SMIC Reports 2017 Fourth Quarter Results

 

  • Revenue increased by 2.3% QoQ from $769.7 million in 3Q17 to $787.2 million in 4Q17 mainly due to an increase of wafer shipment in 4Q17.
  • Cost of sales was $638.7 million in 4Q17, an increase of 7.8% QoQ from $592.4 million in 3Q17.
  • Gross profit was $148.5 million in 4Q17, a decrease of 16.2% QoQ from $177.3 million in 3Q17.
  • Gross margin was 18.9% in 4Q17, as compared to 23.0% in 3Q17, primarily due to a product-mix change in 4Q17.
  • Operating expenses were $145.3 million in 4Q17, a decrease of 6.0% QoQ from $154.6 million in 3Q17, mainly due to the reasons stated in Operating Expenses (Income) Analysis below.
  • Other income (expense), net was $6.1 million loss in 4Q17, as compared to $7.3 million gain in 3Q17. The change was mainly due to the reasons stated in Other Income (Expense), Net below.
  • Share of other comprehensive income of joint ventures accounted for using equity method was $11.8 million in 4Q17, compared to $5.9 million in 3Q17. The amount was recognized as the Group's share of the change in value of available-for-sale financial assets of the joint ventures, which are all unlisted companies invested indirectly through China IC Capital Co., Ltd (a wholly-owned investment fund company of the Company).
  • Non-controlling Interests were $49.4 million losses in 4Q17, as compared to $4.7 million gains in 3Q17, mainly due to the allocation of the annual advanced technology R&D expenses to Semiconductor Manufacturing North China (Beijing) Corporation (the Company's majority-owned subsidiary in Beijing) in 4Q17.

Analysis of Revenue

Revenue Analysis




By Application

4Q17

3Q17

4Q16

Computer

6.6%

5.8%

3.9%

Communications

42.5%

45.3%

44.3%

Consumer

37.6%

37.0%

37.4%

Auto/Industrial

8.8%

8.1%

7.0%

Others

4.5%

3.8%

7.4%

By Service Type

4Q17

3Q17

4Q16

Wafers

99.7%

98.4%

96.4%

Mask making, testing, others

0.3%

1.6%

3.6%

By Geography

4Q17

3Q17

4Q16

North America

38.1%

41.9%

33.2%

China(1)

51.3%

45.7%

47.8%

Eurasia(2)

10.6%

12.4%

19.0%

Wafer Revenue Analysis




By Technology

4Q17

3Q17

4Q16

28 nm

11.3%

8.8%

3.5%

40/45 nm

23.6%

20.6%

23.6%

55/65 nm

16.0%

20.2%

19.8%

90 nm

1.8%

1.4%

1.6%

0.11/0.13 µm

6.3%

8.1%

14.8%

0.15/0.18 µm

37.8%

37.8%

34.2%

0.25/0.35 µm

3.2%

3.1%

2.5%

 

Note:

( 1 ) Including Hong Kong , but excluding Taiwan

( 2 ) Excluding China and Hong Kong

 


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