SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-30 am EDT
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China's top chipmaker SMIC says smartphone, PC demand has 'dropped like a rock'

05/13/2022 | 05:55am EDT
A man visits a booth of Semiconductor Manufacturing International Corporation (SMIC), at China International Semiconductor Expo (IC China 2020) following the coronavirus disease (COVID-19) outbreak in Shanghai

SHANGHAI (Reuters) - China's top chipmaker Semiconductor Manufacturing International Corp said on Friday it anticipates smartphone sales from its clients this year to fall by at least 200 million units due to the Russia-Ukraine war and China's COVID lockdowns.

While SMIC previously had issues fulfilling orders due to high demand amid a global chip shortage, customers from the smartphone, personal computer and household appliance sectors were now cancelling orders due to these two events, CEO Zhao Haijun told analysts after the company's quarterly results.

Demand for such products "dropped like a rock" as sales in Russia and Ukraine were heavily impacted while China's COVID lockdowns meant that companies had trouble delivering products or had to shut stores, he said.

"This year we expect (demand for) smartphones to fall by at least 200 million units, and the majority of these 200 million are from our domestic Chinese phone makers. So many orders have been cancelled."

This meant that the proportion of SMIC's manufacturing capacity dedicated to smartphones and such products had fallen to 29%, he said, from around 50% previously.

His comments provide a glimpse into how Russia's invasion of Ukraine and China's attempts to stamp out COVID are impacting both global supply chains as well as consumer demand. SMIC, which has factories in Shanghai, has managed to keep these open through the city's lockdown via closed loop management.

SMIC posted a 66.9% jump in first quarter revenue and said net profit rose 181.5% to $447.2 million.

(Reporting by Brenda Goh)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION -1.62% 18.18 Delayed Quote.-0.96%
THE GLIMPSE GROUP, INC. 1.79% 3.98 Delayed Quote.-59.63%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 5.48% 54.125 Delayed Quote.-29.28%
All news about SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION
06/13US Court Rejects Civil Lawsuits Against SMIC
MT
06/13SEMICONDUCTOR MANUFACTURING INTERNAT : 981) added to Hang Seng Index
CI
05/31Decline in China’s Factory, Services Activity Softens in May on Relaxed COVID-19 ..
MT
05/26SMIC Joins Two Hong Kong ESG Indices
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05/26China's Top Chipmaker Added to Hang Seng's ESG-Focused Indexes
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05/19Semiconductor Manufacturing International Corporation commences an Equity Buyback Plan ..
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05/18Shanghai-based Chipmakers' Production Capacity at 90% Amid Lockdown
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05/17China’s April Semiconductor Output Falls 12.1% to 16-Month Low
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05/16China's Industrial Output Unexpectedly Falls in April as Lockdowns Bite
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05/15SMIC Sees Slower Revenue Growth in Q2 on COVID-19 Lockdowns
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Financials (USD)
Sales 2022 7 540 M - -
Net income 2022 1 863 M - -
Net cash 2022 689 M - -
P/E ratio 2022 10,0x
Yield 2022 -
Capitalization 18 325 M 18 325 M -
EV / Sales 2022 2,34x
EV / Sales 2023 2,20x
Nbr of Employees 17 681
Free-Float 84,4%
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Number of Analysts 23
Last Close Price 2,32 $
Average target price 2,85 $
Spread / Average Target 22,9%
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Managers and Directors
Hai Jun Zhao Co-Chief Executive Officer & Executive Director
Meng Song Liang Co-Chief Executive Officer
Yong Gang Gao Chairman, CFO & Executive VP
Mei Sheng Zhou Executive VP-Technology Research & Development
Xin Zhang Senior Vice President-Operations & Engineering
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