证 券 研 究 报 告 22/28nm 持续放量，先进封装与硅光打开中长 期成长空间 事项： 2026 年 1 月 28 日联电发布 CY25Q4 报告，并召开业绩说明会。CY25Q4，公 司实现营收 618.10 亿新台币，同比增长 2.36%，环比增长 4.50%；实现毛利率 30.7%，同比增长 0.3pct，环比增长 0.9pct。2025 全年，公司实现营收 2375.53 亿新台币，同比增长 2.3%，出货量同比增长 12.3%。 评论： 1. 业绩情况：2025Q4，公司实现营收 618.10 亿新台币（QoQ+4.50%， YoY+2.36%），毛利率 30.7%（QoQ+0.9pct，YoY+0.3pct）、营业利润率 19.8% （QoQ+1.0pct）、净利率 16.2%（QoQ-9.1pct）；2025 全年实现营收 2375.53 亿 新台币（YoY+2.3%），毛利率 29.0%（YoY-3.6pct）、营业利润率 18.5%（YoY- 3.7pct）、净利率 17.5%（YoY-2.8pct）。 2. 营收结构：25Q4 公司营收增长主要由亚洲及欧洲驱动，北美全年占比由 25%降 ...

1月30日热门中概股涨跌不一，纳斯达克中国金龙指数（HXC）收高0.35%。 上涨股当中（按市值从高到低），贝壳涨3.45%，理想汽车涨0.64%，中通涨1.32%，华住酒店集团涨 0.29%，中国新城农村涨2.12%，蔚来涨3.92%，满帮涨1.30%，新东方涨0.87%，BOSS直聘涨0.37%。 下跌股当中（按市值从高到低），台积电跌1.00%，阿里巴巴跌0.77%，拼多多跌0.11%，网易跌 1.26%，百度跌0.09%，日月光半导体跌2.42%，京东跌0.55%，携程跌0.61%，中华电信跌0.16%，腾讯 音乐跌0.35%，联电跌7.16%，富途控股跌2.04%，小鹏汽车跌0.35%，哔哩哔哩跌1.34%，万国数据跌 1.51%。 美股周四收盘涨跌不一。微软重挫约10%，软件股票普遍走低令科技股承压。交易员正在消化Meta与微 软等科技股财报，以及美联储昨日公布的最新利率决议。贵金属价格大幅波动。苹果将在周四收盘后公 布业绩。 道指跌55.96点，跌幅为0.11%，报49071.56点；纳指跌172.33点，跌幅为0.72%，报23685.12点；标普 500指数跌9.02点，跌幅为0.13%，报 ...

Group 1: Company Overview - United Microelectronics Corporation (UMC) is a significant player in the semiconductor industry, providing integrated circuit manufacturing services and competing with major foundries like TSMC and GlobalFoundries [1] - UMC's operations are vital in the tech supply chain, affecting sectors from consumer electronics to automotive [1] Group 2: Financial Performance and Market Position - UMC's recent Q4 2025 earnings call provided insights into its financial health, focusing on key metrics such as revenue and profit margins, which are essential for assessing the company's market position [3][6] - UMC's current stock price is $11.40, reflecting a decrease of approximately 8.62%, with fluctuations between $11.23 and $11.86 during the trading day [4] - Over the past year, UMC's stock has experienced significant volatility, with a high of $12.68 and a low of $5.66 [4] - UMC's market capitalization is approximately $28.44 billion, indicating its substantial presence in the semiconductor industry [5] Group 3: Analyst Ratings and Price Target - BNP Paribas set a price target of $8.60 for UMC, suggesting a potential decrease of approximately -24.50% from its current stock price of $11.39 [2][6] - The downgrade to "Underperform" from "Neutral" reflects a cautious outlook on UMC's future performance in the semiconductor industry [2][6]

盘前市场动向 1. 1月28日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.04%，标普500指数期货涨0.37%，纳指期货涨 0.95%。 | = US 30 | 49,020.90 | 49,079.60 | 48,972.10 | +17.50 | +0.04% | | --- | --- | --- | --- | --- | --- | | = US 500 | 7,004.30 | 7.014.80 | 6,983.30 | +25.70 | +0.37% | | 트 US Tech 100 | 26,185.00 | 26,224.70 | 26,003.30 | +245.30 | +0.95% | 2. 截至发稿，德国DAX指数跌0.10%，英国富时100指数跌0.44%，法国CAC40指数跌0.96%，欧洲斯托克50指数涨0.03%。 | 德国DAX30 | 24,882.14 | 24,929.93 | 24,795.48 | -26.09 | -0.10% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 10,1 ...

公司第四季度经营活动现金流入达330亿新台币，现金及等价物增至1106.6亿新台币。应收账款周转天 数缩短3天至47天，库存天数增加1天至77天。 第四季度总产能为130.5万片(约当12英寸晶圆)。因进行8英寸及12英寸厂年度维护，预计2026年第一季 度总产能将小幅降至128.3万片(约当12英寸)。 资本开支与产能规划方面，公司第四季度资本支出为5.01亿美元，2025年全年资本支出达16亿美元。 2026年现金资本支出预算设定为15亿美元。 一季度业绩指引趋于保守。晶圆出货量预计将保持平稳，平均销售单价(美元计)将保持坚挺，毛利率预 计回落至约20%高位区间，产能利用率预计处于70%中段范围。 智通财经APP获悉，晶圆代工大厂联电(UMC.US)公布2025年第四季度业绩。财报显示，公司营收达 19.7亿美元，同比增长2.4%，较市场预期高出6000万美元;但GAAP每股收益为0.129美元，略低于市场 预期0.01美元。 关键财务与运营指标显示结构性调整。盈利水平方面，第四季度毛利率为30.7%，营业利润率为 19.8%。技术节点贡献上，22/28纳米制程营收占比达36%。 产能与效率上，联电当季晶 ...

Core Insights - The company emphasized the importance of 22-nanometer technology as a key growth driver, with 22- and 28-nanometer revenue accounting for 36% of total revenue in Q4 2025 [1] - The company reported a revenue increase of 2.3% year-over-year for the full year 2025, with a gross margin of approximately 29% [3] - The company anticipates a favorable ASP environment in 2026, driven by disciplined pricing and product mix optimization [12] Financial Performance - For Q4 2025, consolidated revenue was TWD 61.81 billion, with a gross margin of about 30.7% and net income attributable to shareholders of TWD 10.06 billion [5][6] - Full-year 2025 net income attributable to shareholders was TWD 41.7 billion, representing a net income rate of 17.6% [3] - Revenue for Q4 2025 grew 4.5% quarter-over-quarter, with gross profit of TWD 18.95 billion [4] Geographic Revenue Mix - North America represented about 21% of Q4 2025 revenue, declining from 25% in 2024 to 22% in 2025 [2] - The company noted a shift in geographic revenue mix, indicating a reduced reliance on North American markets [2] Capacity and Utilization - Capacity utilization was reported at about 78%, unchanged from the previous quarter [5] - The company expects a slight decline in capacity by roughly 1% due to annual maintenance [7] Market Outlook - The semiconductor industry is projected to grow in the mid-teens in 2026, with the foundry market expected to grow in the low 20% range [11] - The company anticipates that AI-related segments will remain the primary growth driver in the semiconductor market [11] Strategic Initiatives - The company is expanding its U.S. footprint through partnerships, including a collaboration with Intel on a 12-nanometer project [14] - Advanced packaging and silicon photonics are identified as emerging growth areas, with expectations for significant revenue contributions in 2027 [16] Emerging Technologies - Specialty revenue represents about 50% of overall revenue, with high voltage making up approximately 30% of specialty revenue [16] - The company is working with over 10 advanced packaging customers and expects more than 20 new tape-outs in 2026 [16]

Core Insights - United Microelectronics Corporation (UMC) reported a consolidated revenue of NT$61.81 billion (US$1.97 billion) for Q4 2025, marking a 4.5% increase from Q3 2025 and a 2.4% increase year-on-year [1] - The company's earnings per share (EPS) for Q4 2025 was NT$0.81 (US$0.129), with net income attributable to shareholders of NT$10.06 billion (US$320 million) [1] - UMC's 22/28nm technology revenue contributed 36% to wafer revenue, with a significant 31% quarter-on-quarter increase in 22nm revenue [1] Financial Performance - Q4 2025 operating revenues reached NT$61.81 billion, up from NT$59.13 billion in Q3 2025, and NT$60.39 billion in Q4 2024 [1] - Gross profit for Q4 2025 was NT$18.96 billion, representing a gross margin of 30.7% [1] - Operating income increased by 10.0% quarter-on-quarter to NT$12.23 billion [1] Capacity and Utilization - UMC's wafer shipments in Q4 2025 were 994K, a slight decrease of 0.6% from Q3 2025, with an overall capacity utilization rate of 78% [1] - Total capacity for Q4 2025 was 1,305K 12-inch equivalent wafers, expected to decrease to 1,283K in Q1 2026 due to annual maintenance [1] Strategic Initiatives - UMC is focusing on expanding its footprint in the U.S. through partnerships, including a collaboration with Intel on 12nm technology and a Memorandum of Understanding with Polar Semiconductor [1] - The company inaugurated a Circular Economy and Recycling Innovation Center aimed at reducing waste generated by its Taiwan fabs by up to one-third [2] Market Outlook - UMC anticipates firm wafer demand in Q1 2026, with expectations for continued growth in 2026 driven by advancements in 22nm platforms and new solutions [1] - The company aims to leverage advanced packaging and silicon photonics as new growth catalysts to meet the evolving needs of high-performance applications across various sectors [1]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was TWD 61.81 billion, with a gross margin of approximately 30.7% [4] - Net income attributable to shareholders was TWD 10.06 billion, resulting in earnings per share (EPS) of TWD 0.81 [4][6] - Year-over-year revenue growth for 2025 was 2.3%, totaling TWD 237.5 billion, while gross margin for the year was around 29% [6][7] - Cash reserves exceeded TWD 110 billion, with total equity at TWD 379.8 billion at the end of 2025 [7] Business Line Data and Key Metrics Changes - Revenue from the IDM segment remained stable at about 20% for Q4, while it increased to 19% for the full year [8] - The consumer application segment grew from 28% to 31% year-over-year, indicating a strong demand for 22 nm technology [9] - Revenue from 22 nm and 28 nm technologies represented 36% of total revenue in Q4 2025, with 22 nm revenue increasing by 31% quarter-on-quarter [11] Market Data and Key Metrics Changes - North America represented 21% of revenue in Q4 2025, down from 25% in 2024 [8] - The company noted a decline in capacity utilization by roughly 1% due to annual maintenance schedules [9] - The forecast for 2026 CapEx is around $1.5 billion, slightly down from $1.6 billion in 2025 [10] Company Strategy and Development Direction - UMC aims to expand its footprint in the U.S. through partnerships, including a collaboration with Intel on 12 nm technology [12] - Advanced packaging and silicon photonics are expected to serve as new growth catalysts, addressing high-performance applications across various sectors [13] - The company is focused on optimizing its product mix and gradually improving ASP and margins in response to market dynamics [22][23] Management's Comments on Operating Environment and Future Outlook - Management expects wafer demand to remain firm in 2026, with AI-related segments as primary growth drivers [17] - The semiconductor industry is projected to grow by mid-teens in 2026, with UMC expected to outperform its addressable market [18] - Management acknowledged potential pressures from memory supply imbalances but remains optimistic about overall demand [22] Other Important Information - The company is working on enhancing its advanced packaging capabilities, with expectations for significant revenue growth in 2027 [81] - UMC's specialty technology revenue currently represents about 50% of overall revenue, with high voltage making up 30% of that [74] Q&A Session Summary Question: Overall market outlook for 2026 - Management expects AI-related segments to drive growth, with the semiconductor industry projected to grow by mid-teens [17][18] Question: Pricing outlook for mature foundry - A more favorable ASP environment is anticipated in 2026, supported by disciplined pricing strategies and product mix optimization [19][20] Question: Capacity ramp in Singapore - Capacity increase for 2026 is expected to be around 1.2% year-over-year, with expansion starting in the second half of 2026 [23] Question: Revenue contribution from advanced packaging - Advanced packaging revenue is expected to grow significantly in 2027, with more than 20 new tape outs anticipated [81] Question: Impact of memory price inflation on demand - Management has not observed significant demand impacts from memory price inflation, focusing on high-end market segments [62] Question: Competitive advantage in silicon photonics - UMC's collaboration with imec is expected to deliver industry-standard PDKs, with a focus on 12-inch technology [95][96]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was TWD 61.81 billion, with a gross margin of approximately 30.7% [4] - Net income attributable to shareholders was TWD 10.06 billion, resulting in earnings per share (EPS) of 0.81 NT dollars [4] - Revenue grew 4.5% quarter-over-quarter and 2.3% year-over-year, reaching TWD 237.5 billion for the full year of 2025 [6][7] - Gross margin improved to 30.7%, with net income for 2025 at TWD 41.7 billion, representing a net income rate of 17.6% [6][7] Business Line Data and Key Metrics Changes - Revenue from the IDM segment remained stable at about 20% for Q4, while it increased to 19% for the full year, up 3 percentage points from the previous year [8] - The consumer application segment increased by 3 percentage points to 31% of total revenue for the year [9] - The 22 and 28-nanometer revenue segments accounted for 36% of total revenue in Q4 2025, with 22-nanometer revenue increasing to 31% quarter-on-quarter [11] Market Data and Key Metrics Changes - North America represented about 21% of revenue in Q4 2025, down from 25% in 2024 [8] - The company expects wafer demand to remain firm in 2026, with a projected growth rate for the semiconductor industry in the mid-teens [17] - The foundry market is projected to grow in the low 20% range, despite potential pressures from memory pricing [18] Company Strategy and Development Direction - UMC is focusing on expanding its 22-nanometer platform and investing in capacity and technology for future growth [12] - The company aims to enhance its footprint in the U.S. through partnerships, such as the collaboration with Intel on the 12-nanometer project [12] - Advanced packaging and silicon photonics are expected to serve as new growth catalysts, addressing high-performance applications across various sectors [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in 2026 being another growth year, driven by the 22-nanometer platform and new solutions gaining traction [12] - The leadership in specialty technologies is expected to sustain business growth, with a focus on optimizing product mix and improving ASP [13] - The company anticipates a more favorable pricing environment in 2026 compared to 2025, supported by disciplined pricing strategies and product mix optimization [19] Other Important Information - The cash-based capital expenditure (CapEx) budget for 2026 is projected at $1.5 billion, slightly down from $1.6 billion in 2025 [10] - The company expects a low teens annual increase in depreciation expenses for 2026 [24] Q&A Session Summary Question: Overall market outlook for 2026 - Management expects AI-related segments to drive growth in the semiconductor industry, with a projected mid-teens growth rate [17] Question: Pricing outlook for mature foundry - A more favorable ASP environment is anticipated in 2026, reflecting a disciplined pricing strategy and improved product mix [19] Question: Capacity ramp in Singapore - Capacity increase for 2026 is expected to be around 1.2% year-over-year, with expansion starting in the second half of 2026 [23] Question: Impact of memory price hikes on demand - Management has not observed significant demand impact from memory price hikes, with expectations for revenue contributions from consumer segments to increase [31] Question: Revenue contribution from advanced packaging - Advanced packaging revenue is expected to grow significantly in 2027, with more than 20 new tape outs anticipated in 2026 [81] Question: Competitive advantage in silicon photonics - UMC's collaboration with imec is expected to deliver industry-standard PDKs by 2027, with a focus on 12-inch technology [94]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was TWD 61.81 billion, with a gross margin of 30.7% and net income of TWD 10.06 billion, resulting in an EPS of 0.81 NT dollars [5][6] - Revenue grew 4.5% quarter-over-quarter and 2.3% year-over-year, reaching TWD 237.5 billion for the full year of 2025 [6][12] - Gross margin improved to 30.7%, with net income for 2025 at TWD 41.7 billion, reflecting a net income rate of 17.6% [6][7] Business Line Data and Key Metrics Changes - Revenue from the IDM segment remained stable at about 20% for Q4, while for the full year, it increased to 19%, up by 3 percentage points [8] - The consumer application segment increased by 3 percentage points to 31% from 28% year-over-year, with 22-nanometer technology being a key growth driver [9][10] Market Data and Key Metrics Changes - North America represented 21% of revenue in Q4 2025, down from 25% in 2024 to 22% in 2025, while Asia and Europe saw increases [8] - The 22-nanometer revenue increased to 31% quarter-on-quarter, accounting for over 13% of total Q4 revenue [12] Company Strategy and Development Direction - UMC aims to expand its footprint in the U.S. through partnerships, including a collaboration with Intel on a 12-nanometer project [13][14] - The company is focusing on advanced packaging and silicon photonics as new growth catalysts, addressing high-performance applications across various sectors [14][48] Management's Comments on Operating Environment and Future Outlook - Management expects wafer demand to remain firm in 2026, with a projected growth year supported by the 22-nanometer platform and new solutions [12][13] - The semiconductor industry is projected to grow by mid-teens in 2026, with UMC expected to outperform its addressable market [18][19] Other Important Information - The 2026 CapEx plan is around $1.5 billion, slightly down from $1.6 billion in 2025 [11] - The company anticipates a more favorable ASP environment in 2026, driven by disciplined pricing strategies and product mix optimization [20][21] Q&A Session Summary Question: Overall market outlook for 2026 - Management expects AI-related segments to drive growth, with the semiconductor industry projected to grow by mid-teens [18] Question: Pricing outlook for mature foundry - A more favorable ASP environment is anticipated in 2026, supported by product mix optimization and reduced exposure to commoditized segments [20][21] Question: Capacity ramp in Singapore - Capacity increase for 2026 is expected to be around 1.2% year-over-year, with expansion starting in the second half of 2026 [24] Question: Impact of memory pricing on demand - Management has not observed significant demand impact from memory pricing increases, focusing on high-end market segments [66] Question: Revenue contribution from advanced packaging - Advanced packaging revenue is expected to grow significantly in 2027, with more than 20 new tape outs anticipated in 2026 [88] Question: Competitive advantage in silicon photonics - UMC's collaboration with imec aims to deliver industry-standard PDKs by 2027, focusing on 12-inch technology [101][102]