[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio6c9f7e60":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio6c9f7e60","联电(UMC)迎双重催化：PIC业务加速+携手英特尔开发12纳米，机构掀多空博弈","\u002Fdoc\u002Fdcio6c9f7e60","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，广发证券预计，这得益于光子集成电路(PIC)业务的发展推进，晶圆代工巨头联华电子(UMC)的股票将走强。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>广发证券分析师 Jeff Pu 在给投资者的一份报告中表示“由于台积电(TSMC)发表了‘成熟制程并不短缺’的言论，联电股价在 7 下半月落后台湾加权股价指数(Taiex)26%，但本月至今呈横盘震荡走势，以消化公司更高的折旧指引以及此前拥挤的多头头寸。尽管如此，我们现在预计其高利润率的 PIC 业务将加速推进，这主要由 Hyperlight[其可能在谷歌方面取得了重大进展]和 TeraHop 所驱动。我们预计到 2027 年第四季度和 2028 年第四季度，晶圆出货量将分别增长至每月 2 万片和每月 4 万片，毛利率显著高于公司整体水平。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>广发证券维持对该股的“买入”评级，并将目标价从 135 新台币上调至 160 新台币(约合 5 美元)。联电在纽约证券交易所上市的每份美国存托股份(ADS)相当于在台湾交易的五股普通股。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>联电正与英特尔合作，共同开发和制造 12 纳米制程。预计生产将于明年在英特尔位于亚利桑那州的一处晶圆厂启动。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Jeff Pu 指出“关于英特尔，管理层此前重申合作计划仍在轨道上，预计将于 2027 年在 Intel 12 制程上完成流片，且我们预计产能将不仅限于单一阶段。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>整体共识仍为\"卖出\"\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>以广发、Arete Research为代表的看多阵营接连上调联电评级，但空方坚守令整体共识仍偏审慎，联电正成为华尔街对\"成熟制程晶圆代工厂如何重估\"最具分歧的标的之一。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Bernstein7月28日维持其\"卖出\"评级，目标价13.60美元，较当时股价隐含约28.98%下行空间；该机构早在7月7日、4月13日就连续维持“卖出”、目标价7.40美元，是联电覆盖机构中最坚定的空方。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>S&P Global的数据显示，4位分析师对联电的共识评级为\"卖出\"，12个月平均目标价18.492美元，\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>空方的主要担忧集中在三方面其一，Q2归母净利润422.6亿新台币中包含了约300.5亿新台币的投资收益一次性贡献，主营运营动能需观察;其二，台积电关于\"成熟制程节点不再短缺\"的判断削弱了联电的议价能力;其三，2027年前折旧费用将以\"低双位数\"百分比增长，资本支出上调短期压制利润释放。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>联电ADR在7月31日—8月24日期间股价在17.07—20.85美元区间震荡，8月24日收报18.83美元，盘前一度冲高至19.50美元后回落——这正是市场对上述分歧的激烈博弈。8月10日Arete上调评级以来，看多催化逐步累积；但Bernstein的卖出评级与整体\"减持\"共识，意味着股价对PIC业务的定价尚未形成一致预期。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]