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heyheyhey88
2021-07-13
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heyheyhey88
2021-07-12
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Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>
heyheyhey88
2021-07-11
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2021-07-10
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Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>
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2021-06-18
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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626091932,"share":"https://www.laohu8.com/m/news/1156961347?lang=zh_CN&edition=full","pubTime":"2021-07-12 20:12","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156961347","media":"Tiger Newspress","summary":"Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to ","content":"<p>Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to new peaks in the previous session, with investors awaiting the start of the second-quarter earning season and a batch of economic data.</p><p><blockquote>在华尔街前一交易日反弹至新高后，追踪道指和标普500指数的期货周一小幅走低，投资者等待第二季度财报季的开始和一批经济数据。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were down 122 points, or 0.35%, S&P 500 E-minis were down 7.5 points, or 0.17% and Nasdaq 100 E-minis were up 33.25 points, or 0.22%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌122点，跌幅0.35%，标普500 e-mini下跌7.5点，跌幅0.17%，纳斯达克100 e-mini上涨33.25点，跌幅0.22%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac31dda4d4d95330be5d71b8180102d4\" tg-width=\"810\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> Starting Tuesday, earnings reports are due from JPMorgan Chase, Goldman Sachs, Bank of America and other big banks, with market participants looking for early clues on the economy and stocks tied to growth.</p><p><blockquote>从周二开始，摩根大通、高盛、美国银行和其他大银行将发布财报，市场参与者正在寻找有关经济和与增长相关的股票的早期线索。</blockquote></p><p> Shares of the big lenders fell between 0.9% and 1.0% in premarket trading.</p><p><blockquote>大型银行的股价在盘前交易中下跌0.9%至1.0%。</blockquote></p><p> Second-quarter earnings for S&P 500 companies are expected to rise 65.8%, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，标普500公司第二季度盈利预计将增长65.8%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> — </b>Shares of the space company jumped 9% in premarket trading after CEO Richard Branson completed a long-awaited test flight to space on Sunday.It was the first spaceflight to date for Virgin Galactic carrying more than one passenger. Branson also became the first of the billionaire space company founders to ride his own spacecraft, beating Elon Musk and Jeff Bezos.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a>—</b>在首席执行官理查德·布兰森周日完成了期待已久的太空试飞后，这家航天公司的股价在盘前交易中上涨了9%。这是维珍银河迄今为止第一次搭载一名以上乘客的太空飞行。Branson还击败了Elon Musk和杰夫·贝索斯，成为第一位乘坐自己航天器的亿万富翁太空公司创始人。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CAKE\">Cheesecake Factory</a></b> <b>—</b> The restaurant stock climbed more than 1% in premarket trading after Raymond Jamesupgraded the shares to outperform from market perform. The Wall Street firm said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory shares have fallen about 8% in the past month.</p><p><blockquote><b><a href=\"https://laohu8.com/S/CAKE\">芝士蛋糕工厂</a></b><b>—</b>雷蒙德·詹姆斯(Raymond James)将该股评级从市场表现上调至跑赢大盘后，该餐厅股价在盘前交易中上涨超过1%。这家华尔街公司表示，市场低估了全方位服务餐厅的复苏。Cheesecake Factory股价在过去一个月下跌了约8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JWN\">Nordstrom</a></b> <b>— </b>Shares of the department store dipped slightly after the company said Sundayit has acquired a minority stakein four apparel brands owned by the online U.K. fashion house Asos. The brands — Topshop, Topman, Miss Selfridge and the activewear label HIIT — target younger consumers in their 20s. Financial terms of the deal weren't disclosed.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JWN\">诺德斯特龙</a></b><b>—</b>该百货公司表示Sundayit已收购英国在线时装公司Asos旗下四个服装品牌的少数股权后，该百货公司股价小幅下跌。这些品牌——Topshop、Topman、Miss Selfridge和运动服品牌HIIT——瞄准了20多岁的年轻消费者。该交易的财务条款没有披露。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a></b> <b>,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a> — </b>Major bank stocks traded lower across the board despite expectations for strong earnings reports this week. JPMorgan dipped 0.7%, while Goldman Sachs fell 0.5% and Bank of America shares traded 0.8% lower. The decline came as bond yields continued to drift lower. JPMorgan and Goldman Sachs kick off earnings season with results due out before the bell on Tuesday. Bank of America, Citigroup and Wells Fargo report on Wednesday.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a></b><b>,<a href=\"https://laohu8.com/S/BAC\">美国银行</a>—</b>尽管预计本周将公布强劲的财报，但主要银行股仍全线走低。摩根大通下跌0.7%，高盛下跌0.5%，美国银行股价下跌0.8%。此次下跌是在债券收益率继续走低之际发生的。摩根大通和高盛将于周二盘前公布财报，拉开财报季的序幕。美国银行、花旗集团和富国银行将于周三公布财报。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b> <b>,<a href=\"https://laohu8.com/S/CCL\">Carnival</a> —</b>Shares tied to the economic reopening were slightly weaker in premarket Monday. United Airline fell more than 1% after losing 2.3% month to date. Boeing and Delta Air Line both traded about 1% lower. Carnival, Norwegian Cruise Line and Royal Caribbean all fell over 1%.</p><p><blockquote><b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b><b>,<a href=\"https://laohu8.com/S/CCL\">狂欢节</a>—</b>周一盘前，与经济重新开放相关的股票小幅走软。美联航本月迄今下跌2.3%后，股价下跌超过1%。波音和达美航空均下跌约1%。嘉年华、挪威邮轮、皇家加勒比均跌超1%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-12 20:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to new peaks in the previous session, with investors awaiting the start of the second-quarter earning season and a batch of economic data.</p><p><blockquote>在华尔街前一交易日反弹至新高后，追踪道指和标普500指数的期货周一小幅走低，投资者等待第二季度财报季的开始和一批经济数据。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were down 122 points, or 0.35%, S&P 500 E-minis were down 7.5 points, or 0.17% and Nasdaq 100 E-minis were up 33.25 points, or 0.22%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌122点，跌幅0.35%，标普500 e-mini下跌7.5点，跌幅0.17%，纳斯达克100 e-mini上涨33.25点，跌幅0.22%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac31dda4d4d95330be5d71b8180102d4\" tg-width=\"810\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> Starting Tuesday, earnings reports are due from JPMorgan Chase, Goldman Sachs, Bank of America and other big banks, with market participants looking for early clues on the economy and stocks tied to growth.</p><p><blockquote>从周二开始，摩根大通、高盛、美国银行和其他大银行将发布财报，市场参与者正在寻找有关经济和与增长相关的股票的早期线索。</blockquote></p><p> Shares of the big lenders fell between 0.9% and 1.0% in premarket trading.</p><p><blockquote>大型银行的股价在盘前交易中下跌0.9%至1.0%。</blockquote></p><p> Second-quarter earnings for S&P 500 companies are expected to rise 65.8%, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，标普500公司第二季度盈利预计将增长65.8%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> — </b>Shares of the space company jumped 9% in premarket trading after CEO Richard Branson completed a long-awaited test flight to space on Sunday.It was the first spaceflight to date for Virgin Galactic carrying more than one passenger. Branson also became the first of the billionaire space company founders to ride his own spacecraft, beating Elon Musk and Jeff Bezos.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a>—</b>在首席执行官理查德·布兰森周日完成了期待已久的太空试飞后，这家航天公司的股价在盘前交易中上涨了9%。这是维珍银河迄今为止第一次搭载一名以上乘客的太空飞行。Branson还击败了Elon Musk和杰夫·贝索斯，成为第一位乘坐自己航天器的亿万富翁太空公司创始人。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CAKE\">Cheesecake Factory</a></b> <b>—</b> The restaurant stock climbed more than 1% in premarket trading after Raymond Jamesupgraded the shares to outperform from market perform. The Wall Street firm said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory shares have fallen about 8% in the past month.</p><p><blockquote><b><a href=\"https://laohu8.com/S/CAKE\">芝士蛋糕工厂</a></b><b>—</b>雷蒙德·詹姆斯(Raymond James)将该股评级从市场表现上调至跑赢大盘后，该餐厅股价在盘前交易中上涨超过1%。这家华尔街公司表示，市场低估了全方位服务餐厅的复苏。Cheesecake Factory股价在过去一个月下跌了约8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JWN\">Nordstrom</a></b> <b>— </b>Shares of the department store dipped slightly after the company said Sundayit has acquired a minority stakein four apparel brands owned by the online U.K. fashion house Asos. The brands — Topshop, Topman, Miss Selfridge and the activewear label HIIT — target younger consumers in their 20s. Financial terms of the deal weren't disclosed.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JWN\">诺德斯特龙</a></b><b>—</b>该百货公司表示Sundayit已收购英国在线时装公司Asos旗下四个服装品牌的少数股权后，该百货公司股价小幅下跌。这些品牌——Topshop、Topman、Miss Selfridge和运动服品牌HIIT——瞄准了20多岁的年轻消费者。该交易的财务条款没有披露。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a></b> <b>,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a> — </b>Major bank stocks traded lower across the board despite expectations for strong earnings reports this week. JPMorgan dipped 0.7%, while Goldman Sachs fell 0.5% and Bank of America shares traded 0.8% lower. The decline came as bond yields continued to drift lower. JPMorgan and Goldman Sachs kick off earnings season with results due out before the bell on Tuesday. Bank of America, Citigroup and Wells Fargo report on Wednesday.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a></b><b>,<a href=\"https://laohu8.com/S/BAC\">美国银行</a>—</b>尽管预计本周将公布强劲的财报，但主要银行股仍全线走低。摩根大通下跌0.7%，高盛下跌0.5%，美国银行股价下跌0.8%。此次下跌是在债券收益率继续走低之际发生的。摩根大通和高盛将于周二盘前公布财报，拉开财报季的序幕。美国银行、花旗集团和富国银行将于周三公布财报。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b> <b>,<a href=\"https://laohu8.com/S/CCL\">Carnival</a> —</b>Shares tied to the economic reopening were slightly weaker in premarket Monday. United Airline fell more than 1% after losing 2.3% month to date. Boeing and Delta Air Line both traded about 1% lower. Carnival, Norwegian Cruise Line and Royal Caribbean all fell over 1%.</p><p><blockquote><b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b><b>,<a href=\"https://laohu8.com/S/CCL\">狂欢节</a>—</b>周一盘前，与经济重新开放相关的股票小幅走软。美联航本月迄今下跌2.3%后，股价下跌超过1%。波音和达美航空均下跌约1%。嘉年华、挪威邮轮、皇家加勒比均跌超1%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPCE":"维珍银河","JWN":"诺德斯特龙",".DJI":"道琼斯","JPM":"摩根大通","CCL":"嘉年华邮轮",".SPX":"S&P 500 Index","CAKE":"芝乐坊餐馆","UAL":"联合大陆航空","BAC":"美国银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156961347","content_text":"Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to new peaks in the previous session, with investors awaiting the start of the second-quarter earning season and a batch of economic data.\nAt 8:10 a.m. ET, Dow E-minis were down 122 points, or 0.35%, S&P 500 E-minis were down 7.5 points, or 0.17% and Nasdaq 100 E-minis were up 33.25 points, or 0.22%.\n*Source From Tiger Trade, EST 08:10\nStarting Tuesday, earnings reports are due from JPMorgan Chase, Goldman Sachs, Bank of America and other big banks, with market participants looking for early clues on the economy and stocks tied to growth.\nShares of the big lenders fell between 0.9% and 1.0% in premarket trading.\nSecond-quarter earnings for S&P 500 companies are expected to rise 65.8%, according to IBES data from Refinitiv.\nStocks making the biggest moves in the premarket:\nVirgin Galactic — Shares of the space company jumped 9% in premarket trading after CEO Richard Branson completed a long-awaited test flight to space on Sunday.It was the first spaceflight to date for Virgin Galactic carrying more than one passenger. Branson also became the first of the billionaire space company founders to ride his own spacecraft, beating Elon Musk and Jeff Bezos.\nCheesecake Factory — The restaurant stock climbed more than 1% in premarket trading after Raymond Jamesupgraded the shares to outperform from market perform. The Wall Street firm said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory shares have fallen about 8% in the past month.\nNordstrom — Shares of the department store dipped slightly after the company said Sundayit has acquired a minority stakein four apparel brands owned by the online U.K. fashion house Asos. The brands — Topshop, Topman, Miss Selfridge and the activewear label HIIT — target younger consumers in their 20s. Financial terms of the deal weren't disclosed.\nJPMorgan Chase ,Bank of America — Major bank stocks traded lower across the board despite expectations for strong earnings reports this week. JPMorgan dipped 0.7%, while Goldman Sachs fell 0.5% and Bank of America shares traded 0.8% lower. The decline came as bond yields continued to drift lower. JPMorgan and Goldman Sachs kick off earnings season with results due out before the bell on Tuesday. Bank of America, Citigroup and Wells Fargo report on Wednesday.\nUnited Continental ,Carnival —Shares tied to the economic reopening were slightly weaker in premarket Monday. United Airline fell more than 1% after losing 2.3% month to date. Boeing and Delta Air Line both traded about 1% lower. Carnival, Norwegian Cruise Line and Royal Caribbean all fell over 1%.","news_type":1,"symbols_score_info":{"JPM":0.9,".DJI":0.9,"CCL":0.9,"SPCE":0.9,".SPX":0.9,"BAC":0.9,"CAKE":0.9,"UAL":0.9,"JWN":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148151158,"gmtCreate":1625962557774,"gmtModify":1633931396409,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558876054604575","authorIdStr":"3558876054604575"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148151158","repostId":"2150030723","repostType":4,"isVote":1,"tweetType":1,"viewCount":2175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148331285,"gmtCreate":1625927928347,"gmtModify":1633931526149,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558876054604575","authorIdStr":"3558876054604575"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/148331285","repostId":"1145284684","repostType":4,"repost":{"id":"1145284684","kind":"news","pubTimestamp":1625878443,"share":"https://www.laohu8.com/m/news/1145284684?lang=zh_CN&edition=full","pubTime":"2021-07-10 08:54","market":"us","language":"en","title":"Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145284684","media":"seekingalpha","summary":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, man","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.</li> <li>TSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.</li> <li>TSMC benefits from a gross margin nearly twice that of UMC.</li> <li>40% of revenues are from nodes <14nm, below the smallest node of UMC.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80e662ebb3b78dd0445ecc891cf8986\" tg-width=\"768\" tg-height=\"513\"><span>BING-JHEN HONG/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>台积电是全球最大的为无晶圆厂半导体公司制造IC的代工厂，使用281种不同的技术为510个不同的客户制造11,617种不同的产品。</li><li>台积电和台湾代工厂联合微电子公司预计将从对汽车制造商产生不利影响的芯片供应危机中受益。</li><li>台积电受益于近两倍于联电的毛利率。</li><li>40%的收入来自<14nm的节点，低于联电最小的节点。</li></ul><p class=\"t-img-caption\"><span>BING-JHEN HONG/iStock社论来自Getty Images</span></p></blockquote></p><p> Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.</p><p><blockquote>台积电股份有限公司或台积电(TSM)和联华电子公司或联电(UMC)的总部均位于台湾，均以合同方式为公司制造半导体。它们都提供高质量的IC制造服务，专注于逻辑和各种专业技术，为电子行业的所有主要部门提供服务，并被定义为纯粹的代工厂。</blockquote></p><p> While they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.</p><p><blockquote>虽然它们有相似之处，但这两家公司在不同的商业模式上有很大不同。台积电最初是一家领先的公司，并一直是一家以最小尺寸制造芯片的公司。另一方面，台湾第一家半导体公司联电选择了14纳米节点作为其制造的最小尺寸。</blockquote></p><p> To illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.</p><p><blockquote>为了说明模型的差异，图1显示了两家公司基于技术节点的收入。关键区别在于<14纳米节点，台积电占其收入的41.4%，而联电为0%。</blockquote></p><p> Chart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.</p><p><blockquote>图1还显示，台积电2020年的收入为430亿美元，而联电为60亿美元。重要的是，这也显示了台积电的财务主导地位，因为联电在全球晶圆代工市场排名第二。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf3b088585f8a624c6665040756e940f\" tg-width=\"640\" tg-height=\"462\"><span>Chart 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表1</span></p></blockquote></p><p> Much of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.</p><p><blockquote>台积电的大部分收入来自<14纳米节点，占收入的比例从2019年的29.4%增加到2020年的41.4%。由于联电最小的节点是28nm/14nm，联电在该节点上投入巨资，营收占比从2019年的11.3%增加到2020年的13.6%。相比之下，2020年台积电在28纳米/14纳米节点的份额从2019年的37.7%下降到30.8%。</blockquote></p><p> <b>Expanding Capacity</b></p><p><blockquote><b>扩大产能</b></blockquote></p><p> <b>Leading Edge Nodes</b></p><p><blockquote><b>前沿节点</b></blockquote></p><p> TSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).</p><p><blockquote>台积电约1/3的收入来自28纳米/14纳米，台积电8英寸产能为562,000片/月，12英寸产能为745,000片/月。总产能为995,000片/月（12英寸当量）。</blockquote></p><p> In TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:</p><p><blockquote>在台积电2021年第一季度盈利看涨期权中，台积电副总裁兼首席财务官Wendell Huang指出：</blockquote></p><p> “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.” TSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.</p><p><blockquote>“为了满足未来几年对我们先进和专业技术不断增长的需求，我们决定将2021年全年资本支出提高至300亿美元左右。2021年资本预算的约80%将分配给先进工艺技术，包括3纳米、5纳米和7纳米。大约10%将用于先进包装和口罩制造，大约10%将用于专业技术。”台积电预计未来3年将投资约1000亿美元来提高产能，以支持前沿和专业技术的制造和研发。其N5已进入量产的第二年，在2021年贡献了我们约20%的晶圆收入。N4风险生产目标为今年下半年，2022年量产。</blockquote></p><p> Among TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.</p><p><blockquote>台积电将在未来三到四年内上线的设施包括该公司位于亚利桑那州的晶圆厂以及位于台湾的第一家2纳米晶圆厂。该公司需要在亚利桑那州建造和装备其支持N5的工厂。该设施将耗资约120亿美元，每月产能为20,000片晶圆启动(WSPM)，并将于2024年上线。</blockquote></p><p> <b>28nm Nodes</b></p><p><blockquote><b>28nm节点</b></blockquote></p><p> The global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.</p><p><blockquote>全球半导体短缺是促使代工厂制造新晶圆厂的催化剂之一，特别是在28nm节点，因为许多汽车芯片是在该节点制造的。虽然我已经发表了四篇Seeking Alpha文章来试图确定哪些设备供应不足并且只能找到微控制器，但在这篇文章中，为了便于讨论，我将承认这不是由于囤积，而是由于无能的制造供应链。</blockquote></p><p> As a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.</p><p><blockquote>因此，各国政府在该行业投入巨资，以扩大总产能。这些免费讲义是新28纳米节点晶圆厂建设的第二个催化剂。</blockquote></p><p></p><p> A strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.</p><p><blockquote>消费电子行业对晶圆的强劲需求导致联电28纳米晶圆出货量增加，上一季度营收环比增长18%。此外，联电一直专注于汽车行业的生产，因为电动和自动驾驶汽车的半导体预计将成为该公司的主要增长动力。然而，全球汽车半导体仅是一个400亿美元的市场，而全球半导体市场规模为5250亿美元。随着每年每辆车使用更多的半导体，以及电动汽车比内燃机汽车使用更多的半导体，这一数字还在增长。</blockquote></p><p> There is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.</p><p><blockquote>成熟节点存在供需失衡，因为大部分产能扩张都在高级节点，但公司没有解决成熟节点。该技术节点是最新汽车芯片危机的核心，同时索尼已将其用于智能手机的CMOS集成传感器（“CIS”）设计转移到28纳米。</blockquote></p><p> On April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.</p><p><blockquote>4月22日，台积电宣布在中国建设芯片制造工厂的计划遭到了批评者的反对。该工厂将生产基于成熟的28纳米工艺节点的半导体。南京工厂目前的装机容量为每月2万片晶圆。投资28亿美元，预计2023年量产，此次扩建将使产能翻一番，达到每月40,000片晶圆。</blockquote></p><p> TSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.</p><p><blockquote>台积电在全球拥有562,000片晶圆/月的8英寸产能和745,000片/月的12英寸产能。总产能为995,000片/月（12英寸当量）。新晶圆厂每月产能为20,000片晶圆，仅占公司总产能的2%。</blockquote></p><p> UMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.</p><p><blockquote>联电还在台湾南科12英寸晶圆厂12A P6工厂扩大了28纳米（迁移到40纳米）工艺的生产。目前每月产能为87,000片晶圆。扩能计划总投资预估约1000亿元新台币。P6扩建计划于2023年第二季度投产，每月产能仅为10,000片晶圆。</blockquote></p><p> The P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.</p><p><blockquote>P6计划得到了UMC和相关客户之间多年产品一致性的支持，其中包括负载保护机制，可确保P6容量保持在健康的负载水平。</blockquote></p><p> UMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).</p><p><blockquote>联电共有12家晶圆厂在生产，总产能接近每月80万片晶圆（相当于8英寸）。</blockquote></p><p> <b>Price Per Wafer</b></p><p><blockquote><b>每片晶圆的价格</b></blockquote></p><p> Chart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.</p><p><blockquote>图2显示了IC设备按节点划分的毛利润。它部分解释了台积电转向先进节点的商业模式背后的基本原理，同时也解释了为什么该公司选择让其28纳米节点供应不足，直到最近外部力量促使其建立中国晶圆厂。</blockquote></p><p> Gross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.</p><p><blockquote>28纳米节点每300毫米晶圆的毛利润为2,835美元，而3纳米节点为8,695美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e241c85dd84eb71f54c3b11812e6599\" tg-width=\"640\" tg-height=\"462\"><span>Chart 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表2</span></p></blockquote></p><p> Chart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.</p><p><blockquote>图3显示了IC按节点划分的资本支出。28纳米的资本支出（建筑+设备）为每块晶圆100,000美元，而3纳米的资本支出增加了两倍多，达到320,000美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f60218f2b914e5847e2eef8aa39c3\" tg-width=\"640\" tg-height=\"462\"><span>Chart 3</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表3</span></p></blockquote></p><p> <b>Customer Base</b></p><p><blockquote><b>客户基础</b></blockquote></p><p> Chart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.</p><p><blockquote>图表4显示，苹果（AAPL）是2020年台积电最大的客户，占收入的21%。请记住，除了台积电的处理器用于iPhone之外，台积电还制造M1，为新款MacBook Air、13英寸MacBook Pro和Mac mini提供动力，并且是苹果首款为Mac定制设计的基于Arm的芯片。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354a97772e16c2a05dbccc89556de9eb\" tg-width=\"640\" tg-height=\"465\"><span>Chart 4</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表4</span></p></blockquote></p><p> TSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.</p><p><blockquote>自2014年9月9日推出的苹果iPhone 6和iPhone 6 Plus安装以来，台积电已无数次升级其制造能力，以使苹果的最新芯片保持在处理器技术的前沿。</blockquote></p><p> Chart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.</p><p><blockquote>图表5显示，晶体管数量从iPhone 6的20亿个增加到现在的iPhone 12的118亿个。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108ef270fe60691ec5bc8c7f0a061d9c\" tg-width=\"640\" tg-height=\"462\"><span>Chart 5</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表5</span></p></blockquote></p><p> Thus, investors must consider that:</p><p><blockquote>因此，投资者必须考虑：</blockquote></p><p> Any positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.</p><p><blockquote>苹果的任何积极发展都将对台积电产生积极影响，台积电的积极技术发展也将对苹果产生积极影响。例如，只要台积电是苹果芯片的主要制造商，苹果的增长或苹果开发的需要芯片的新技术（如汽车或ADAS），那么台积电就会受益。</blockquote></p><p></p><p> Secondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.</p><p><blockquote>其次，由于产能限制和技术节点需求，台积电的任何产能扩张都将有利于苹果，因为它转向更小的节点，同时消耗台积电约25%的芯片产量。</blockquote></p><p> UMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.</p><p><blockquote>UMC透明度较低，不提供客户细分。联电的主要客户包括顶级集成设备制造商，如德州仪器（纳斯达克：TXN）和英特尔移动（纳斯达克：INTC），以及领先的无晶圆厂设计公司，如联发科（OTCPK：MDTKF）、瑞昱、高通（纳斯达克：QCOM）和联咏。</blockquote></p><p> In August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.</p><p><blockquote>2018年8月，联电宣布将暂停推进10nm节点以下芯片生产技术的研究。如上图所示，自2018年起，公司先进制程的相应占比已降至零，但对于65nm、28nm等成熟节点，占比有所提升。</blockquote></p><p> <b>Investor Takeaways</b>: Is TSM Or UMC Stock A Better Buy?</p><p><blockquote><b>投资者要点</b>：TSM或UMC股票更值得购买？</blockquote></p><p> Both companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.</p><p><blockquote>两家公司在同一行业竞争，但他们的商业模式是一个差异化的指标。台积电的大部分收入来自比联电更小的节点（图1），其大部分计划资本支出将集中在制造集成电路的新晶圆厂上。</blockquote></p><p> <b>TSMC Positives</b></p><p><blockquote><b>台积电利好</b></blockquote></p><p> TSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.</p><p><blockquote>2020年，台积电在纯晶圆代工市场的份额为57%，高于2019年的55%。联电的份额稳定在略低于8%。</blockquote></p><p> TSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.</p><p><blockquote>台积电受益于较小的节点。尽管资本支出随着节点的减少而增加（图3），但毛利润也会增加（图2）。因此，TSM的收入高于UMC：$48.2 B vs$62.83亿B。</blockquote></p><p> <ul> <li>TSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.</p><p><blockquote><ul><li>台积电的年收益(EBITDA)也更高：$33B，而联电为$23.49 B。</li></ul></blockquote></p><p></li> <li>TSMC ($613B) has a higher market cap than UMC ($23.4B).</p><p><blockquote><li>台积电（$613B）的市值高于联电（$234亿）。</li></blockquote></p><p></li> <li>TSMC has more cash on hand: $23.3B vs. UMC ($3.76B).</p><p><blockquote><li>台积电手头现金更多：$23.3 B vs UMC（$37.6 B）。</li></blockquote></p><p></li> <li>TSMC has a higher EPS (3.99) than UMC (0.59).</p><p><blockquote><li>台积电的每股收益（3.99）高于联电（0.59）。</li></blockquote></p><p></li> </ul> Seeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.</p><p><blockquote>Seeking Alpha的量化评级是通过根据价值、增长、盈利能力、动量和分析师的盈利修正来衡量股票与该行业其他股票的财务指标而得出的。在表1中，两只股票的排名都很高。台积电的量化评级为4.63，联电的量化评级为4.54。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/55db72bd38ddd1d46c2ec7a6ccf6307f\" tg-width=\"640\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Gross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.</p><p><blockquote>台积电和联电的毛利率如表2所示。对台积电来说，这是一个利好，毛利率大幅领先于联电和所有代工厂的平均水平。华尔街预计，鉴于更高的收入规模、晶圆代工供应紧张以及5nm生产效率的提高，2021年第三季度的毛利率将改善至52.9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ab6dce4d14398755080d9db48522121\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>UMC Positives</b></p><p><blockquote><b>联电正面</b></blockquote></p><p> The comparison of other financial metrics, UMC has stronger financials:</p><p><blockquote>与其他财务指标相比，联电的财务状况更强劲：</blockquote></p><p> <ul> <li>UMC has a lower P/E ratio than TSM: 21.8 vs 28.9</p><p><blockquote><ul><li>联电的市盈率低于台积电：21.8 vs 28.9</li></ul></blockquote></p><p></li> <li>UMC has less debt than TSM: $2.47B vs $15.4B.</p><p><blockquote><li>UMC的债务低于TSM：$2.47 B vs$15.4 B。</li></blockquote></p><p></li> <li>UMC YTD gains are higher at: 10.558 vs. TSM (8.922).</p><p><blockquote><li>UMC年初至今涨幅较高：10.558 vs.TSM(8.922)。</li></blockquote></p><p></li> </ul> Table 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.</p><p><blockquote>表3显示了TSM和UMC的股票增长百分比。过去一年，联电股票的表现优于台积电，在3年和5年期间也是如此。但在10年的时间里，台积电是更好的选择。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7533369f256853d498f5492752417e05\" tg-width=\"640\" tg-height=\"172\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> TSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.</p><p><blockquote>台积电显然是未来联电的赢家。该公司选择了在<7纳米节点构建芯片的策略。事实上，它正在中国建造一座28纳米晶圆厂，这是联电的“最佳地点”，再加上一座新的28纳米中芯国际（OTCQX：SMICY）晶圆厂，这将意味着联电在这个节点失去市场份额。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-10 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.</li> <li>TSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.</li> <li>TSMC benefits from a gross margin nearly twice that of UMC.</li> <li>40% of revenues are from nodes <14nm, below the smallest node of UMC.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80e662ebb3b78dd0445ecc891cf8986\" tg-width=\"768\" tg-height=\"513\"><span>BING-JHEN HONG/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>台积电是全球最大的为无晶圆厂半导体公司制造IC的代工厂，使用281种不同的技术为510个不同的客户制造11,617种不同的产品。</li><li>台积电和台湾代工厂联合微电子公司预计将从对汽车制造商产生不利影响的芯片供应危机中受益。</li><li>台积电受益于近两倍于联电的毛利率。</li><li>40%的收入来自<14nm的节点，低于联电最小的节点。</li></ul><p class=\"t-img-caption\"><span>BING-JHEN HONG/iStock社论来自Getty Images</span></p></blockquote></p><p> Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.</p><p><blockquote>台积电股份有限公司或台积电(TSM)和联华电子公司或联电(UMC)的总部均位于台湾，均以合同方式为公司制造半导体。它们都提供高质量的IC制造服务，专注于逻辑和各种专业技术，为电子行业的所有主要部门提供服务，并被定义为纯粹的代工厂。</blockquote></p><p> While they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.</p><p><blockquote>虽然它们有相似之处，但这两家公司在不同的商业模式上有很大不同。台积电最初是一家领先的公司，并一直是一家以最小尺寸制造芯片的公司。另一方面，台湾第一家半导体公司联电选择了14纳米节点作为其制造的最小尺寸。</blockquote></p><p> To illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.</p><p><blockquote>为了说明模型的差异，图1显示了两家公司基于技术节点的收入。关键区别在于<14纳米节点，台积电占其收入的41.4%，而联电为0%。</blockquote></p><p> Chart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.</p><p><blockquote>图1还显示，台积电2020年的收入为430亿美元，而联电为60亿美元。重要的是，这也显示了台积电的财务主导地位，因为联电在全球晶圆代工市场排名第二。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf3b088585f8a624c6665040756e940f\" tg-width=\"640\" tg-height=\"462\"><span>Chart 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表1</span></p></blockquote></p><p> Much of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.</p><p><blockquote>台积电的大部分收入来自<14纳米节点，占收入的比例从2019年的29.4%增加到2020年的41.4%。由于联电最小的节点是28nm/14nm，联电在该节点上投入巨资，营收占比从2019年的11.3%增加到2020年的13.6%。相比之下，2020年台积电在28纳米/14纳米节点的份额从2019年的37.7%下降到30.8%。</blockquote></p><p> <b>Expanding Capacity</b></p><p><blockquote><b>扩大产能</b></blockquote></p><p> <b>Leading Edge Nodes</b></p><p><blockquote><b>前沿节点</b></blockquote></p><p> TSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).</p><p><blockquote>台积电约1/3的收入来自28纳米/14纳米，台积电8英寸产能为562,000片/月，12英寸产能为745,000片/月。总产能为995,000片/月（12英寸当量）。</blockquote></p><p> In TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:</p><p><blockquote>在台积电2021年第一季度盈利看涨期权中，台积电副总裁兼首席财务官Wendell Huang指出：</blockquote></p><p> “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.” TSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.</p><p><blockquote>“为了满足未来几年对我们先进和专业技术不断增长的需求，我们决定将2021年全年资本支出提高至300亿美元左右。2021年资本预算的约80%将分配给先进工艺技术，包括3纳米、5纳米和7纳米。大约10%将用于先进包装和口罩制造，大约10%将用于专业技术。”台积电预计未来3年将投资约1000亿美元来提高产能，以支持前沿和专业技术的制造和研发。其N5已进入量产的第二年，在2021年贡献了我们约20%的晶圆收入。N4风险生产目标为今年下半年，2022年量产。</blockquote></p><p> Among TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.</p><p><blockquote>台积电将在未来三到四年内上线的设施包括该公司位于亚利桑那州的晶圆厂以及位于台湾的第一家2纳米晶圆厂。该公司需要在亚利桑那州建造和装备其支持N5的工厂。该设施将耗资约120亿美元，每月产能为20,000片晶圆启动(WSPM)，并将于2024年上线。</blockquote></p><p> <b>28nm Nodes</b></p><p><blockquote><b>28nm节点</b></blockquote></p><p> The global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.</p><p><blockquote>全球半导体短缺是促使代工厂制造新晶圆厂的催化剂之一，特别是在28nm节点，因为许多汽车芯片是在该节点制造的。虽然我已经发表了四篇Seeking Alpha文章来试图确定哪些设备供应不足并且只能找到微控制器，但在这篇文章中，为了便于讨论，我将承认这不是由于囤积，而是由于无能的制造供应链。</blockquote></p><p> As a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.</p><p><blockquote>因此，各国政府在该行业投入巨资，以扩大总产能。这些免费讲义是新28纳米节点晶圆厂建设的第二个催化剂。</blockquote></p><p></p><p> A strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.</p><p><blockquote>消费电子行业对晶圆的强劲需求导致联电28纳米晶圆出货量增加，上一季度营收环比增长18%。此外，联电一直专注于汽车行业的生产，因为电动和自动驾驶汽车的半导体预计将成为该公司的主要增长动力。然而，全球汽车半导体仅是一个400亿美元的市场，而全球半导体市场规模为5250亿美元。随着每年每辆车使用更多的半导体，以及电动汽车比内燃机汽车使用更多的半导体，这一数字还在增长。</blockquote></p><p> There is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.</p><p><blockquote>成熟节点存在供需失衡，因为大部分产能扩张都在高级节点，但公司没有解决成熟节点。该技术节点是最新汽车芯片危机的核心，同时索尼已将其用于智能手机的CMOS集成传感器（“CIS”）设计转移到28纳米。</blockquote></p><p> On April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.</p><p><blockquote>4月22日，台积电宣布在中国建设芯片制造工厂的计划遭到了批评者的反对。该工厂将生产基于成熟的28纳米工艺节点的半导体。南京工厂目前的装机容量为每月2万片晶圆。投资28亿美元，预计2023年量产，此次扩建将使产能翻一番，达到每月40,000片晶圆。</blockquote></p><p> TSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.</p><p><blockquote>台积电在全球拥有562,000片晶圆/月的8英寸产能和745,000片/月的12英寸产能。总产能为995,000片/月（12英寸当量）。新晶圆厂每月产能为20,000片晶圆，仅占公司总产能的2%。</blockquote></p><p> UMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.</p><p><blockquote>联电还在台湾南科12英寸晶圆厂12A P6工厂扩大了28纳米（迁移到40纳米）工艺的生产。目前每月产能为87,000片晶圆。扩能计划总投资预估约1000亿元新台币。P6扩建计划于2023年第二季度投产，每月产能仅为10,000片晶圆。</blockquote></p><p> The P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.</p><p><blockquote>P6计划得到了UMC和相关客户之间多年产品一致性的支持，其中包括负载保护机制，可确保P6容量保持在健康的负载水平。</blockquote></p><p> UMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).</p><p><blockquote>联电共有12家晶圆厂在生产，总产能接近每月80万片晶圆（相当于8英寸）。</blockquote></p><p> <b>Price Per Wafer</b></p><p><blockquote><b>每片晶圆的价格</b></blockquote></p><p> Chart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.</p><p><blockquote>图2显示了IC设备按节点划分的毛利润。它部分解释了台积电转向先进节点的商业模式背后的基本原理，同时也解释了为什么该公司选择让其28纳米节点供应不足，直到最近外部力量促使其建立中国晶圆厂。</blockquote></p><p> Gross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.</p><p><blockquote>28纳米节点每300毫米晶圆的毛利润为2,835美元，而3纳米节点为8,695美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e241c85dd84eb71f54c3b11812e6599\" tg-width=\"640\" tg-height=\"462\"><span>Chart 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表2</span></p></blockquote></p><p> Chart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.</p><p><blockquote>图3显示了IC按节点划分的资本支出。28纳米的资本支出（建筑+设备）为每块晶圆100,000美元，而3纳米的资本支出增加了两倍多，达到320,000美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f60218f2b914e5847e2eef8aa39c3\" tg-width=\"640\" tg-height=\"462\"><span>Chart 3</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表3</span></p></blockquote></p><p> <b>Customer Base</b></p><p><blockquote><b>客户基础</b></blockquote></p><p> Chart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.</p><p><blockquote>图表4显示，苹果（AAPL）是2020年台积电最大的客户，占收入的21%。请记住，除了台积电的处理器用于iPhone之外，台积电还制造M1，为新款MacBook Air、13英寸MacBook Pro和Mac mini提供动力，并且是苹果首款为Mac定制设计的基于Arm的芯片。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354a97772e16c2a05dbccc89556de9eb\" tg-width=\"640\" tg-height=\"465\"><span>Chart 4</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表4</span></p></blockquote></p><p> TSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.</p><p><blockquote>自2014年9月9日推出的苹果iPhone 6和iPhone 6 Plus安装以来，台积电已无数次升级其制造能力，以使苹果的最新芯片保持在处理器技术的前沿。</blockquote></p><p> Chart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.</p><p><blockquote>图表5显示，晶体管数量从iPhone 6的20亿个增加到现在的iPhone 12的118亿个。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108ef270fe60691ec5bc8c7f0a061d9c\" tg-width=\"640\" tg-height=\"462\"><span>Chart 5</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表5</span></p></blockquote></p><p> Thus, investors must consider that:</p><p><blockquote>因此，投资者必须考虑：</blockquote></p><p> Any positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.</p><p><blockquote>苹果的任何积极发展都将对台积电产生积极影响，台积电的积极技术发展也将对苹果产生积极影响。例如，只要台积电是苹果芯片的主要制造商，苹果的增长或苹果开发的需要芯片的新技术（如汽车或ADAS），那么台积电就会受益。</blockquote></p><p></p><p> Secondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.</p><p><blockquote>其次，由于产能限制和技术节点需求，台积电的任何产能扩张都将有利于苹果，因为它转向更小的节点，同时消耗台积电约25%的芯片产量。</blockquote></p><p> UMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.</p><p><blockquote>UMC透明度较低，不提供客户细分。联电的主要客户包括顶级集成设备制造商，如德州仪器（纳斯达克：TXN）和英特尔移动（纳斯达克：INTC），以及领先的无晶圆厂设计公司，如联发科（OTCPK：MDTKF）、瑞昱、高通（纳斯达克：QCOM）和联咏。</blockquote></p><p> In August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.</p><p><blockquote>2018年8月，联电宣布将暂停推进10nm节点以下芯片生产技术的研究。如上图所示，自2018年起，公司先进制程的相应占比已降至零，但对于65nm、28nm等成熟节点，占比有所提升。</blockquote></p><p> <b>Investor Takeaways</b>: Is TSM Or UMC Stock A Better Buy?</p><p><blockquote><b>投资者要点</b>：TSM或UMC股票更值得购买？</blockquote></p><p> Both companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.</p><p><blockquote>两家公司在同一行业竞争，但他们的商业模式是一个差异化的指标。台积电的大部分收入来自比联电更小的节点（图1），其大部分计划资本支出将集中在制造集成电路的新晶圆厂上。</blockquote></p><p> <b>TSMC Positives</b></p><p><blockquote><b>台积电利好</b></blockquote></p><p> TSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.</p><p><blockquote>2020年，台积电在纯晶圆代工市场的份额为57%，高于2019年的55%。联电的份额稳定在略低于8%。</blockquote></p><p> TSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.</p><p><blockquote>台积电受益于较小的节点。尽管资本支出随着节点的减少而增加（图3），但毛利润也会增加（图2）。因此，TSM的收入高于UMC：$48.2 B vs$62.83亿B。</blockquote></p><p> <ul> <li>TSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.</p><p><blockquote><ul><li>台积电的年收益(EBITDA)也更高：$33B，而联电为$23.49 B。</li></ul></blockquote></p><p></li> <li>TSMC ($613B) has a higher market cap than UMC ($23.4B).</p><p><blockquote><li>台积电（$613B）的市值高于联电（$234亿）。</li></blockquote></p><p></li> <li>TSMC has more cash on hand: $23.3B vs. UMC ($3.76B).</p><p><blockquote><li>台积电手头现金更多：$23.3 B vs UMC（$37.6 B）。</li></blockquote></p><p></li> <li>TSMC has a higher EPS (3.99) than UMC (0.59).</p><p><blockquote><li>台积电的每股收益（3.99）高于联电（0.59）。</li></blockquote></p><p></li> </ul> Seeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.</p><p><blockquote>Seeking Alpha的量化评级是通过根据价值、增长、盈利能力、动量和分析师的盈利修正来衡量股票与该行业其他股票的财务指标而得出的。在表1中，两只股票的排名都很高。台积电的量化评级为4.63，联电的量化评级为4.54。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/55db72bd38ddd1d46c2ec7a6ccf6307f\" tg-width=\"640\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Gross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.</p><p><blockquote>台积电和联电的毛利率如表2所示。对台积电来说，这是一个利好，毛利率大幅领先于联电和所有代工厂的平均水平。华尔街预计，鉴于更高的收入规模、晶圆代工供应紧张以及5nm生产效率的提高，2021年第三季度的毛利率将改善至52.9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ab6dce4d14398755080d9db48522121\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>UMC Positives</b></p><p><blockquote><b>联电正面</b></blockquote></p><p> The comparison of other financial metrics, UMC has stronger financials:</p><p><blockquote>与其他财务指标相比，联电的财务状况更强劲：</blockquote></p><p> <ul> <li>UMC has a lower P/E ratio than TSM: 21.8 vs 28.9</p><p><blockquote><ul><li>联电的市盈率低于台积电：21.8 vs 28.9</li></ul></blockquote></p><p></li> <li>UMC has less debt than TSM: $2.47B vs $15.4B.</p><p><blockquote><li>UMC的债务低于TSM：$2.47 B vs$15.4 B。</li></blockquote></p><p></li> <li>UMC YTD gains are higher at: 10.558 vs. TSM (8.922).</p><p><blockquote><li>UMC年初至今涨幅较高：10.558 vs.TSM(8.922)。</li></blockquote></p><p></li> </ul> Table 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.</p><p><blockquote>表3显示了TSM和UMC的股票增长百分比。过去一年，联电股票的表现优于台积电，在3年和5年期间也是如此。但在10年的时间里，台积电是更好的选择。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7533369f256853d498f5492752417e05\" tg-width=\"640\" tg-height=\"172\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> TSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.</p><p><blockquote>台积电显然是未来联电的赢家。该公司选择了在<7纳米节点构建芯片的策略。事实上，它正在中国建造一座28纳米晶圆厂，这是联电的“最佳地点”，再加上一座新的28纳米中芯国际（OTCQX：SMICY）晶圆厂，这将意味着联电在这个节点失去市场份额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","UMC":"联电"},"source_url":"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145284684","content_text":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.\nTSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.\nTSMC benefits from a gross margin nearly twice that of UMC.\n40% of revenues are from nodes <14nm, below the smallest node of UMC.\n\nBING-JHEN HONG/iStock Editorial via Getty Images\nTaiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.\nWhile they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.\nTo illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.\nChart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.\nChart 1\nMuch of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.\nExpanding Capacity\nLeading Edge Nodes\nTSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).\nIn TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:\n\n “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.”\n\nTSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.\nAmong TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.\n28nm Nodes\nThe global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.\nAs a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.\nA strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.\nThere is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.\nOn April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.\nTSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.\nUMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.\nThe P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.\nUMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).\nPrice Per Wafer\nChart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.\nGross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.\nChart 2\nChart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.\nChart 3\nCustomer Base\nChart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.\nChart 4\nTSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.\nChart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.\nChart 5\nThus, investors must consider that:\nAny positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.\nSecondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.\nUMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.\nIn August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.\nInvestor Takeaways: Is TSM Or UMC Stock A Better Buy?\nBoth companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.\nTSMC Positives\nTSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.\nTSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.\n\nTSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.\nTSMC ($613B) has a higher market cap than UMC ($23.4B).\nTSMC has more cash on hand: $23.3B vs. UMC ($3.76B).\nTSMC has a higher EPS (3.99) than UMC (0.59).\n\nSeeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.\n\nGross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.\n\nUMC Positives\nThe comparison of other financial metrics, UMC has stronger financials:\n\nUMC has a lower P/E ratio than TSM: 21.8 vs 28.9\nUMC has less debt than TSM: $2.47B vs $15.4B.\nUMC YTD gains are higher at: 10.558 vs. TSM (8.922).\n\nTable 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.\n\nTSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.","news_type":1,"symbols_score_info":{"TSM":0.9,"UMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166628963,"gmtCreate":1624007165652,"gmtModify":1634024209462,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558876054604575","authorIdStr":"3558876054604575"},"themes":[],"htmlText":"hshshshsh","listText":"hshshshsh","text":"hshshshsh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166628963","isVote":1,"tweetType":1,"viewCount":1802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":148331285,"gmtCreate":1625927928347,"gmtModify":1633931526149,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558876054604575","idStr":"3558876054604575"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/148331285","repostId":"1145284684","repostType":4,"repost":{"id":"1145284684","kind":"news","pubTimestamp":1625878443,"share":"https://www.laohu8.com/m/news/1145284684?lang=zh_CN&edition=full","pubTime":"2021-07-10 08:54","market":"us","language":"en","title":"Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145284684","media":"seekingalpha","summary":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, man","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.</li> <li>TSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.</li> <li>TSMC benefits from a gross margin nearly twice that of UMC.</li> <li>40% of revenues are from nodes <14nm, below the smallest node of UMC.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80e662ebb3b78dd0445ecc891cf8986\" tg-width=\"768\" tg-height=\"513\"><span>BING-JHEN HONG/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>台积电是全球最大的为无晶圆厂半导体公司制造IC的代工厂，使用281种不同的技术为510个不同的客户制造11,617种不同的产品。</li><li>台积电和台湾代工厂联合微电子公司预计将从对汽车制造商产生不利影响的芯片供应危机中受益。</li><li>台积电受益于近两倍于联电的毛利率。</li><li>40%的收入来自<14nm的节点，低于联电最小的节点。</li></ul><p class=\"t-img-caption\"><span>BING-JHEN HONG/iStock社论来自Getty Images</span></p></blockquote></p><p> Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.</p><p><blockquote>台积电股份有限公司或台积电(TSM)和联华电子公司或联电(UMC)的总部均位于台湾，均以合同方式为公司制造半导体。它们都提供高质量的IC制造服务，专注于逻辑和各种专业技术，为电子行业的所有主要部门提供服务，并被定义为纯粹的代工厂。</blockquote></p><p> While they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.</p><p><blockquote>虽然它们有相似之处，但这两家公司在不同的商业模式上有很大不同。台积电最初是一家领先的公司，并一直是一家以最小尺寸制造芯片的公司。另一方面，台湾第一家半导体公司联电选择了14纳米节点作为其制造的最小尺寸。</blockquote></p><p> To illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.</p><p><blockquote>为了说明模型的差异，图1显示了两家公司基于技术节点的收入。关键区别在于<14纳米节点，台积电占其收入的41.4%，而联电为0%。</blockquote></p><p> Chart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.</p><p><blockquote>图1还显示，台积电2020年的收入为430亿美元，而联电为60亿美元。重要的是，这也显示了台积电的财务主导地位，因为联电在全球晶圆代工市场排名第二。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf3b088585f8a624c6665040756e940f\" tg-width=\"640\" tg-height=\"462\"><span>Chart 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表1</span></p></blockquote></p><p> Much of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.</p><p><blockquote>台积电的大部分收入来自<14纳米节点，占收入的比例从2019年的29.4%增加到2020年的41.4%。由于联电最小的节点是28nm/14nm，联电在该节点上投入巨资，营收占比从2019年的11.3%增加到2020年的13.6%。相比之下，2020年台积电在28纳米/14纳米节点的份额从2019年的37.7%下降到30.8%。</blockquote></p><p> <b>Expanding Capacity</b></p><p><blockquote><b>扩大产能</b></blockquote></p><p> <b>Leading Edge Nodes</b></p><p><blockquote><b>前沿节点</b></blockquote></p><p> TSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).</p><p><blockquote>台积电约1/3的收入来自28纳米/14纳米，台积电8英寸产能为562,000片/月，12英寸产能为745,000片/月。总产能为995,000片/月（12英寸当量）。</blockquote></p><p> In TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:</p><p><blockquote>在台积电2021年第一季度盈利看涨期权中，台积电副总裁兼首席财务官Wendell Huang指出：</blockquote></p><p> “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.” TSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.</p><p><blockquote>“为了满足未来几年对我们先进和专业技术不断增长的需求，我们决定将2021年全年资本支出提高至300亿美元左右。2021年资本预算的约80%将分配给先进工艺技术，包括3纳米、5纳米和7纳米。大约10%将用于先进包装和口罩制造，大约10%将用于专业技术。”台积电预计未来3年将投资约1000亿美元来提高产能，以支持前沿和专业技术的制造和研发。其N5已进入量产的第二年，在2021年贡献了我们约20%的晶圆收入。N4风险生产目标为今年下半年，2022年量产。</blockquote></p><p> Among TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.</p><p><blockquote>台积电将在未来三到四年内上线的设施包括该公司位于亚利桑那州的晶圆厂以及位于台湾的第一家2纳米晶圆厂。该公司需要在亚利桑那州建造和装备其支持N5的工厂。该设施将耗资约120亿美元，每月产能为20,000片晶圆启动(WSPM)，并将于2024年上线。</blockquote></p><p> <b>28nm Nodes</b></p><p><blockquote><b>28nm节点</b></blockquote></p><p> The global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.</p><p><blockquote>全球半导体短缺是促使代工厂制造新晶圆厂的催化剂之一，特别是在28nm节点，因为许多汽车芯片是在该节点制造的。虽然我已经发表了四篇Seeking Alpha文章来试图确定哪些设备供应不足并且只能找到微控制器，但在这篇文章中，为了便于讨论，我将承认这不是由于囤积，而是由于无能的制造供应链。</blockquote></p><p> As a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.</p><p><blockquote>因此，各国政府在该行业投入巨资，以扩大总产能。这些免费讲义是新28纳米节点晶圆厂建设的第二个催化剂。</blockquote></p><p></p><p> A strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.</p><p><blockquote>消费电子行业对晶圆的强劲需求导致联电28纳米晶圆出货量增加，上一季度营收环比增长18%。此外，联电一直专注于汽车行业的生产，因为电动和自动驾驶汽车的半导体预计将成为该公司的主要增长动力。然而，全球汽车半导体仅是一个400亿美元的市场，而全球半导体市场规模为5250亿美元。随着每年每辆车使用更多的半导体，以及电动汽车比内燃机汽车使用更多的半导体，这一数字还在增长。</blockquote></p><p> There is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.</p><p><blockquote>成熟节点存在供需失衡，因为大部分产能扩张都在高级节点，但公司没有解决成熟节点。该技术节点是最新汽车芯片危机的核心，同时索尼已将其用于智能手机的CMOS集成传感器（“CIS”）设计转移到28纳米。</blockquote></p><p> On April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.</p><p><blockquote>4月22日，台积电宣布在中国建设芯片制造工厂的计划遭到了批评者的反对。该工厂将生产基于成熟的28纳米工艺节点的半导体。南京工厂目前的装机容量为每月2万片晶圆。投资28亿美元，预计2023年量产，此次扩建将使产能翻一番，达到每月40,000片晶圆。</blockquote></p><p> TSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.</p><p><blockquote>台积电在全球拥有562,000片晶圆/月的8英寸产能和745,000片/月的12英寸产能。总产能为995,000片/月（12英寸当量）。新晶圆厂每月产能为20,000片晶圆，仅占公司总产能的2%。</blockquote></p><p> UMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.</p><p><blockquote>联电还在台湾南科12英寸晶圆厂12A P6工厂扩大了28纳米（迁移到40纳米）工艺的生产。目前每月产能为87,000片晶圆。扩能计划总投资预估约1000亿元新台币。P6扩建计划于2023年第二季度投产，每月产能仅为10,000片晶圆。</blockquote></p><p> The P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.</p><p><blockquote>P6计划得到了UMC和相关客户之间多年产品一致性的支持，其中包括负载保护机制，可确保P6容量保持在健康的负载水平。</blockquote></p><p> UMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).</p><p><blockquote>联电共有12家晶圆厂在生产，总产能接近每月80万片晶圆（相当于8英寸）。</blockquote></p><p> <b>Price Per Wafer</b></p><p><blockquote><b>每片晶圆的价格</b></blockquote></p><p> Chart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.</p><p><blockquote>图2显示了IC设备按节点划分的毛利润。它部分解释了台积电转向先进节点的商业模式背后的基本原理，同时也解释了为什么该公司选择让其28纳米节点供应不足，直到最近外部力量促使其建立中国晶圆厂。</blockquote></p><p> Gross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.</p><p><blockquote>28纳米节点每300毫米晶圆的毛利润为2,835美元，而3纳米节点为8,695美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e241c85dd84eb71f54c3b11812e6599\" tg-width=\"640\" tg-height=\"462\"><span>Chart 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表2</span></p></blockquote></p><p> Chart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.</p><p><blockquote>图3显示了IC按节点划分的资本支出。28纳米的资本支出（建筑+设备）为每块晶圆100,000美元，而3纳米的资本支出增加了两倍多，达到320,000美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f60218f2b914e5847e2eef8aa39c3\" tg-width=\"640\" tg-height=\"462\"><span>Chart 3</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表3</span></p></blockquote></p><p> <b>Customer Base</b></p><p><blockquote><b>客户基础</b></blockquote></p><p> Chart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.</p><p><blockquote>图表4显示，苹果（AAPL）是2020年台积电最大的客户，占收入的21%。请记住，除了台积电的处理器用于iPhone之外，台积电还制造M1，为新款MacBook Air、13英寸MacBook Pro和Mac mini提供动力，并且是苹果首款为Mac定制设计的基于Arm的芯片。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354a97772e16c2a05dbccc89556de9eb\" tg-width=\"640\" tg-height=\"465\"><span>Chart 4</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表4</span></p></blockquote></p><p> TSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.</p><p><blockquote>自2014年9月9日推出的苹果iPhone 6和iPhone 6 Plus安装以来，台积电已无数次升级其制造能力，以使苹果的最新芯片保持在处理器技术的前沿。</blockquote></p><p> Chart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.</p><p><blockquote>图表5显示，晶体管数量从iPhone 6的20亿个增加到现在的iPhone 12的118亿个。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108ef270fe60691ec5bc8c7f0a061d9c\" tg-width=\"640\" tg-height=\"462\"><span>Chart 5</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表5</span></p></blockquote></p><p> Thus, investors must consider that:</p><p><blockquote>因此，投资者必须考虑：</blockquote></p><p> Any positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.</p><p><blockquote>苹果的任何积极发展都将对台积电产生积极影响，台积电的积极技术发展也将对苹果产生积极影响。例如，只要台积电是苹果芯片的主要制造商，苹果的增长或苹果开发的需要芯片的新技术（如汽车或ADAS），那么台积电就会受益。</blockquote></p><p></p><p> Secondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.</p><p><blockquote>其次，由于产能限制和技术节点需求，台积电的任何产能扩张都将有利于苹果，因为它转向更小的节点，同时消耗台积电约25%的芯片产量。</blockquote></p><p> UMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.</p><p><blockquote>UMC透明度较低，不提供客户细分。联电的主要客户包括顶级集成设备制造商，如德州仪器（纳斯达克：TXN）和英特尔移动（纳斯达克：INTC），以及领先的无晶圆厂设计公司，如联发科（OTCPK：MDTKF）、瑞昱、高通（纳斯达克：QCOM）和联咏。</blockquote></p><p> In August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.</p><p><blockquote>2018年8月，联电宣布将暂停推进10nm节点以下芯片生产技术的研究。如上图所示，自2018年起，公司先进制程的相应占比已降至零，但对于65nm、28nm等成熟节点，占比有所提升。</blockquote></p><p> <b>Investor Takeaways</b>: Is TSM Or UMC Stock A Better Buy?</p><p><blockquote><b>投资者要点</b>：TSM或UMC股票更值得购买？</blockquote></p><p> Both companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.</p><p><blockquote>两家公司在同一行业竞争，但他们的商业模式是一个差异化的指标。台积电的大部分收入来自比联电更小的节点（图1），其大部分计划资本支出将集中在制造集成电路的新晶圆厂上。</blockquote></p><p> <b>TSMC Positives</b></p><p><blockquote><b>台积电利好</b></blockquote></p><p> TSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.</p><p><blockquote>2020年，台积电在纯晶圆代工市场的份额为57%，高于2019年的55%。联电的份额稳定在略低于8%。</blockquote></p><p> TSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.</p><p><blockquote>台积电受益于较小的节点。尽管资本支出随着节点的减少而增加（图3），但毛利润也会增加（图2）。因此，TSM的收入高于UMC：$48.2 B vs$62.83亿B。</blockquote></p><p> <ul> <li>TSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.</p><p><blockquote><ul><li>台积电的年收益(EBITDA)也更高：$33B，而联电为$23.49 B。</li></ul></blockquote></p><p></li> <li>TSMC ($613B) has a higher market cap than UMC ($23.4B).</p><p><blockquote><li>台积电（$613B）的市值高于联电（$234亿）。</li></blockquote></p><p></li> <li>TSMC has more cash on hand: $23.3B vs. UMC ($3.76B).</p><p><blockquote><li>台积电手头现金更多：$23.3 B vs UMC（$37.6 B）。</li></blockquote></p><p></li> <li>TSMC has a higher EPS (3.99) than UMC (0.59).</p><p><blockquote><li>台积电的每股收益（3.99）高于联电（0.59）。</li></blockquote></p><p></li> </ul> Seeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.</p><p><blockquote>Seeking Alpha的量化评级是通过根据价值、增长、盈利能力、动量和分析师的盈利修正来衡量股票与该行业其他股票的财务指标而得出的。在表1中，两只股票的排名都很高。台积电的量化评级为4.63，联电的量化评级为4.54。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/55db72bd38ddd1d46c2ec7a6ccf6307f\" tg-width=\"640\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Gross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.</p><p><blockquote>台积电和联电的毛利率如表2所示。对台积电来说，这是一个利好，毛利率大幅领先于联电和所有代工厂的平均水平。华尔街预计，鉴于更高的收入规模、晶圆代工供应紧张以及5nm生产效率的提高，2021年第三季度的毛利率将改善至52.9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ab6dce4d14398755080d9db48522121\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>UMC Positives</b></p><p><blockquote><b>联电正面</b></blockquote></p><p> The comparison of other financial metrics, UMC has stronger financials:</p><p><blockquote>与其他财务指标相比，联电的财务状况更强劲：</blockquote></p><p> <ul> <li>UMC has a lower P/E ratio than TSM: 21.8 vs 28.9</p><p><blockquote><ul><li>联电的市盈率低于台积电：21.8 vs 28.9</li></ul></blockquote></p><p></li> <li>UMC has less debt than TSM: $2.47B vs $15.4B.</p><p><blockquote><li>UMC的债务低于TSM：$2.47 B vs$15.4 B。</li></blockquote></p><p></li> <li>UMC YTD gains are higher at: 10.558 vs. TSM (8.922).</p><p><blockquote><li>UMC年初至今涨幅较高：10.558 vs.TSM(8.922)。</li></blockquote></p><p></li> </ul> Table 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.</p><p><blockquote>表3显示了TSM和UMC的股票增长百分比。过去一年，联电股票的表现优于台积电，在3年和5年期间也是如此。但在10年的时间里，台积电是更好的选择。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7533369f256853d498f5492752417e05\" tg-width=\"640\" tg-height=\"172\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> TSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.</p><p><blockquote>台积电显然是未来联电的赢家。该公司选择了在<7纳米节点构建芯片的策略。事实上，它正在中国建造一座28纳米晶圆厂，这是联电的“最佳地点”，再加上一座新的28纳米中芯国际（OTCQX：SMICY）晶圆厂，这将意味着联电在这个节点失去市场份额。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan Semiconductor Vs. United Microelectronics Stock: Which Is The Better Buy?<blockquote>台积电与联合微电子股票：哪个更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-10 08:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>TSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.</li> <li>TSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.</li> <li>TSMC benefits from a gross margin nearly twice that of UMC.</li> <li>40% of revenues are from nodes <14nm, below the smallest node of UMC.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d80e662ebb3b78dd0445ecc891cf8986\" tg-width=\"768\" tg-height=\"513\"><span>BING-JHEN HONG/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>台积电是全球最大的为无晶圆厂半导体公司制造IC的代工厂，使用281种不同的技术为510个不同的客户制造11,617种不同的产品。</li><li>台积电和台湾代工厂联合微电子公司预计将从对汽车制造商产生不利影响的芯片供应危机中受益。</li><li>台积电受益于近两倍于联电的毛利率。</li><li>40%的收入来自<14nm的节点，低于联电最小的节点。</li></ul><p class=\"t-img-caption\"><span>BING-JHEN HONG/iStock社论来自Getty Images</span></p></blockquote></p><p> Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.</p><p><blockquote>台积电股份有限公司或台积电(TSM)和联华电子公司或联电(UMC)的总部均位于台湾，均以合同方式为公司制造半导体。它们都提供高质量的IC制造服务，专注于逻辑和各种专业技术，为电子行业的所有主要部门提供服务，并被定义为纯粹的代工厂。</blockquote></p><p> While they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.</p><p><blockquote>虽然它们有相似之处，但这两家公司在不同的商业模式上有很大不同。台积电最初是一家领先的公司，并一直是一家以最小尺寸制造芯片的公司。另一方面，台湾第一家半导体公司联电选择了14纳米节点作为其制造的最小尺寸。</blockquote></p><p> To illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.</p><p><blockquote>为了说明模型的差异，图1显示了两家公司基于技术节点的收入。关键区别在于<14纳米节点，台积电占其收入的41.4%，而联电为0%。</blockquote></p><p> Chart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.</p><p><blockquote>图1还显示，台积电2020年的收入为430亿美元，而联电为60亿美元。重要的是，这也显示了台积电的财务主导地位，因为联电在全球晶圆代工市场排名第二。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf3b088585f8a624c6665040756e940f\" tg-width=\"640\" tg-height=\"462\"><span>Chart 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表1</span></p></blockquote></p><p> Much of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.</p><p><blockquote>台积电的大部分收入来自<14纳米节点，占收入的比例从2019年的29.4%增加到2020年的41.4%。由于联电最小的节点是28nm/14nm，联电在该节点上投入巨资，营收占比从2019年的11.3%增加到2020年的13.6%。相比之下，2020年台积电在28纳米/14纳米节点的份额从2019年的37.7%下降到30.8%。</blockquote></p><p> <b>Expanding Capacity</b></p><p><blockquote><b>扩大产能</b></blockquote></p><p> <b>Leading Edge Nodes</b></p><p><blockquote><b>前沿节点</b></blockquote></p><p> TSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).</p><p><blockquote>台积电约1/3的收入来自28纳米/14纳米，台积电8英寸产能为562,000片/月，12英寸产能为745,000片/月。总产能为995,000片/月（12英寸当量）。</blockquote></p><p> In TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:</p><p><blockquote>在台积电2021年第一季度盈利看涨期权中，台积电副总裁兼首席财务官Wendell Huang指出：</blockquote></p><p> “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.” TSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.</p><p><blockquote>“为了满足未来几年对我们先进和专业技术不断增长的需求，我们决定将2021年全年资本支出提高至300亿美元左右。2021年资本预算的约80%将分配给先进工艺技术，包括3纳米、5纳米和7纳米。大约10%将用于先进包装和口罩制造，大约10%将用于专业技术。”台积电预计未来3年将投资约1000亿美元来提高产能，以支持前沿和专业技术的制造和研发。其N5已进入量产的第二年，在2021年贡献了我们约20%的晶圆收入。N4风险生产目标为今年下半年，2022年量产。</blockquote></p><p> Among TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.</p><p><blockquote>台积电将在未来三到四年内上线的设施包括该公司位于亚利桑那州的晶圆厂以及位于台湾的第一家2纳米晶圆厂。该公司需要在亚利桑那州建造和装备其支持N5的工厂。该设施将耗资约120亿美元，每月产能为20,000片晶圆启动(WSPM)，并将于2024年上线。</blockquote></p><p> <b>28nm Nodes</b></p><p><blockquote><b>28nm节点</b></blockquote></p><p> The global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.</p><p><blockquote>全球半导体短缺是促使代工厂制造新晶圆厂的催化剂之一，特别是在28nm节点，因为许多汽车芯片是在该节点制造的。虽然我已经发表了四篇Seeking Alpha文章来试图确定哪些设备供应不足并且只能找到微控制器，但在这篇文章中，为了便于讨论，我将承认这不是由于囤积，而是由于无能的制造供应链。</blockquote></p><p> As a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.</p><p><blockquote>因此，各国政府在该行业投入巨资，以扩大总产能。这些免费讲义是新28纳米节点晶圆厂建设的第二个催化剂。</blockquote></p><p></p><p> A strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.</p><p><blockquote>消费电子行业对晶圆的强劲需求导致联电28纳米晶圆出货量增加，上一季度营收环比增长18%。此外，联电一直专注于汽车行业的生产，因为电动和自动驾驶汽车的半导体预计将成为该公司的主要增长动力。然而，全球汽车半导体仅是一个400亿美元的市场，而全球半导体市场规模为5250亿美元。随着每年每辆车使用更多的半导体，以及电动汽车比内燃机汽车使用更多的半导体，这一数字还在增长。</blockquote></p><p> There is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.</p><p><blockquote>成熟节点存在供需失衡，因为大部分产能扩张都在高级节点，但公司没有解决成熟节点。该技术节点是最新汽车芯片危机的核心，同时索尼已将其用于智能手机的CMOS集成传感器（“CIS”）设计转移到28纳米。</blockquote></p><p> On April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.</p><p><blockquote>4月22日，台积电宣布在中国建设芯片制造工厂的计划遭到了批评者的反对。该工厂将生产基于成熟的28纳米工艺节点的半导体。南京工厂目前的装机容量为每月2万片晶圆。投资28亿美元，预计2023年量产，此次扩建将使产能翻一番，达到每月40,000片晶圆。</blockquote></p><p> TSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.</p><p><blockquote>台积电在全球拥有562,000片晶圆/月的8英寸产能和745,000片/月的12英寸产能。总产能为995,000片/月（12英寸当量）。新晶圆厂每月产能为20,000片晶圆，仅占公司总产能的2%。</blockquote></p><p> UMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.</p><p><blockquote>联电还在台湾南科12英寸晶圆厂12A P6工厂扩大了28纳米（迁移到40纳米）工艺的生产。目前每月产能为87,000片晶圆。扩能计划总投资预估约1000亿元新台币。P6扩建计划于2023年第二季度投产，每月产能仅为10,000片晶圆。</blockquote></p><p> The P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.</p><p><blockquote>P6计划得到了UMC和相关客户之间多年产品一致性的支持，其中包括负载保护机制，可确保P6容量保持在健康的负载水平。</blockquote></p><p> UMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).</p><p><blockquote>联电共有12家晶圆厂在生产，总产能接近每月80万片晶圆（相当于8英寸）。</blockquote></p><p> <b>Price Per Wafer</b></p><p><blockquote><b>每片晶圆的价格</b></blockquote></p><p> Chart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.</p><p><blockquote>图2显示了IC设备按节点划分的毛利润。它部分解释了台积电转向先进节点的商业模式背后的基本原理，同时也解释了为什么该公司选择让其28纳米节点供应不足，直到最近外部力量促使其建立中国晶圆厂。</blockquote></p><p> Gross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.</p><p><blockquote>28纳米节点每300毫米晶圆的毛利润为2,835美元，而3纳米节点为8,695美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e241c85dd84eb71f54c3b11812e6599\" tg-width=\"640\" tg-height=\"462\"><span>Chart 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表2</span></p></blockquote></p><p> Chart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.</p><p><blockquote>图3显示了IC按节点划分的资本支出。28纳米的资本支出（建筑+设备）为每块晶圆100,000美元，而3纳米的资本支出增加了两倍多，达到320,000美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f60218f2b914e5847e2eef8aa39c3\" tg-width=\"640\" tg-height=\"462\"><span>Chart 3</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表3</span></p></blockquote></p><p> <b>Customer Base</b></p><p><blockquote><b>客户基础</b></blockquote></p><p> Chart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.</p><p><blockquote>图表4显示，苹果（AAPL）是2020年台积电最大的客户，占收入的21%。请记住，除了台积电的处理器用于iPhone之外，台积电还制造M1，为新款MacBook Air、13英寸MacBook Pro和Mac mini提供动力，并且是苹果首款为Mac定制设计的基于Arm的芯片。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354a97772e16c2a05dbccc89556de9eb\" tg-width=\"640\" tg-height=\"465\"><span>Chart 4</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表4</span></p></blockquote></p><p> TSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.</p><p><blockquote>自2014年9月9日推出的苹果iPhone 6和iPhone 6 Plus安装以来，台积电已无数次升级其制造能力，以使苹果的最新芯片保持在处理器技术的前沿。</blockquote></p><p> Chart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.</p><p><blockquote>图表5显示，晶体管数量从iPhone 6的20亿个增加到现在的iPhone 12的118亿个。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/108ef270fe60691ec5bc8c7f0a061d9c\" tg-width=\"640\" tg-height=\"462\"><span>Chart 5</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表5</span></p></blockquote></p><p> Thus, investors must consider that:</p><p><blockquote>因此，投资者必须考虑：</blockquote></p><p> Any positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.</p><p><blockquote>苹果的任何积极发展都将对台积电产生积极影响，台积电的积极技术发展也将对苹果产生积极影响。例如，只要台积电是苹果芯片的主要制造商，苹果的增长或苹果开发的需要芯片的新技术（如汽车或ADAS），那么台积电就会受益。</blockquote></p><p></p><p> Secondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.</p><p><blockquote>其次，由于产能限制和技术节点需求，台积电的任何产能扩张都将有利于苹果，因为它转向更小的节点，同时消耗台积电约25%的芯片产量。</blockquote></p><p> UMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.</p><p><blockquote>UMC透明度较低，不提供客户细分。联电的主要客户包括顶级集成设备制造商，如德州仪器（纳斯达克：TXN）和英特尔移动（纳斯达克：INTC），以及领先的无晶圆厂设计公司，如联发科（OTCPK：MDTKF）、瑞昱、高通（纳斯达克：QCOM）和联咏。</blockquote></p><p> In August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.</p><p><blockquote>2018年8月，联电宣布将暂停推进10nm节点以下芯片生产技术的研究。如上图所示，自2018年起，公司先进制程的相应占比已降至零，但对于65nm、28nm等成熟节点，占比有所提升。</blockquote></p><p> <b>Investor Takeaways</b>: Is TSM Or UMC Stock A Better Buy?</p><p><blockquote><b>投资者要点</b>：TSM或UMC股票更值得购买？</blockquote></p><p> Both companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.</p><p><blockquote>两家公司在同一行业竞争，但他们的商业模式是一个差异化的指标。台积电的大部分收入来自比联电更小的节点（图1），其大部分计划资本支出将集中在制造集成电路的新晶圆厂上。</blockquote></p><p> <b>TSMC Positives</b></p><p><blockquote><b>台积电利好</b></blockquote></p><p> TSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.</p><p><blockquote>2020年，台积电在纯晶圆代工市场的份额为57%，高于2019年的55%。联电的份额稳定在略低于8%。</blockquote></p><p> TSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.</p><p><blockquote>台积电受益于较小的节点。尽管资本支出随着节点的减少而增加（图3），但毛利润也会增加（图2）。因此，TSM的收入高于UMC：$48.2 B vs$62.83亿B。</blockquote></p><p> <ul> <li>TSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.</p><p><blockquote><ul><li>台积电的年收益(EBITDA)也更高：$33B，而联电为$23.49 B。</li></ul></blockquote></p><p></li> <li>TSMC ($613B) has a higher market cap than UMC ($23.4B).</p><p><blockquote><li>台积电（$613B）的市值高于联电（$234亿）。</li></blockquote></p><p></li> <li>TSMC has more cash on hand: $23.3B vs. UMC ($3.76B).</p><p><blockquote><li>台积电手头现金更多：$23.3 B vs UMC（$37.6 B）。</li></blockquote></p><p></li> <li>TSMC has a higher EPS (3.99) than UMC (0.59).</p><p><blockquote><li>台积电的每股收益（3.99）高于联电（0.59）。</li></blockquote></p><p></li> </ul> Seeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.</p><p><blockquote>Seeking Alpha的量化评级是通过根据价值、增长、盈利能力、动量和分析师的盈利修正来衡量股票与该行业其他股票的财务指标而得出的。在表1中，两只股票的排名都很高。台积电的量化评级为4.63，联电的量化评级为4.54。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/55db72bd38ddd1d46c2ec7a6ccf6307f\" tg-width=\"640\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Gross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.</p><p><blockquote>台积电和联电的毛利率如表2所示。对台积电来说，这是一个利好，毛利率大幅领先于联电和所有代工厂的平均水平。华尔街预计，鉴于更高的收入规模、晶圆代工供应紧张以及5nm生产效率的提高，2021年第三季度的毛利率将改善至52.9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ab6dce4d14398755080d9db48522121\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>UMC Positives</b></p><p><blockquote><b>联电正面</b></blockquote></p><p> The comparison of other financial metrics, UMC has stronger financials:</p><p><blockquote>与其他财务指标相比，联电的财务状况更强劲：</blockquote></p><p> <ul> <li>UMC has a lower P/E ratio than TSM: 21.8 vs 28.9</p><p><blockquote><ul><li>联电的市盈率低于台积电：21.8 vs 28.9</li></ul></blockquote></p><p></li> <li>UMC has less debt than TSM: $2.47B vs $15.4B.</p><p><blockquote><li>UMC的债务低于TSM：$2.47 B vs$15.4 B。</li></blockquote></p><p></li> <li>UMC YTD gains are higher at: 10.558 vs. TSM (8.922).</p><p><blockquote><li>UMC年初至今涨幅较高：10.558 vs.TSM(8.922)。</li></blockquote></p><p></li> </ul> Table 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.</p><p><blockquote>表3显示了TSM和UMC的股票增长百分比。过去一年，联电股票的表现优于台积电，在3年和5年期间也是如此。但在10年的时间里，台积电是更好的选择。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7533369f256853d498f5492752417e05\" tg-width=\"640\" tg-height=\"172\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> TSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.</p><p><blockquote>台积电显然是未来联电的赢家。该公司选择了在<7纳米节点构建芯片的策略。事实上，它正在中国建造一座28纳米晶圆厂，这是联电的“最佳地点”，再加上一座新的28纳米中芯国际（OTCQX：SMICY）晶圆厂，这将意味着联电在这个节点失去市场份额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","UMC":"联电"},"source_url":"https://seekingalpha.com/article/4438509-taiwan-semiconductor-vs-united-microelectronics-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145284684","content_text":"Summary\n\nTSMC is the world’s largest foundry for making ICs for fabless semiconductor companies, manufacturing 11,617 different products using 281 distinct technologies for 510 different customers.\nTSMC and fellow Taiwan foundry United Microelectronics Corporation are expected to benefit from a chip-supply crisis that is adversely impacting automakers.\nTSMC benefits from a gross margin nearly twice that of UMC.\n40% of revenues are from nodes <14nm, below the smallest node of UMC.\n\nBING-JHEN HONG/iStock Editorial via Getty Images\nTaiwan Semiconductor Manufacturing Company Limited or TSMC (TSM), and United Microelectronics Corporation or UMC (UMC) are both headquartered in Taiwan and both manufacture semiconductors for companies on a contract basis. They both provide high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry and are defined as pure-play foundries.\nWhile they have similarities, the two companies are vastly different with different business models. TSMC started as and has always been a leading-edge company, manufacturing chips at the smallest dimensions. UMC, on the other hand, Taiwan’s first semiconductor company, has chosen the 14nm node as the smallest dimension it will manufacture.\nTo illustrate the differences in models, Chart 1 shows revenues for both companies based on technology node. The key difference is the <14nm node, where TSMC generated 41.4% of its revenue compared to 0% for UMC.\nChart 1 also shows that TSMC held $43 billion in revenues in 2020 versus $6 billion for UMC. Importantly, it shows also shows the financial dominance of TSMC, since UMC holds second place in the global foundry market.\nChart 1\nMuch of TSMC’s revenues are on the <14nm node, which increased from 29.4% of revenues in 2019 to 41.4% in 2020. Since UMC’s smallest node is 28nm/14nm, UMC is investing heavily at that node, and its share of revenue increased from 11.3% in 2019 to 13.6% in 2020. In contrast, in 2020 TSMC’s share at the 28nm/14nm node decreased to 30.8% from 37.7% in 2019.\nExpanding Capacity\nLeading Edge Nodes\nTSMC generates about 1/3 of its revenues from the 28nm/14nm, and TSMC has 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent).\nIn TSMC’sQ1 2021 earnings call, TSMC’s VP and CFO Wendell Huang noted:\n\n “In order to meet the increasing demand for our advanced and specialty technologies in the next several years, we have decided to raise our full year 2021 CapEx to be around USD 30 billion. About 80% of the 2021 capital budget will be allocated for advanced process technologies, including 3-nanometer, 5-nanometer and 7-nanometer. About 10% will be spent for advanced packaging and mask making, and about 10% will be spent for specialty technologies.”\n\nTSMC expects to invest about $100 billion through the next 3 years to increase capacity, to support the manufacturing and R&D of leading-edge and specialty technologies. Its N5 is already in its second year of volume production, contributing around 20% of our wafer revenue in 2021. N4 risk production is targeted for second half this year and volume production in 2022.\nAmong TSMC's facilities to go online in the next three to four years are the company's fab in Arizona as well as its first 2nm-capable fab in Taiwan. The company needs to build and equip its N5-capable fab in Arizona. The facility will cost around $12 billion, will have a capacity of 20,000 wafer starts per month (WSPM), and will come online in 2024.\n28nm Nodes\nThe global semiconductor shortage is one of the catalysts prompting foundry manufacturers to build new fabs, particularly at the 28nm node, as many automobile chips are manufactured at that node. While I have devoted four Seeking Alpha articles on trying to pin down what devices are undersupplied and could only find microcontrollers, in this article, I will concede for the sake of argument, that it is not due to hoarding but inept manufacturing supply chains.\nAs a result, governments are spending heavily on this industry to expand the total production capacity. These free handouts are a second catalyst for new 28nm node fab construction.\nA strong demand for wafers from the consumer electronics industry has led to increased shipments of UMC’s 28nm wafers, which saw 18% sequential revenue growth in the last reported quarter. In addition, UMC has been focused on production for the automotive industry as semiconductors for electric and self-driving cars are expected to be a major growth driver for the company. However, global automotive semiconductors are only a $40 billion market, compared to a global semiconductor market of $525 billion. That is growing as more semiconductors are used per vehicle each year and because EVs use more semiconductors than internal combustion vehicles.\nThere is a supply-demand imbalance in mature nodes, as most of the capacity expansion has been in advanced nodes, but companies have not addressed the mature nodes. The technology node is central to the latest auto chip crisis, while at the same time Sony has moved its design of CMOS Integrated Sensors (\"CIS\") for smartphones to 28nm.\nOn April 22, TSMC announced plans to build a chip fabrication facility in China is at the receiving end of opposition from critics. The plant is set to make semiconductors built on the mature 28nm process node. The Nanjing plant currently has an installed capacity of 20,000 wafers per month. An investment of $2.8 billion and expecting mass-production in 2023, the expansion will double capacity to 40,000 wafers per month.\nTSMC has global 562,000 wafers/month of 8\" capacity, and 745,000 wafers/month of 12\" capacity. The total capacity is 995,000 wafers/month (12-inch equivalent). The new fab with a 20,000 wafer per month capacity represents just 2% of the company’s total capacity.\nUMC also expanded its production of 28nm (with a migration to 40nm) process at its Nanke 12-inch Fab 12A P6 plant in Taiwan. It currently has an 87,000 wafer per month capacity. The total investment in the capacity expansion plan is estimated to be approximately NT$100 billion. The P6 expansion is scheduled for production in the second quarter of 2023, and has a capacity of just 10,000 wafers per month.\nThe P6 program is supported by a multi-year's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.\nUMC has total 12 fabs in production with combined capacity close to 800,000 wafers per month (8-in equivalent).\nPrice Per Wafer\nChart 2 shows the gross profit by node for an IC device. It partially explains the rationale behind TSMC’s business model to move to advanced nodes, while also explaining why the company chose to leave its 28nm node undersupplied until recent external forces prompted it to build its China fab.\nGross profits per 300-mm wafer are $2,835 for a 28nm node versus $8,695 for a 3nm node.\nChart 2\nChart 3 shows capex spend by node for ICs. Capex spend (building + equipment) at 28nm is $100,000 per wafer, which more than triples to $320,000 at 3nm.\nChart 3\nCustomer Base\nChart 4 shows that Apple (AAPL) was the largest customer of TSMC in 2020, representing 21% of revenues. Keep in mind that in addition to TSMC’s processors going into iPhones, TSMC also fabricates the M1, which powers the new MacBook Air, 13-inch MacBook Pro, and Mac mini and is Apple's first custom-designed Arm-based chip for Mac.\nChart 4\nTSMC has upgraded its manufacturing capabilities countless times to keep Apple’s latest chips at the bleeding edge of processor technologies, since its first chip produced for Apple was installed in the Apple iPhone 6 and iPhone 6 Plus, which were introduced on September 9, 2014.\nChart 5 shows that the number of transistors increased from 2 billion for the iPhone 6 to 11.8 billion for the current iPhone 12.\nChart 5\nThus, investors must consider that:\nAny positive developments from Apple will impact TSMC positively, and positive technological developments from TSMC will impact Apple positively. For example, as long as TSMC is the major manufacturer of Apple chips, growth in Apple or new technologies developed by Apple requiring chips (such as Auto or ADAS), then TSMC will gain.\nSecondly, because of capacity limitations and technology node demands, any expansion in capacity from TSMC will be beneficial to Apple as it moves to smaller nodes while consuming about 25% of TSMC’s chip output on a revenue basis.\nUMC is less transparent and doesn’t provide a breakdown by customer. UMC’s primary customers include premier integrated device manufacturers, such as Texas Instruments(NASDAQ:TXN)and Intel Mobile(NASDAQ:INTC), plus leading fabless design companies, such as MediaTek(OTCPK:MDTKF), Realtek, Qualcomm(NASDAQ:QCOM)and Novatek.\nIn August 2018, UMC announced it would pause research for advancing the productional technology of chips under 10nm nodes. As shown in the figure above, since 2018, the corresponding proportion of the company's advanced processes has been reduced to zero, but for mature nodes such as 65nm and 28nm, the proportion has been increased.\nInvestor Takeaways: Is TSM Or UMC Stock A Better Buy?\nBoth companies compete in the same industry, but their business models are a differentiating metric. TSMC generates most of its revenue on nodes smaller than UMC’s (Chart 1), and most of its planned capex will focus new fabs making ICs at increasing smaller nodes.\nTSMC Positives\nTSMC’s share of the pure-play foundry market was 57% share in 2020, up from 55% in 2019. UMC’s share was constant at slightly less than 8%.\nTSMC benefits from the smaller nodes. Although capex increases with decreasing nodes (Chart 3), so too does gross profit (Chart 2). Thus, TSM has higher revenues than UMC: $48.2B vs $6.283B.\n\nTSMC also has higher annual earnings (EBITDA): $33B vs. UMC $2.349B.\nTSMC ($613B) has a higher market cap than UMC ($23.4B).\nTSMC has more cash on hand: $23.3B vs. UMC ($3.76B).\nTSMC has a higher EPS (3.99) than UMC (0.59).\n\nSeeking Alpha’s quant ratings are derived by measuring a stock's financial metrics against other stocks in the sector on the basis of value, growth, profitability, momentum and analysts’ earnings revisions. In Table 1, both stocks have high rankings. TSMC has a quant rating of 4.63 and UMC has a quant rating of 4.54.\n\nGross margin for TSMC and UMC is shown in Table 2. A positive for TSMC, gross margin is significantly ahead of UMC and the average of all foundries. The Street expects 3Q21 gross margin will improve to 52.9%, given a higher revenue scale, tight foundry supply and improved efficiency of 5nm production.\n\nUMC Positives\nThe comparison of other financial metrics, UMC has stronger financials:\n\nUMC has a lower P/E ratio than TSM: 21.8 vs 28.9\nUMC has less debt than TSM: $2.47B vs $15.4B.\nUMC YTD gains are higher at: 10.558 vs. TSM (8.922).\n\nTable 3 shows stock performance in percent growth for TSM and UMC. In the past year, UMC stock has outperformed TSMC, and did so in the 3-year and 5-year period. But in a 10-year period, TSMC is the better choice.\n\nTSMC is the clear winner over UMC going forward. The company chose its strategy to build chips at the <7nm node. The fact that it is building a 28nm fab in China, the “sweet spot” for UMC, coupled with a new 28nm SMIC (OTCQX:SMICY) fab, will mean lost market share at this node for UMC.","news_type":1,"symbols_score_info":{"TSM":0.9,"UMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142448377,"gmtCreate":1626171699599,"gmtModify":1633929435963,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558876054604575","idStr":"3558876054604575"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/142448377","repostId":"2151537049","repostType":4,"isVote":1,"tweetType":1,"viewCount":1625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146489196,"gmtCreate":1626096734815,"gmtModify":1633930195845,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558876054604575","idStr":"3558876054604575"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146489196","repostId":"1156961347","repostType":4,"repost":{"id":"1156961347","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626091932,"share":"https://www.laohu8.com/m/news/1156961347?lang=zh_CN&edition=full","pubTime":"2021-07-12 20:12","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156961347","media":"Tiger Newspress","summary":"Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to ","content":"<p>Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to new peaks in the previous session, with investors awaiting the start of the second-quarter earning season and a batch of economic data.</p><p><blockquote>在华尔街前一交易日反弹至新高后，追踪道指和标普500指数的期货周一小幅走低，投资者等待第二季度财报季的开始和一批经济数据。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were down 122 points, or 0.35%, S&P 500 E-minis were down 7.5 points, or 0.17% and Nasdaq 100 E-minis were up 33.25 points, or 0.22%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌122点，跌幅0.35%，标普500 e-mini下跌7.5点，跌幅0.17%，纳斯达克100 e-mini上涨33.25点，跌幅0.22%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac31dda4d4d95330be5d71b8180102d4\" tg-width=\"810\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> Starting Tuesday, earnings reports are due from JPMorgan Chase, Goldman Sachs, Bank of America and other big banks, with market participants looking for early clues on the economy and stocks tied to growth.</p><p><blockquote>从周二开始，摩根大通、高盛、美国银行和其他大银行将发布财报，市场参与者正在寻找有关经济和与增长相关的股票的早期线索。</blockquote></p><p> Shares of the big lenders fell between 0.9% and 1.0% in premarket trading.</p><p><blockquote>大型银行的股价在盘前交易中下跌0.9%至1.0%。</blockquote></p><p> Second-quarter earnings for S&P 500 companies are expected to rise 65.8%, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，标普500公司第二季度盈利预计将增长65.8%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> — </b>Shares of the space company jumped 9% in premarket trading after CEO Richard Branson completed a long-awaited test flight to space on Sunday.It was the first spaceflight to date for Virgin Galactic carrying more than one passenger. Branson also became the first of the billionaire space company founders to ride his own spacecraft, beating Elon Musk and Jeff Bezos.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a>—</b>在首席执行官理查德·布兰森周日完成了期待已久的太空试飞后，这家航天公司的股价在盘前交易中上涨了9%。这是维珍银河迄今为止第一次搭载一名以上乘客的太空飞行。Branson还击败了Elon Musk和杰夫·贝索斯，成为第一位乘坐自己航天器的亿万富翁太空公司创始人。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CAKE\">Cheesecake Factory</a></b> <b>—</b> The restaurant stock climbed more than 1% in premarket trading after Raymond Jamesupgraded the shares to outperform from market perform. The Wall Street firm said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory shares have fallen about 8% in the past month.</p><p><blockquote><b><a href=\"https://laohu8.com/S/CAKE\">芝士蛋糕工厂</a></b><b>—</b>雷蒙德·詹姆斯(Raymond James)将该股评级从市场表现上调至跑赢大盘后，该餐厅股价在盘前交易中上涨超过1%。这家华尔街公司表示，市场低估了全方位服务餐厅的复苏。Cheesecake Factory股价在过去一个月下跌了约8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JWN\">Nordstrom</a></b> <b>— </b>Shares of the department store dipped slightly after the company said Sundayit has acquired a minority stakein four apparel brands owned by the online U.K. fashion house Asos. The brands — Topshop, Topman, Miss Selfridge and the activewear label HIIT — target younger consumers in their 20s. Financial terms of the deal weren't disclosed.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JWN\">诺德斯特龙</a></b><b>—</b>该百货公司表示Sundayit已收购英国在线时装公司Asos旗下四个服装品牌的少数股权后，该百货公司股价小幅下跌。这些品牌——Topshop、Topman、Miss Selfridge和运动服品牌HIIT——瞄准了20多岁的年轻消费者。该交易的财务条款没有披露。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a></b> <b>,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a> — </b>Major bank stocks traded lower across the board despite expectations for strong earnings reports this week. JPMorgan dipped 0.7%, while Goldman Sachs fell 0.5% and Bank of America shares traded 0.8% lower. The decline came as bond yields continued to drift lower. JPMorgan and Goldman Sachs kick off earnings season with results due out before the bell on Tuesday. Bank of America, Citigroup and Wells Fargo report on Wednesday.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a></b><b>,<a href=\"https://laohu8.com/S/BAC\">美国银行</a>—</b>尽管预计本周将公布强劲的财报，但主要银行股仍全线走低。摩根大通下跌0.7%，高盛下跌0.5%，美国银行股价下跌0.8%。此次下跌是在债券收益率继续走低之际发生的。摩根大通和高盛将于周二盘前公布财报，拉开财报季的序幕。美国银行、花旗集团和富国银行将于周三公布财报。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b> <b>,<a href=\"https://laohu8.com/S/CCL\">Carnival</a> —</b>Shares tied to the economic reopening were slightly weaker in premarket Monday. United Airline fell more than 1% after losing 2.3% month to date. Boeing and Delta Air Line both traded about 1% lower. Carnival, Norwegian Cruise Line and Royal Caribbean all fell over 1%.</p><p><blockquote><b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b><b>,<a href=\"https://laohu8.com/S/CCL\">狂欢节</a>—</b>周一盘前，与经济重新开放相关的股票小幅走软。美联航本月迄今下跌2.3%后，股价下跌超过1%。波音和达美航空均下跌约1%。嘉年华、挪威邮轮、皇家加勒比均跌超1%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-12 20:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to new peaks in the previous session, with investors awaiting the start of the second-quarter earning season and a batch of economic data.</p><p><blockquote>在华尔街前一交易日反弹至新高后，追踪道指和标普500指数的期货周一小幅走低，投资者等待第二季度财报季的开始和一批经济数据。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were down 122 points, or 0.35%, S&P 500 E-minis were down 7.5 points, or 0.17% and Nasdaq 100 E-minis were up 33.25 points, or 0.22%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌122点，跌幅0.35%，标普500 e-mini下跌7.5点，跌幅0.17%，纳斯达克100 e-mini上涨33.25点，跌幅0.22%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac31dda4d4d95330be5d71b8180102d4\" tg-width=\"810\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> Starting Tuesday, earnings reports are due from JPMorgan Chase, Goldman Sachs, Bank of America and other big banks, with market participants looking for early clues on the economy and stocks tied to growth.</p><p><blockquote>从周二开始，摩根大通、高盛、美国银行和其他大银行将发布财报，市场参与者正在寻找有关经济和与增长相关的股票的早期线索。</blockquote></p><p> Shares of the big lenders fell between 0.9% and 1.0% in premarket trading.</p><p><blockquote>大型银行的股价在盘前交易中下跌0.9%至1.0%。</blockquote></p><p> Second-quarter earnings for S&P 500 companies are expected to rise 65.8%, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，标普500公司第二季度盈利预计将增长65.8%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> — </b>Shares of the space company jumped 9% in premarket trading after CEO Richard Branson completed a long-awaited test flight to space on Sunday.It was the first spaceflight to date for Virgin Galactic carrying more than one passenger. Branson also became the first of the billionaire space company founders to ride his own spacecraft, beating Elon Musk and Jeff Bezos.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a>—</b>在首席执行官理查德·布兰森周日完成了期待已久的太空试飞后，这家航天公司的股价在盘前交易中上涨了9%。这是维珍银河迄今为止第一次搭载一名以上乘客的太空飞行。Branson还击败了Elon Musk和杰夫·贝索斯，成为第一位乘坐自己航天器的亿万富翁太空公司创始人。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CAKE\">Cheesecake Factory</a></b> <b>—</b> The restaurant stock climbed more than 1% in premarket trading after Raymond Jamesupgraded the shares to outperform from market perform. The Wall Street firm said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory shares have fallen about 8% in the past month.</p><p><blockquote><b><a href=\"https://laohu8.com/S/CAKE\">芝士蛋糕工厂</a></b><b>—</b>雷蒙德·詹姆斯(Raymond James)将该股评级从市场表现上调至跑赢大盘后，该餐厅股价在盘前交易中上涨超过1%。这家华尔街公司表示，市场低估了全方位服务餐厅的复苏。Cheesecake Factory股价在过去一个月下跌了约8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JWN\">Nordstrom</a></b> <b>— </b>Shares of the department store dipped slightly after the company said Sundayit has acquired a minority stakein four apparel brands owned by the online U.K. fashion house Asos. The brands — Topshop, Topman, Miss Selfridge and the activewear label HIIT — target younger consumers in their 20s. Financial terms of the deal weren't disclosed.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JWN\">诺德斯特龙</a></b><b>—</b>该百货公司表示Sundayit已收购英国在线时装公司Asos旗下四个服装品牌的少数股权后，该百货公司股价小幅下跌。这些品牌——Topshop、Topman、Miss Selfridge和运动服品牌HIIT——瞄准了20多岁的年轻消费者。该交易的财务条款没有披露。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a></b> <b>,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a> — </b>Major bank stocks traded lower across the board despite expectations for strong earnings reports this week. JPMorgan dipped 0.7%, while Goldman Sachs fell 0.5% and Bank of America shares traded 0.8% lower. The decline came as bond yields continued to drift lower. JPMorgan and Goldman Sachs kick off earnings season with results due out before the bell on Tuesday. Bank of America, Citigroup and Wells Fargo report on Wednesday.</p><p><blockquote><b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a></b><b>,<a href=\"https://laohu8.com/S/BAC\">美国银行</a>—</b>尽管预计本周将公布强劲的财报，但主要银行股仍全线走低。摩根大通下跌0.7%，高盛下跌0.5%，美国银行股价下跌0.8%。此次下跌是在债券收益率继续走低之际发生的。摩根大通和高盛将于周二盘前公布财报，拉开财报季的序幕。美国银行、花旗集团和富国银行将于周三公布财报。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b> <b>,<a href=\"https://laohu8.com/S/CCL\">Carnival</a> —</b>Shares tied to the economic reopening were slightly weaker in premarket Monday. United Airline fell more than 1% after losing 2.3% month to date. Boeing and Delta Air Line both traded about 1% lower. Carnival, Norwegian Cruise Line and Royal Caribbean all fell over 1%.</p><p><blockquote><b><a href=\"https://laohu8.com/S/UAL\">United Continental</a></b><b>,<a href=\"https://laohu8.com/S/CCL\">狂欢节</a>—</b>周一盘前，与经济重新开放相关的股票小幅走软。美联航本月迄今下跌2.3%后，股价下跌超过1%。波音和达美航空均下跌约1%。嘉年华、挪威邮轮、皇家加勒比均跌超1%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPCE":"维珍银河","JWN":"诺德斯特龙",".DJI":"道琼斯","JPM":"摩根大通","CCL":"嘉年华邮轮",".SPX":"S&P 500 Index","CAKE":"芝乐坊餐馆","UAL":"联合大陆航空","BAC":"美国银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156961347","content_text":"Futures tracking the Dow and the S&P 500 indexes edged lower on Monday after Wall Street rallied to new peaks in the previous session, with investors awaiting the start of the second-quarter earning season and a batch of economic data.\nAt 8:10 a.m. ET, Dow E-minis were down 122 points, or 0.35%, S&P 500 E-minis were down 7.5 points, or 0.17% and Nasdaq 100 E-minis were up 33.25 points, or 0.22%.\n*Source From Tiger Trade, EST 08:10\nStarting Tuesday, earnings reports are due from JPMorgan Chase, Goldman Sachs, Bank of America and other big banks, with market participants looking for early clues on the economy and stocks tied to growth.\nShares of the big lenders fell between 0.9% and 1.0% in premarket trading.\nSecond-quarter earnings for S&P 500 companies are expected to rise 65.8%, according to IBES data from Refinitiv.\nStocks making the biggest moves in the premarket:\nVirgin Galactic — Shares of the space company jumped 9% in premarket trading after CEO Richard Branson completed a long-awaited test flight to space on Sunday.It was the first spaceflight to date for Virgin Galactic carrying more than one passenger. Branson also became the first of the billionaire space company founders to ride his own spacecraft, beating Elon Musk and Jeff Bezos.\nCheesecake Factory — The restaurant stock climbed more than 1% in premarket trading after Raymond Jamesupgraded the shares to outperform from market perform. The Wall Street firm said the market is underestimating the comeback for full-service restaurants. Cheesecake Factory shares have fallen about 8% in the past month.\nNordstrom — Shares of the department store dipped slightly after the company said Sundayit has acquired a minority stakein four apparel brands owned by the online U.K. fashion house Asos. The brands — Topshop, Topman, Miss Selfridge and the activewear label HIIT — target younger consumers in their 20s. Financial terms of the deal weren't disclosed.\nJPMorgan Chase ,Bank of America — Major bank stocks traded lower across the board despite expectations for strong earnings reports this week. JPMorgan dipped 0.7%, while Goldman Sachs fell 0.5% and Bank of America shares traded 0.8% lower. The decline came as bond yields continued to drift lower. JPMorgan and Goldman Sachs kick off earnings season with results due out before the bell on Tuesday. Bank of America, Citigroup and Wells Fargo report on Wednesday.\nUnited Continental ,Carnival —Shares tied to the economic reopening were slightly weaker in premarket Monday. United Airline fell more than 1% after losing 2.3% month to date. Boeing and Delta Air Line both traded about 1% lower. Carnival, Norwegian Cruise Line and Royal Caribbean all fell over 1%.","news_type":1,"symbols_score_info":{"JPM":0.9,".DJI":0.9,"CCL":0.9,"SPCE":0.9,".SPX":0.9,"BAC":0.9,"CAKE":0.9,"UAL":0.9,"JWN":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148151158,"gmtCreate":1625962557774,"gmtModify":1633931396409,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558876054604575","idStr":"3558876054604575"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148151158","repostId":"2150030723","repostType":4,"isVote":1,"tweetType":1,"viewCount":2175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166628963,"gmtCreate":1624007165652,"gmtModify":1634024209462,"author":{"id":"3558876054604575","authorId":"3558876054604575","name":"heyheyhey88","avatar":"https://static.tigerbbs.com/50ee2864cdab4efa6686704c3929c8f0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558876054604575","idStr":"3558876054604575"},"themes":[],"htmlText":"hshshshsh","listText":"hshshshsh","text":"hshshshsh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166628963","isVote":1,"tweetType":1,"viewCount":1802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
