June Sales Review

研报英文原文证据摘录

June Sales Review

Company Report

July 6, 2026 United Microelectronics (2303)

Rating: June Sales ReviewNEUTRAL

Price:

NT$165.50 UMC June Sales: UMC reported June sales of NT$22.944B, down 0.7% M/M

12-Month Price Target: (vs. May's NT$23.123B) and up 21.9% Y/Y. Sales for the quarter totaled $68.7B,

NT$80.00 exceeding both our outlook for NT$65.0B and Street at NT$66.6B.

Implications: UMC nicely topping sales estimates (even prior to price increases)

Analysts and with stable exchange rates suggests improvement in the company's underlying

Matt Bryson business.

(617) 695-6302 ● We see UMC's strength as a continuation of apparent positive trends in mature

matthew.bryson@wedbush.com foundry, which we believe is being driven by 1) continued accelerated growth

Antoine Legault, CFA, CPA in data center demand and 2) a more modest fall-off in CE devices than we had(626) 497-1619

antoine.legault@wedbush.com feared entering the year.

● Margins should benefit from improved utilization rates Q/Q.

● This strength should aloes presumably have bolstered UMC's previously

Company Information - Hardware announced plans to raise pricing on portions of its product portfolio as of this

Yield 3.75% month. As such, we believe Q3 should benefit from higher ASPs.Market Cap (M) TWD2,081,494

Enterprise Value (M) TWD2,024,998 ● As such, our model does not likley fully incorporate the resulting boost to 2H

numbers from higher ASPs particularly given UMC's Q3 is now working off a

Revenue (B) in TWD higher Q2 revenue (and presumably) margin base.

FYE Dec 2025A 2026E 2027E ● And, we view UMC's apparent solid results as having positive derivative Q1 Mar 57.9A 61.0A 67.8E

Q2 Jun 58.8A 65.0E 75.6E implications for peers in mature foundry including VIS, GFS, and TSEM (though