SMIC reported Q1 revenue of $2.505 billion, up 0.7% sequentially. Gross margin climbed to 20.1%, driven by a 2.5% sequential increase in wafer ASP, while shipments dipped just 0.2%. Industrial and automotive revenue share rose from 9.6% to 14.0% year-on-year.

Capacity expanded by nearly 9,000 12‑inch equivalent wafers. Total monthly capacity reached 1.0783 million (8‑inch equivalent) , up 10.8% YoY. Utilization stood at 93.1% .

SMIC has successfully raised prices on supply‑constrained products. Customers are accelerating inventory builds on supply chain concerns, resulting in solid order books. The company expects Q2 revenue to grow 14–16% sequentially with gross margin between 20–22% .

Management cited five growth drivers for 2026: AI‑driven chip demand, overseas orders returning to domestic capacity, new applications (robotics, EVs), faster domestic substitution in logic/networking chips, and ASP increases plus proactive customer stocking.

ICgoodFind : SMIC’s pricing power and product mix upgrade are delivering steady gains. New AI and domestic substitution tailwinds keep orders full.