联电7月30日公布2025年第二季度财报显示，合并营收587.6亿元新台币，净利润89亿元新台币，每股收 益0.71元新台币。 来源：智通财经 ...

市场挑战：汇率与关税双重风险 管理层在Q2财报中明确警示两大风险：其一是汇率波动问题，新台币升值趋势若延续，将直接压缩以 美元结算的营收利润空间。第三季度新台币计价的营收可能因此减少。其二，美国关税调整带来的供应 链不确定性，促使联电加速与客户协商转移生产地，并计划通过2026年投产的新加坡第三期工厂分散风 险。 未来展望：温和增长与资本支出聚焦 关于第三季度指引，联电表示晶圆出货量预计低个位数增长，美元定价保持稳定，产能利用率维持70% 中段水平。在长期投资的计划里，2025年资本支出计划为18亿美元，重点投向新加坡厂扩产及12纳米技 术研发，这是与英特尔(INTC.US)合作的项目。新加坡新厂预计2026年初量产，强化供应链韧性并满足 客户地理多元化需求。 智通财经APP获悉，联华电子(UMC.US)最新披露的Q2财报显示，当季实现营业总收入20.1亿美元，较 上年同期增长14.9%，逊于市场预期。财务成果方面，按美国通用会计准则(GAAP)计算，每股美国存托 凭证收益(EPADS)为0.12美元，市场预期为0.89美元。归属于母公司股东的净利润折合新台币89.0亿元 (约合3.04亿美元)。盈利能力方面 ...

Financial Data and Key Metrics Changes - In Q2 2025, consolidated revenue was NT$ 8.9 billion with a gross margin of approximately 28.7% [7] - Net income attributable to shareholders was NT$ 8.9 billion, with earnings per share (EPS) of NT$ 0.71, up from NT$ 0.62 in the previous quarter [10] - Utilization rate increased from 59% in Q1 to 76% in Q2, contributing to a 1.6% sequential revenue increase [8][14] - For the first half of 2025, revenue increased by 4.7% year-over-year, while gross margin decreased from 33.1% in the same period of 2024 to 27.7% [10] Business Line Data and Key Metrics Changes - Revenue from the 22 and 28 nanometer portfolio accounted for 40% of total sales, marking a record high [15] - Consumer application revenue decreased to 33%, while communication application revenue increased to 41% [11] - The revenue contribution from below 40 nanometer technology represented more than half of total revenue, reaching 55% in Q2 [12] Market Data and Key Metrics Changes - Revenue from Europe increased to 8%, while Asia accounted for approximately 67% of total revenue [11] - The company observed a sound demand upside in Q2, partly driven by inventory buildup in anticipation of potential U.S. tariffs [28] Company Strategy and Development Direction - UMC aims to enhance supply chain resilience through the new Phase III facility at the Singapore Fab12i, set to start production in 2026 [15] - The company is focused on maintaining and improving ASP resilience through technology differentiation and product mix [20][21] - UMC plans to actively manage foreign exchange exposure and maintain financial flexibility to navigate macroeconomic uncertainties [16] Management's Comments on Operating Environment and Future Outlook - Management noted that adverse foreign exchange movements could lead to a decline in NT dollar revenue, with a 5% appreciation in the NT dollar resulting in a corresponding 5% reduction in reported revenue [16] - The semiconductor industry is experiencing lower visibility, with expectations for growth in 2025 remaining unchanged despite macroeconomic uncertainties [34][36] - Management expressed confidence in the continued growth of the 22 and 28 nanometer business, supported by strong demand and differentiated technology [57] Other Important Information - The cash-based capital expenditure (CapEx) budget for 2025 remains unchanged at US$ 1.8 billion [12][17] - The company is closely monitoring the inventory situation, which is currently healthy, particularly in the automotive and industrial segments [51] Q&A Session Summary Question: What is the initial outlook on the ASP trend in 2026? - Management stated that they do not provide guidance beyond 2025 but aim to maintain ASP resilience through technology differentiation and product mix [20] Question: How is the tariff impacting customer behavior? - Management observed an inventory buildup in anticipation of potential U.S. tariffs, affecting demand in Q2 and Q3 [28] Question: What is the current pace of ramp-up for the Singapore fab? - The ramp-up for the Singapore facility is projected to start in January 2026, focusing on communication applications [42] Question: What is the outlook for gross margins? - Management aims to improve gross margins back to reasonable levels through technology development and improved product mix [46][48] Question: How is the pricing behavior in the communications segment? - Pricing remains a topic of discussion, influenced by capacity availability, with current pricing behavior being subject to market conditions [82] Question: What is the status of the Intel partnership? - The collaboration with Intel is progressing well, with milestones on track for the 12 nanometer program [61]

Financial Data and Key Metrics Changes - In Q2 2025, consolidated revenue was NT$ 8.9 billion with a gross margin of approximately 28.7% [6][8] - Net income attributable to shareholders was NT$ 8.9 billion, with earnings per share (EPS) of NT$ 0.71, up from NT$ 0.62 in the previous quarter [8][12] - Utilization rate increased from 59% in Q1 to 76% in Q2, contributing to a 1.6% sequential revenue increase [7][12] - For the first half of 2025, revenue increased by 4.7% year-over-year, while gross margin decreased from 33.1% in the same period of 2024 to 27.7% [8][9] Business Line Data and Key Metrics Changes - Revenue from the 22 and 28 nanometer portfolio accounted for 40% of total sales, marking a record high [12][13] - The consumer segment's revenue contribution decreased to 33%, while the communication segment increased to 41% [9][10] - The revenue from below 40 nanometer technology represented more than half of total revenue, reaching 55% in Q2 [10] Market Data and Key Metrics Changes - Revenue breakdown showed Europe at 8%, Asia at 67%, and ICM at 19%, with slight changes from the previous quarter [9] - The company noted a healthy demand in the automotive and industrial segments, while consumer and communication segments remained stable [35][36] Company Strategy and Development Direction - The company plans to enhance supply chain resilience through the new Phase III facility in Singapore, set to start production in 2026 [13][14] - UMC aims to maintain and improve ASP resilience by differentiating technology offerings and increasing revenue contributions from advanced nodes [20][21] - The focus remains on specialty technology solutions, particularly in high voltage and low power applications, to reduce competition with Chinese foundries [70][71] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the impact of U.S. tariff policies and geopolitical uncertainties on demand [14][29] - The company anticipates a mild increase in wafer shipments for Q3, but expects NT dollar revenue to decline due to adverse foreign exchange movements [15][16] - The overall growth outlook for 2025 remains unchanged, with expectations to outgrow the addressable market [54][55] Other Important Information - The cash-based capital expenditure budget for 2025 remains unchanged at US$ 1.8 billion [10][17] - The company is closely monitoring foreign exchange exposure and maintaining financial flexibility to enhance resilience [14][15] Q&A Session Summary Question: ASP trend outlook for 2026 - Management does not provide guidance beyond 2025 but aims to maintain ASP resilience through technology differentiation and product mix [20][21] Question: Tariff impacts on customer behavior - There is observed demand upside in Q2 and Q3, partly driven by inventory buildup in anticipation of potential U.S. tariffs [28][29] Question: Advanced packaging technology development - UMC is preparing advanced packaging solutions to address energy consumption needs in cloud AI and edge AI markets [31][32] Question: Gross margin recovery pathway - Management aims to improve gross margins through technology development and improved product mix, with a realistic goal to return to mid-30s gross margins [45][48] Question: Utilization rates in China - The China facility is running at full capacity, above corporate average, with no pricing differentiation between locations [94]

Core Viewpoint - The semiconductor industry has experienced significant growth, with global semiconductor device sales projected to reach $617.9 billion by 2024, a 162-fold increase since 1977, outpacing global GDP growth [1][3]. Summary by Sections Industry Phases - Phase 1 (1977-1994): The semiconductor industry experienced explosive growth as it filled market demand gaps [5]. - Phase 2 (1995-2009): The market reached saturation, with semiconductor sales growth aligning closely with GDP growth, stabilizing around 0.45% of GDP [5]. - Phase 3 (2010 onwards): The emergence of smartphones and mobile internet led to renewed growth, with an average annual growth rate of approximately 6% [6]. Characteristics Driving Growth - The semiconductor industry serves as the foundation for the information sector, with increasing data generation driving demand for chips [6]. - The existence of Moore's Law ensures continuous performance improvements in chips, fostering rapid technological advancements that benefit the entire semiconductor supply chain [6]. Current Market Dynamics - The semiconductor industry is currently in a phase driven by artificial intelligence (AI), marking the beginning of a fourth growth stage [10]. - The demand for high-performance computing chips has surged due to AI advancements, leading to increased average prices despite stable wafer output [10][14]. Future Outlook - The AI sector is expected to provide long-term growth opportunities for the semiconductor industry, similar to the mobile communications boom [14]. - The anticipated explosion in data generation from AI applications will significantly increase the demand for various types of chips [16].

Financial Performance - Operating Revenues for 2Q25 reached NT$58758 million, a 1.6% increase compared to 1Q25[8] - Net Income Attributable to Shareholders of the Parent was NT$8903 million in 2Q25, up 14.5% from NT$7777 million in 1Q25[8] - EPS (NTD) was 0.71 in 2Q25, compared to 0.62 in 1Q25[8] - For the first six months of 2025, Operating Revenues totaled NT$116617 million, a 4.7% increase year-over-year[10] - Net Income Attributable to Shareholders of the Parent for the first six months of 2025 was NT$16679 million, a 31.2% decrease year-over-year[10] - EPS (NTD) for the first six months of 2025 was 1.34, compared to 1.95 for the same period in 2024[10] Foundry Segment - Wafer Shipments in 2Q25 were 967 thousand (12" wafer equivalent), compared to 910 thousand in 1Q25[7] - Utilization rate in 2Q25 was 76%, compared to 69% in 1Q25[7] - In 2Q25, Asia accounted for 67% of Foundry Segment Sales by Geography[17] - Fabless customers accounted for 81% of Foundry Segment Sales by Customer Type in 2Q25[19] - Communication applications accounted for 40% of Foundry Segment Sales by Application in 2Q25[21] - Technology ≤ 40nm accounted for 53% of Foundry Segment Sales by Technology in 2Q25[23] Capacity and Expenditure - Total capacity in 2Q25 was 1290 thousand (12" equivalent)[24] - The 2025 Foundry Capital Expenditure Plan is $1.8 billion USD, with 90% allocated to 12" and 10% to 8"[25]

Core Viewpoint - Investors in the Electronics - Semiconductors sector should consider United Microelectronics Corporation (UMC) and Nova Ltd. (NVMI) for potential value investment opportunities [1] Valuation Metrics - UMC has a forward P/E ratio of 13.77, while NVMI has a forward P/E of 30.55, indicating UMC is more attractively priced [5] - UMC's PEG ratio is 1.56, compared to NVMI's PEG ratio of 2.10, suggesting UMC offers better value relative to its expected earnings growth [5] - UMC's P/B ratio is 1.54, significantly lower than NVMI's P/B of 7.71, further supporting UMC's valuation advantage [6] Analyst Outlook - UMC holds a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to NVMI's Zacks Rank of 3 (Hold) [3] - UMC's strong earnings outlook contributes to its Value grade of A, while NVMI has a Value grade of D, highlighting UMC's superior position in terms of value investment [6]

Core Viewpoint - The semiconductor industry is facing significant challenges due to a combination of factors including the end of the tariff-induced inventory buildup, weaker-than-expected recovery in end-user applications such as mobile, networking, and automotive, and continued pressure from the appreciation of the New Taiwan Dollar [2][3]. Group 1: Market Conditions - Major IC design companies are reportedly cutting wafer foundry orders for mature processes by 20% to 30% in Q3 compared to Q2, indicating a significant correction in demand [2][3]. - The automotive market is particularly weak, impacting demand for mature processes, with major chip manufacturers warning of poor market conditions [3][4]. Group 2: Financial Impact - The capacity utilization rate for mature process foundries is expected to drop from around 70% in the first half of the year to approximately 60% or lower in the second half [4]. - UMC and World Advanced are projected to see their gross margins decline, with UMC's gross margin potentially falling to 25% in the second half of the year [3][4]. - Powerchip has reported a net loss of NT$0.8 per share for Q2, marking its seventh consecutive quarter of losses, with continued pressure expected in the second half [3][4]. Group 3: Industry Outlook - The semiconductor industry is primarily supported by AI demand, with TSMC performing well, while other mature process foundries are struggling due to weak consumer and automotive sector demand [4].

Core Viewpoint - The 12nm process node, previously considered mature, is now gaining attention in the semiconductor industry due to its balance of performance, power consumption, and cost, making it a strategic choice for various applications, especially in edge AI and IoT devices [1][3][23] Group 1: Expansion of 12nm Applications - Numerous domestic and international companies are adopting 12nm technology across various sectors, including wearable devices, servers, smartphones, AI, and automotive applications [5][11] - Notable products include Unisoc's W527 platform for wearables, Loongson's 3C6000 server CPU, and various chips for AR/VR and industrial IoT [6][10][11] Group 2: Drivers Behind the Resurgence of 12nm - The shift towards edge computing and AI applications is driving demand for cost-effective solutions that 12nm can provide, as it strikes a balance between performance and cost [12][13] - Geopolitical factors are prompting companies to reassess their manufacturing processes, with 12nm being a safer choice that supports mainstream applications without being at the cutting edge [13][14] - The compatibility of 12nm with advanced packaging technologies allows for efficient system-level integration, making it attractive for modern chip designs [13][14] Group 3: Foundry Focus on 12nm - Major foundries like TSMC, UMC, and Intel are increasingly focusing on 12nm, with TSMC's 12nm FinFET Compact technology being a key offering [16][17] - UMC and Intel's collaboration on 12nm aims to address the growing demand in mobile communications and network infrastructure, highlighting the strategic importance of this node [18][19] - The partnership allows both companies to leverage their strengths, with Intel focusing on manufacturing and UMC on process development, catering to market needs while navigating geopolitical challenges [20][21][22] Group 4: Future Outlook for 12nm - The 12nm node is expected to play a crucial role in the evolution of edge AI, IoT, and automotive electronics, serving as a bridge between chip design and system solutions [23] - As advanced packaging and system-level optimizations continue to develop, 12nm may become increasingly central to the semiconductor ecosystem, supporting a wide range of applications [23]

Core Insights - United Microelectronics Corporation (UMC) has strengthened its position in the global semiconductor landscape, becoming a reliable foundry partner amid the rise of advanced technologies [1] - The company has differentiated itself by focusing on mature and specialty process nodes, successfully navigating geopolitical tensions and supply chain disruptions [2] - UMC's stock has increased by 15.3% year-to-date, despite a disappointing performance in the April quarter, where it reported earnings of 9 cents per share, missing estimates [3][4] Financial Performance - UMC's revenue and earnings miss in the last quarter was attributed to a one-time price adjustment, along with depreciation and high capital expenditures [4] - Zacks estimates a negative earnings growth rate of 8.62% for the current year, but anticipates an 11.32% growth next year [5][7] - The company has outperformed its peers, with a 30.8% increase over the past six months compared to 8.5% growth in its peer group [5] Operational Highlights - UMC's foundries in Taiwan, Singapore, and Japan operated at healthy utilization rates in 2025, driven by demand in automotive electronics and industrial applications [2][7] - The company's strategic alignment and global diversification are increasingly valued in the current market [6]