🇺🇸 SECUNITED MICROELECTRONICS CORPCodex · 实盘不做把握 6/10不做原因:风险收益比不佳
北京时间·🕒 发布 18:03:09·⟳ 抓取 18:04:53 +1m44s·⚡ 决策 09-04 19:16:05 +1h11m·52.9 天前
联电8月营收同比增长30.71%,但基本落在三季度复苏路径内
事件方向为正,但属于计划内月度营收披露;8月月营收年化约3005亿新台币、1-8月年化约2680亿新台币,强于2025全年2376亿新台币但未明显证明超过市场对2026年约两成增长和三季度高个位数环比改善的预期,且已有台股和ADR盘前重定价迹象。
📄 原文UNITED MICROELECTRONICS CORP↗ 原文
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不做 联华电子(UMC.US)
8月营收同比高增是正面验证,但计划内披露且未明显超出已知三季度复苏指引;ADR盘前已有反应,风险收益不足。
不做 联华电子(2303.TW)
台股正股已收盘且当日收涨约4%,下一交易日追高更依赖情绪承接而非新增基本面预期差。
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
结论摘要
联华电子8月营收同比+30.71%、1-8月同比+14.66%,确认成熟制程/8英寸复苏仍在延续;但公司此前已给出三季度利用率超过90%、出货高个位数增长、毛利率34%-36%的框架,7月收入也已创45个月高点,8月25.0亿新台币级别更多是验证而非显著上修。结合2303.TW当日收涨约4%、UMC.US盘前一度约+2.1%,当前不追高开新仓。
消息传播链
- 公司新闻稿披露2026年8月营收25,044,641千新台币、同比+30.71%,并列示1-8月同比+14.66%。市场反应:UMC.US盘前页面显示约20.28美元、较前收约+2.11%。
- 联华电子向SEC提交6-K,将8月营收公告作为附件99.3披露。
- 2303.TW在台湾9月4日收于约130新台币、涨约4.00%,但该收盘早于美东6:30新闻稿时间,不能直接归因于本次SEC披露。市场反应:2303.TW收涨约4.00%,成交额约182.40亿新台币。
关键理由
- 8月营收25,044,641千新台币,同比+30.71%,显示成熟制程和8英寸需求复苏延续。
- 1-8月营收178,659,250千新台币,同比+14.66%;按8月单月年化约3005亿新台币,高于2025全年2376亿新台币。
- 但市场此前已知道7月营收创新高、三季度利用率将超过90%,本次更像确认复苏而非重新定价级别的超预期。
主要风险
- 若9月继续上行并带来正式三季度指引上修,当前回避可能错过趋势延续。
- 若成熟制程价格和需求受中国竞争、库存或消费电子下修压制,8月单月强劲可能无法外推。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-08-07 · 影响 weakens
公开二季度电话会摘要已包含三季度利用率超过90%、出货高个位数增长等复苏预期,削弱8月单月同比高增的预期差。
检索:UMC Q3 2026 guidance revenue utilization 2026 July 29 2026 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-04-03 · 影响 weakens
成熟制程价格可能反弹,但库存高企和中国厂商竞争仍使价格上涨不确定,降低持续外推的把握。
检索:UMC recent concerns 2026 mature node pricing utilization 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-09-04 · 影响 weakens
2303.TW当日收涨约4%,UMC.US盘前页面显示约+2.1%,说明部分资金已在事件前后重定价,不宜无条件追高。
检索:NYSE UMC stock price September 3 2026 close 2303.TW September 4 2026 close 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例不足叠加预期差不够明确,使结论从可小仓追多降为回避。
方向:未取得可严格锚定首发时刻并匹配UMC月度营收披露的高相似先例;只能定性认为月营收强于同比通常偏正面。
涨幅量级:缺少event_study工具结果,不能用先例校准tp/sl幅度;本次因此不设ENTER订单。
形态:当前证据显示月度营收属预定披露且已存在盘前/台股反应,见光死风险不能排除。
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原文全文
展开原文 · 3,360 字
----- 6k_on_09042026.htm -----
6-K
1
6k_on_09042026.htm
6-K
6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
September 4, 2026
(Commission File Number: 001-15128)
United Microelectronics Corporation
(Translation of registrant’s name into English)
No. 3 Li-Hsin 2nd Road,
Hsinchu Science Park,
Hsinchu, Taiwan, R.O.C.
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
United Microelectronics Corporation
By:
Chitung Liu
Name:
Chitung Liu
Title:
CFO
Date: September 4, 2026
2
EXHIBIT INDEX
Exhibit
Description
99
6K on 09/04/2026
3
----- umc-ex99.htm -----
EX-99
2
umc-ex99.htm
EX-99
EX-99
www.umc.com
Exhibit
Exhibit
Description
99.1 Announcement on 2026/09/03: UMC will attend investor conferences on 2026/09/10
99.2 Announcement on 2026/09/03: UMC will attend investor conferences on 2026/09/14~2026/09/15
99.3 Announcement on 2026/09/04: August Revenue
Exhibit 99.1
UMC will attend investor conferences on 2026/09/10
1. Date of institutional investor conference: 2026/09/10
2. Time of institutional investor conference: 09:30 PM
3. Location of institutional investor conference: New York Hilton Midtown
4. Outline of institutional investor conference:
The Company will attend the “2026 GEMs Conference”, held by Citi.
5. Any other matters that need to be specified: None
Exhibit 99.2
UMC will attend investor conferences on 2026/09/14~2026/09/15
1. Date of institutional investor conference: 2026/09/14~2026/09/15
2. Time of institutional investor conference: 09:00 AM
3. Location of institutional investor conference: W Hotel Taipei
4. Outline of institutional investor conference:
The Company will attend the “Taiwan Summit 2026”, held by UBS.
5. Any other matters that need to be specified: None
Exhibit 99.3
United Microelectronics Corporation
September 4, 2026
This is to report the changes or status of 1) Sales volume, 2) Funds lent to other parties, 3) Endorsements and guarantees, and 4) Financial derivative transactions for the period of August 2026.
1)
Sales volume (NT$ Thousand)
Period
Items
2026
2025
Changes
%
August
Net sales
25,044,641
19,159,816
5,884,825
30.71%
Year-to-Date
Net sales
178,659,250
155,816,479
22,842,771
14.66%
2)
Funds lent to other parties (NT$ Thousand): None
3)
Endorsements and guarantees (NT$ Thousand): None
4)
Financial derivatives transactions:
a Not under hedging accounting: NT$ thousand
UMC
Financial instruments
Option
Forwards
IRS
Put
Call
Deposit Paid
0
0
0
0
Royalty Income (Paid)
0
0
0
0
Unwritten-off Trading
Contracts
0
0
1,138,320
0
Fair Value
0
0
9,719
0
Net profit (loss) from Fair Value
0
0
10,372
0
Written-off Trading
Contracts
0
0
9,159,030
0
Realized profit (loss)
0
0
(33,746)
0
6-K
1
6k_on_09042026.htm
6-K
6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
September 4, 2026
(Commission File Number: 001-15128)
United Microelectronics Corporation
(Translation of registrant’s name into English)
No. 3 Li-Hsin 2nd Road,
Hsinchu Science Park,
Hsinchu, Taiwan, R.O.C.
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
United Microelectronics Corporation
By:
Chitung Liu
Name:
Chitung Liu
Title:
CFO
Date: September 4, 2026
2
EXHIBIT INDEX
Exhibit
Description
99
6K on 09/04/2026
3
----- umc-ex99.htm -----
EX-99
2
umc-ex99.htm
EX-99
EX-99
www.umc.com
Exhibit
Exhibit
Description
99.1 Announcement on 2026/09/03: UMC will attend investor conferences on 2026/09/10
99.2 Announcement on 2026/09/03: UMC will attend investor conferences on 2026/09/14~2026/09/15
99.3 Announcement on 2026/09/04: August Revenue
Exhibit 99.1
UMC will attend investor conferences on 2026/09/10
1. Date of institutional investor conference: 2026/09/10
2. Time of institutional investor conference: 09:30 PM
3. Location of institutional investor conference: New York Hilton Midtown
4. Outline of institutional investor conference:
The Company will attend the “2026 GEMs Conference”, held by Citi.
5. Any other matters that need to be specified: None
Exhibit 99.2
UMC will attend investor conferences on 2026/09/14~2026/09/15
1. Date of institutional investor conference: 2026/09/14~2026/09/15
2. Time of institutional investor conference: 09:00 AM
3. Location of institutional investor conference: W Hotel Taipei
4. Outline of institutional investor conference:
The Company will attend the “Taiwan Summit 2026”, held by UBS.
5. Any other matters that need to be specified: None
Exhibit 99.3
United Microelectronics Corporation
September 4, 2026
This is to report the changes or status of 1) Sales volume, 2) Funds lent to other parties, 3) Endorsements and guarantees, and 4) Financial derivative transactions for the period of August 2026.
1)
Sales volume (NT$ Thousand)
Period
Items
2026
2025
Changes
%
August
Net sales
25,044,641
19,159,816
5,884,825
30.71%
Year-to-Date
Net sales
178,659,250
155,816,479
22,842,771
14.66%
2)
Funds lent to other parties (NT$ Thousand): None
3)
Endorsements and guarantees (NT$ Thousand): None
4)
Financial derivatives transactions:
a Not under hedging accounting: NT$ thousand
UMC
Financial instruments
Option
Forwards
IRS
Put
Call
Deposit Paid
0
0
0
0
Royalty Income (Paid)
0
0
0
0
Unwritten-off Trading
Contracts
0
0
1,138,320
0
Fair Value
0
0
9,719
0
Net profit (loss) from Fair Value
0
0
10,372
0
Written-off Trading
Contracts
0
0
9,159,030
0
Realized profit (loss)
0
0
(33,746)
0
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