SMIC forecasts 7-9% growth in Q1 SMIC had Q4 revenue of $981.1 million, compared to $1,082.5 million in 3Q20 and $839.4 million in 4Q19. Gross profit was $176.8 million in 4Q20, compared to $262.0 million in 3Q20 and $199.4 million in 4Q19. Gross margin was 18.0% in 4Q20, compared to 24.2% in 3Q20 and 23.8% in 4Q19. For Q1, SMIC expects revenue to increase by 7% to 9% with a gross margin of 17% to 19%. “Looking to 2021, as SMIC was placed on the US Entity List, the Company is restricted from procuring related US items or technologies; so, there are risks and uncertainties to our annual forecasts,” says CFO Gao Yonggang, “the forecast we give today assumes that operational continuity is not significantly adversely affected. Export license application processes must be followed, they take time and will face uncertainty. Based on the above, our targets and plan for 2021 are as follows: our annual revenue target is mid-to-high single digit percentage growth; revenue target for 1st half is around $2.1 billion; and annual gross margin target is in the mid-teens range.”