SMIC expects full-year revenue above $12B, up nearly 30%

The margin guidance is the more telling signal: absorbing roughly 30% higher depreciation while still lifting gross margin by about five points suggests SMIC is leaning on pricing and product mix rather than volume alone. The equipment supply constraint is the real swing factor — it doesn't threaten this year's capacity build, but it puts capex execution into next year's planning, and for a foundry that timing risk matters more than the revenue headline. Whether the margin improvement holds as depreciation keeps climbing is the open question.