SMIC Photo:VCG

Revenue of Chinese chip maker SMIC in the third quarter of 2024 surpassed the $2 billion benchmark for the first time,MK sports Korea reaching a new record at $2.17 billion, up 14 percent from last quarter, and the company also expected 2 percent quarter-on-quarter revenue increase in the fourth quarter.

In terms of yuan, SMIC's quarterly revenue reached 15.61 billion yuan, marking a 32.5 percent year-on-year increase, with net profit reaching 1.06 billion yuan, a 56.4 percent surge year-on-year, according to its latest financial report released on Thursday.

The stock price of SMIC on the STAR market increased by 2.63 percent, reaching 104.57 yuan as of press time.

SMIC credited its significant quarterly revenue and net profit increases to year-on-year growth in wafer sales and changes in product mix, according to its report.

During the quarter, SMIC generated 86.4 percent of its main business revenue from China, 10.6 percent from the US, and 3 percent from the Europe-Asia region. The wafer business made up 94.4 percent of its main revenue.

SMIC Co-CEO Zhao Haijun said in an investor conference call on Friday that an additional 30,000 12-inch wafers in monthly production capacity will be put into operation in the fourth quarter.

Other Chinese semiconductor companies also saw revenue increases this quarter. Huahong Group's report showed that the company's net profit in the third quarter of 2024 hit 313 million yuan, jumping by 226.62 percent year-on-year.

Hefei-based Nexchip's revenue in the third quarter of 2024 reached 2.38 billion yuan, up 16.12 percent year-on-year, while net profit rose by 21.6 percent year-on-year, the company's financial report showed on October 29, 2024.

Global Times