联电股价暴跌，市值蒸发1700亿

Core Viewpoint - UMC's stock price surged by 40% in two weeks but faced a sharp decline due to conservative pricing strategies and weak market demand, leading to negative outlooks from analysts [2][4]. Group 1: Stock Performance and Market Reaction - UMC's stock reached a nearly 20-year high of NT$79.7 on January 28, with a market capitalization approaching NT$1 trillion, but subsequently dropped over 17%, resulting in a loss of nearly NT$170 billion in market value [2][4]. - Analysts from Morgan Stanley and Goldman Sachs expressed disappointment over UMC's inability to raise prices, which they view as a negative factor for the stock [4]. Group 2: Pricing Strategy and Market Demand - UMC's conservative pricing stance is attributed to weak demand in the consumer market, with forecasts indicating a 7% decline in global smartphone demand and a 10-12% decline in laptop demand by 2026 [4][5]. - The competition from Chinese foundries further complicates UMC's pricing power, as clients may opt for lower-cost options [5][6]. Group 3: Future Growth Prospects - UMC's collaborations, such as with Intel on a 12nm process, are not expected to contribute to revenue until at least 2027, limiting immediate growth potential [8]. - The potential benefits from TSMC's capacity reductions in mature processes may take time to materialize, as transitioning clients can take at least six months [8][9]. - Despite the challenges, UMC anticipates a growth in shipment volume for the year, with a projected increase in the sales proportion of 22nm and 28nm processes from 34% in 2024 to 37% in 2025 [9].