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北京时间·🕒 发布 19:36:18时区推断·⟳ 抓取 19:39:42·⚡ 决策 07-27 19:40:36 +54s·91.9 天前
Wedbush预计联电二季度毛利率可能高于指引但维持中性评级
这只是券商在财报前的预览和预测，不是公司披露的新订单、指引上修或已确认业绩超预期。
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United Microelectronics seen surpassing margin estimates as utilization rises: Wedbush
United Microelectronics (UMC) is set to report second-quarter results on July 29, and Wedbush Securities believes the s…
不做 联电（UMC.US）
券商财报前预期不等于已确认业绩或指引上修，且评级仍为中性；等2026-07-29实际财报和三季度指引后再由新事件判断。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-27 · 扩散 low · price-in 风险 medium ↗
关键理由
- 这只是券商在财报前的预览和预测，不是公司披露的新订单、指引上修或已确认业绩超预期。
- Wedbush仍维持Neutral评级和80新台币目标价，事件本身没有形成明确的短周期同向交易催化。
主要风险
- 联电将在2026-07-29披露二季度业绩，真实财报和三季度指引可能成为新的可交易事件。
原文全文
展开原文 · 1,496 字
United Microelectronics (UMC) is set to report second-quarter results on July 29, and Wedbush Securities believes the semiconductor foundry should top margin estimates as utilization levels continue to rise.
“With utilization seemingly tracking higher and minimal exchange rate shifts, we expect gross margin should come in above the ~30% guide,” analyst Matt Byrson wrote in a note to clients. “Our focus will be on 3Q26 guidance, where UMC's 2H26 wafer price increases should begin to filter into sales and margin expectations (they are not yet in our numbers) and strength from data center/AI should continue to boost volumes yielding higher growth rates vs. our current expectations (not to mention with growth coming off a higher base).”
Aside from the potential for stronger-than-expected margins, Bryson said he expects United Microelectronics to reiterate that its collaboration with Intel (INTC) for 12 nm is “on track.” (The two companies are working on process design kits and intellectual property.)
“We expect UMC to reiterate that its 12 nm collaboration with Intel is on track (PDKs and IP to the first customer in 2026, production targeted for late 2027), and we would not be surprised to hear more about UMC's work around SiPH, with UMC earlier in July announcing work with SILITH that includes the successful commercialization of an initial silicon photonics project for a customer,” Bryson added.
Bryson has a Neutral rating and a NT$80 price target on United Microelectronics.
“With utilization seemingly tracking higher and minimal exchange rate shifts, we expect gross margin should come in above the ~30% guide,” analyst Matt Byrson wrote in a note to clients. “Our focus will be on 3Q26 guidance, where UMC's 2H26 wafer price increases should begin to filter into sales and margin expectations (they are not yet in our numbers) and strength from data center/AI should continue to boost volumes yielding higher growth rates vs. our current expectations (not to mention with growth coming off a higher base).”
Aside from the potential for stronger-than-expected margins, Bryson said he expects United Microelectronics to reiterate that its collaboration with Intel (INTC) for 12 nm is “on track.” (The two companies are working on process design kits and intellectual property.)
“We expect UMC to reiterate that its 12 nm collaboration with Intel is on track (PDKs and IP to the first customer in 2026, production targeted for late 2027), and we would not be surprised to hear more about UMC's work around SiPH, with UMC earlier in July announcing work with SILITH that includes the successful commercialization of an initial silicon photonics project for a customer,” Bryson added.
Bryson has a Neutral rating and a NT$80 price target on United Microelectronics.
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