What are the factors affecting the Q1 guidelines? Focus on improving effective production capacity? 5 billion what about capital expenditure? Let's take a look. $SMIC (00981.HK)$How do executives respond at Q4 performance meeting[key points]
1. Target: Q1 revenue is expected to grow by 15% Mur17% month-on-month, gross profit margin is expected to be 36% Murray 38%; revenue growth is expected to be better than the industry average in 2022, and capital expenditure is expected to be US $5 billion.
two。 Products: the production capacity gathers 8-inch expansion, 12-inch mature process and FinFET diversification.
3. Production expansion: the two projects in Beijing and Shenzhen are expected to be put into production by the end of the year, and the planned capacity increase for the whole year will exceed 2021.
[QA Q & A]
The Q1:Q1 guidelines expect revenue to grow by 15% muri 17% month-on-month, how much of this comes from pricing and volume, and is the price trend expected to continue to rise after Q1, or will it start to level off?
A1: we don't exactly comment on wafer pricing, we use ASP as the standardized price parameter for the whole company. We hope that the average ASP growth will be more than 10%, and we will see a 6.5% increase in total wafers in terms of quantity. With regard to price trends, we will see higher price increases in the next few quarters.
The gross profit margin of Q2:Q1 guidelines is 36% Mui 38%, slightly higher than last year's 31%. How should we model this?
A2:Q1 's forecast does have a gross margin of 36% per cent, 38 per cent. The modeling takes into account two factors, depreciation and supply chain. We have considered the additional depreciation of capital expenditure that has expanded over the past three years. The new Capex will be depreciated at Q3 and Q4. About the potential of the market and the supply chain.