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SMIC Profit Up 43.3% In 2020 But Growth Uncertainty Lingers
www.chinamoneynetwork.com, Apr. 01, 2021 –
SMIC officially released its 2020 financial report, indicating that as of December 31, 2020, the company's annual revenue was US$3.907 billion, an increase of 25.4%. Its gross profit was US$921 million, an increase of 43.3%, while attributable profit attributable to the company was US$716 million, an increase of 204.9%.
In 2019, under the uncertainties of the pandemic and trade frictions, SMIC's revenue and profits have both declined. But due to the global "chip shortage" phenomenon, SMIC made a U-turn in its performance as demand drove up revenues and profits.
Global chip shortage shows no signs of improvement and prices for chips continue to increase. In the latest round of price increases, the surge in packaging and testing stems from the short supply of IC substrates. Car companies are most affected.
Just a few days ago, Chinese EV maker NIO announced that due to a shortage of chips, its Hefei Jianghuai Automobile Plant had to suspend production for 5 days. Since the beginning of this year, auto companies such as Volkswagen, Toyota, Honda, Ford, and General Motors have temporarily suspended production due to chip shortages.
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