terms of wafer size classification, 12-inch wafer revenue accounted for 75.6%, and 8-inch wafer revenue accounted for 24.4%.
At the same time, SMIC's monthly production capacity has also increased, from 805,500 8-inch wafer equivalent in the fourth quarter of 2023 to 814,500 in the first quarter of 2024.
For the second quarter, SMIC expects sales revenue to continue to grow 5% to 7% sequentially, with gross margin guidance in the range of 9% to 11%.
The company's full-year sales revenue growth target exceeds the average of comparable peers, provided that there are no significant changes in the external environment.