联电(UMC.US)Q4营收超预期但盈利略逊预期 Q1指引趋于保守

智通财经

Jan 28

智通财经APP获悉，晶圆代工大厂联电(UMC.US)公布2025年第四季度业绩。财报显示，公司营收达19.7亿美元，同比增长2.4%，较市场预期高出6000万美元;但GAAP每股收益为0.129美元，略低于市场预期0.01美元。

关键财务与运营指标显示结构性调整。盈利水平方面，第四季度毛利率为30.7%，营业利润率为19.8%。技术节点贡献上，22/28纳米制程营收占比达36%。

产能与效率上，联电当季晶圆出货量环比微降0.6%至99.4万片(约当12英寸)，总产能为130.5万片，整体产能利用率维持在78%。

公司第四季度经营活动现金流入达330亿新台币，现金及等价物增至1106.6亿新台币。应收账款周转天数缩短3天至47天，库存天数增加1天至77天。

第四季度总产能为130.5万片(约当12英寸晶圆)。因进行8英寸及12英寸厂年度维护，预计2026年第一季度总产能将小幅降至128.3万片(约当12英寸)。

资本开支与产能规划方面，公司第四季度资本支出为5.01亿美元，2025年全年资本支出达16亿美元。2026年现金资本支出预算设定为15亿美元。

一季度业绩指引趋于保守。晶圆出货量预计将保持平稳，平均销售单价(美元计)将保持坚挺，毛利率预计回落至约20%高位区间，产能利用率预计处于70%中段范围。

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