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 ...

Core Viewpoint - SMIC's Q2 financial report slightly exceeded expectations, showing a slowdown in revenue and gross profit decline compared to previous quarters, but still better than the company's guidance and market expectations [1][8]. Financial Performance - In Q2 2025, SMIC achieved revenue of $2.21 billion, a year-on-year increase of 16.2%, but a quarter-on-quarter decline of 1.7% [3]. - The revenue breakdown shows that 12-inch wafer products contributed $1.59 billion (76.1% of total revenue), while 8-inch wafer products generated $499 million (23.9% of total revenue), with the latter showing a quarter-on-quarter growth of 6.6% [3]. - The Chinese market accounted for over 80% of revenue, with Q2 revenue from China at $1.86 billion, a 1.9% decline quarter-on-quarter [3]. Gross Profit and Margins - SMIC reported a gross profit of $450 million in Q2, a year-on-year increase of 69.7%, but a quarter-on-quarter decline of 11.1%, resulting in a gross margin of 20.4% [5][6]. - The decline in gross margin was attributed to production volatility and changes in product mix, leading to a decrease in average selling price (ASP) by 6.4% [5][6]. Operating Expenses - Operating expenses increased by 24.0% quarter-on-quarter and 9.3% year-on-year, primarily due to rising R&D and management costs [7]. - R&D expenses rose by 22.1% quarter-on-quarter, reflecting ongoing challenges in advanced process yields [7]. Market Reaction and Future Outlook - Despite the slightly better-than-expected results, SMIC's stock fell 8.2% in Hong Kong and 4.3% in A-shares on the day following the report, indicating market skepticism [2][9]. - For Q3, SMIC expects revenue growth of 5%-7% and a gross margin of 18%-20%, but expressed concerns about visibility for Q4 due to potential adjustments in smartphone market demand [9][10]. Strategic Considerations - The shift towards mature processes raises concerns about future earnings volatility, especially if demand driven by policy incentives diminishes [11]. - The company's ability to advance in technology and maintain competitive positioning is critical, given the capital-intensive nature of the semiconductor industry [13][14]. Valuation Insights - SMIC's current price-to-book (PB) ratio is 2.4x, compared to an average of 1.9x for peer companies, suggesting a relatively high valuation [15]. - The A-share PB is currently at 4.6x, reflecting market expectations, but there is potential for further valuation increases if domestic substitution trends strengthen or if advancements in technology occur [15].