SMIC 21Q1 financial report: an increase of 12.5% quarter-on-quarter and a year-on-year increase of 22%
Source: SMIC 2021-05-14
As of March 31, 2021, SMIC has announced its three-month unaudited results (the following data is prepared in accordance with International Financial Reporting Standards)
Sales in the first quarter of 2021 were US$1,103.6 million, an increase of 12.5% compared to US$981.1 million in the fourth quarter of 2020, and an increase of 22.0% compared to US$904.9 million in the first quarter of 2020.
Gross profit in the first quarter of 2021 was US$250.1 million, an increase of 41.5% compared to US$176.8 million in the fourth quarter of 2020, and an increase of 7.1% compared to US$233.6 million in the first quarter of 2020.
The gross profit margin in the first quarter of 2021 was 22.7%, compared with 18.0% in the fourth quarter of 2020 and 25.8% in the first quarter of 2020.
Guidelines for the second quarter of 2021
The following statements are forward-looking statements, which are based on current expectations and cover risks and uncertainties, and some of them have been clarified in future forward-looking statements. The company expects:
Quarterly revenue increased by 17% to 19% from the previous quarter.
The gross profit margin is in the range of 25% to 27%.
Dr. Yonggang Gao, Chief Financial Officer of SMIC, commented: “The company’s revenue and gross profit margin in the first quarter were higher than the guidelines, with revenue of US$1.104 billion, an increase of 12.5% from the previous quarter; gross profit margin of 22.7%, an increase of 4.7 percentage points from the previous quarter. The revenue in the second quarter is expected to grow by 17% to 19% from the previous quarter, and the gross profit margin is expected to be between 25% and 27%. Revenue in the first half of this year is expected to be approximately US$2.4 billion.
The entire market is developing positively this year. Under normal circumstances, the company should have continued its rapid growth last year. However, the company was included in the list of entities by the US government and was restricted in purchasing related products and technologies in the United States. The company still faces uncertain risks in the second half of this year. In February of this year, the company’s full-year forecast is mid-to-high single-digit growth in revenue and a gross profit margin of 10-20% in the middle. Judging from the information currently available to the company, based on the uncertainty of operating continuity that is not affected by material adverse effects, the company's annual revenue and gross profit margin are expected to exceed February's expectations. For the sake of caution, the company will not make specific scope amendments to the second half and full-year performance expectations for the time being, please understand. The company will do its best to ensure the continuity of operations and performance improvement, and to better return to shareholders. "
Dr. Haijun Zhao and Dr. Mengsong Liang, co-CEOs of SMIC commented: "The company's performance in the first half of the year is expected to exceed original expectations, and the first quarter's revenue will stand at one billion U.S. dollars. In the face of difficulties, the company has tackled difficulties precisely and made better progress. Mature. The production process will continue to be fully loaded by the end of this year, and the new production capacity will be formed mainly in the second half of the year; the first quarter revenue of the advanced process has experienced a trough and the quarter-on-quarter growth has been achieved, and the NTO has been introduced steadily."