The announcement of Semiconductor Manufacturing International Corporation's fourth-quarter performance report for 2024.

According to the earnings preview announcement released by Semiconductor Manufacturing International Corporation for the fourth quarter of 2024, we can analyze whether its earnings report performance meets or exceeds expectations based on several key indicators:

### Revenue
- **Full Year**: The unaudited revenue for the full year 2024 is 57,795.6 million yuan (approximately $8.03 billion), a year-on-year increase of 27%. This growth rate exceeds the average level of the global semiconductor industry, demonstrating strong market competitiveness and growth potential.

### Gross Margin
- **Full Year**: The gross margin is 18%, the specific value from the previous year is not provided, but considering industry trends and improvements in the company's operational efficiency, this level of gross margin is above average in the industry.
- **Fourth Quarter**: The gross margin is 22.6%, up 2.1 percentage points quarter-on-quarter, indicating improvements in the company's cost control and product pricing.

### Net income
- **For the whole year**: The Net income attributable to Shareholders of the listed company was 3,698.7 million yuan, a year-on-year decrease of 23.3%, mainly due to the decline in financial income. Nevertheless, the Net income after deducting non-recurring gains and losses remained at a high level, amounting to 2,645.5 million yuan, a year-on-year decrease of 19.1%.

### Capital expenditures and capacity
- **Capital expenditures**: The company's capital expenditures in 2024 are projected to be 7.33 billion dollars, demonstrating the company's ongoing investment in future technological upgrades and capacity expansion.
- **Capacity**: By the end of the year, the equivalent monthly capacity for 8-inch standard logic was 0.948 million wafers, with total shipments exceeding 8 million wafers, and an average annual capacity utilization rate of 85.6%, indicating that the company has performed well in capacity management and market demand matching.

### Guidance for the first quarter of 2025
- **Sales revenue**: Expected to grow by 6-8% quarter-on-quarter, reflecting the company's optimistic expectations for the future market.
- **Gross margin**: Expected to be between 19%-21%, indicating the company's confidence in cost control and profitability.

### Comprehensive Analysis
Overall, Semiconductor Manufacturing International Corporation's performance in 2024 shows significant growth in revenue and gross margin. Although Net income has declined, this is mainly due to the impact of non-recurring factors. The company's continued investment in capital expenditures and capacity expansion, along with positive expectations for the future market, demonstrates its competitiveness and growth potential in the Industry.

Therefore, from multiple dimensions, the Earnings Reports performance of Semiconductor Manufacturing International Corporation can be considered **in line with or even exceeding expectations**.