点击招商研究小程序查看PDF报告原文 事件： 联华电子（UMC，2303.TW）发布2025Q3财报，营收591.27亿新台币，归母净利润149.8亿新台币， ASP为862美元（折合8英寸），产能利用率提升至78%。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q3收入和毛利率环比均提升，产能利用率环比超预期增长。 1）业绩情况： 25Q3公司营收591.27亿新台币，同比-2.25%/环比+0.63%，环比增长系晶圆出货量增 加；毛利率29.8%，同比-4.0pcts/环比+1.1pcts，环比提升系产能利用率改善；归母净利润149.8亿新台 币，同比+3.52%/环比+68.28%； 2）产能、产能利用率及ASP： 公司25Q3出货量为1000千片（折合12 英寸）/环比+1.16%；产能利用率78%/环比+2pcts，超指引预期，主要来自厦门12英寸晶圆厂；ASP为 862美元（折合8英寸），同比-9.0%/环比-6.7%。 2、22nm营收占比超过10%，消费类占比有所下滑。 1 ） 分 行 业 ： 25Q3 通 讯 / 消 费 类 / 电 脑 / 其 他 占 比 分 别 为 42%/29 ...

Summary of the Conference Call for Jinghe Integrated Circuit Company Overview - **Company**: Jinghe Integrated Circuit - **Industry**: Semiconductor manufacturing, specifically focusing on integrated circuits (ICs) and related technologies Key Financial Metrics - **Q1 2025 Revenue**: 2.57 billion CNY, a year-on-year increase of approximately 15% [2][3] - **Net Profit**: Approximately 135 million CNY for Q1 2025, showing significant growth [2][3] - **Cash Flow**: Net cash inflow close to 600 million CNY in Q1 2025 [2][3] - **Gross Margin**: Increased to 27% in Q1 2025, with an expected range of 25%-27% for the full year [2][13] Capacity Expansion Plans - **Current Capacity**: Approximately 138,000 wafers, fully loaded [7] - **Planned Capacity for 2025**: Increase to between 165,000 and 170,000 wafers, with a focus on CIS and high-end 55nm products [2][7] - **Production Nodes**: 40nm products in mass production; 28nm products expected to begin small-scale production by the end of 2025 [2][8] Technology and Product Diversification - **Revenue Distribution by Application**: - DDIC: Decreased from 67% to 61% - CIS: Increased from 18% to 20% - PMIC: Increased from 9% to 11.5% - Logic and MCU: Approximately 7% [2][6] - **Future Product Focus**: Plans to increase CIS revenue share to around 25% and introduce more high-end products [19] Market and Pricing Outlook - **Consumer Electronics Market**: Recovery noted, but price increases are challenging; stability in pricing expected [10][11] - **Component Pricing**: No significant fluctuations anticipated in electronic component prices, including DDIC and MCU [11] - **North American Market**: Limited share; primarily focused on domestic demand [12] Research and Development - **R&D Expenses**: Expected to exceed 1.3 billion CNY in 2025, a year-on-year increase of about 10% [4][17] - **Depreciation**: Expected to approach 4 billion CNY due to ongoing expansions [17] Competitive Landscape - **Domestic Competition**: Increased pressure from local mature process wafer fabs; focus on technological advancement to maintain a competitive edge [18] - **International Collaboration**: Ongoing discussions with international terminal and IDM companies to expand market presence [16] Future Projections - **Long-term Capacity Goals**: Total capacity expected to reach 260,000 to 280,000 wafers within 3-5 years [19] - **Product Revenue Projections**: DDIC revenue share expected to decrease to 40%-45%, while absolute revenue increases; CIS expected to grow significantly [19] Additional Insights - **Airbi Product Development**: Anticipated market share of 8%-10% by 2026-2028, with strong growth in both domestic and international markets [20] - **CIS Client Development**: Key partnerships established, with significant production expected to meet demand [21] - **OLED Driver Market**: Detailed plans for market expansion and competition management [26] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic plans, market outlook, and competitive positioning within the semiconductor industry.