Smaller Profits Projected for Smore International in 2022

Feb.02.2023
Smaller Profits Projected for Smore International in 2022
Simo International forecasts a significant drop in revenue for 2022 due to multiple factors, including decreased sales and increased research spending.

On February 1st, semiconductor company SMIC International released a performance forecast, predicting a comprehensive income total of 2.305 billion to 2.817 billion yuan during the 2022 period, a decrease of 46.7% to 56.4% compared to the same period last year, which saw a total income of 5.287 billion yuan.


International semiconductor manufacturer SMIC expects its adjusted net profit to decline between 46.8% to 56.2%, from RMB 54.43 billion in the same period of the previous year, to RMB 23.85 billion to 28.97 billion in 2022.


Simo International stated that there were several reasons for the decrease in profits.


In the fiscal year of 2022, the group experienced a decline in revenue from both the Chinese and American markets.


The gross profit margin decreased year-on-year due to the reduction in product prices for certain major clients in 2022. Additionally, there was a significant increase in the low gross margin one-time atomization business, which contributed to a higher proportion of the overall business.


According to its established strategy to enhance long-term competitive advantages and cultivate new growth areas, the group has continued to increase research and development (R&D) investment, particularly in the foundational research of atomization technology and investing in the medical and healthcare industries. In the 2022 fiscal year, there has been a significant increase in R&D expenditure compared to the same period last year.


To address the long-term development needs and improve the management and marketing capabilities of the group, investments have been made in aspects such as information systems, organizational and process improvements, marketing systems, and channel development. This has resulted in a significant increase in management and sales expenses compared to the same period last year.


References:


Profit Warning for the Fiscal Year Ending on December 31, 2022.


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