Stock Track | SMIC Soars 6% on Strong Earnings, Upbeat Outlook, and Recovery in Chip Demand

Stock Track

Nov 08, 2024

Shares of Semiconductor Manufacturing International Corp (SMIC), China's largest chipmaker, surged 6.19% on Thursday, propelled by the company's robust third-quarter earnings, upbeat fourth-quarter guidance, and analysts' bullish projections for its 2024 revenue growth.

SMIC reported a 58.3% year-over-year increase in its third-quarter net profit, reaching $148.8 million, as the semiconductor sector showed signs of recovery after a prolonged downturn since late 2022. The chipmaker's revenue for the quarter grew 34% to $2.17 billion, in line with market expectations, while its gross profit margin of 20.5% exceeded analysts' estimates.

Looking ahead, SMIC provided an optimistic forecast, estimating its fourth-quarter gross margin to range between 18% and 20%, with revenue expected to be flat or rise up to 2% from the previous quarter. Analysts at Bocom International expressed confidence in SMIC's prospects, projecting a 26% revenue growth for the company in 2024, driven by robust demand for its 12-inch wafers from the recovering consumer electronics sector.

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The chipmaker's revenue for the quarter grew 34% to $2.17 billion, in line with market expectations, while its gross profit margin of 20.5% exceeded analysts' estimates.</p>\n\n<p>Looking ahead, SMIC provided an optimistic forecast, estimating its fourth-quarter gross margin to range between 18% and 20%, with revenue expected to be flat or rise up to 2% from the previous quarter. Analysts at Bocom International expressed confidence in SMIC's prospects, projecting a 26% revenue growth for the company in 2024, driven by robust demand for its 12-inch wafers from the recovering consumer electronics sector.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00981","symbol_name":"中芯国际","start_time":0,"source_url":"","article_id":"1178019523","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1178019523","pubTimestamp":1731051457,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Semiconductor Manufacturing International Corp , China's largest chipmaker, surged 6.19% on Thursday, propelled by the company's robust third-quarter earnings, upbeat fourth-quarter guidance, and analysts' bullish projections for its 2024 revenue growth.SMIC reported a 58.3% year-over-year increase in its third-quarter net profit, reaching $148.8 million, as the semiconductor sector showed signs of recovery after a prolonged downturn since late 2022. The chipmaker's revenue for the qua","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"00981":"中芯国际"},"translate_title":"股票赛道中芯国际因强劲盈利、乐观前景和芯片需求复苏而飙升6%","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00981":1},"content_text":"Shares of Semiconductor Manufacturing International Corp (SMIC), China's largest chipmaker, surged 6.19% on Thursday, propelled by the company's robust third-quarter earnings, upbeat fourth-quarter guidance, and analysts' bullish projections for its 2024 revenue growth.\nSMIC reported a 58.3% year-over-year increase in its third-quarter net profit, reaching $148.8 million, as the semiconductor sector showed signs of recovery after a prolonged downturn since late 2022. 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