Unimicron Technology
ConvictionContext
Capital-intensive contract manufacturer: fabricates ABF/BT IC package substrates, HDI boards and conventional PCBs in Taiwan and China plants (Thailand expansion underway); sells to chipmakers (Intel, AMD heritage; reported AI ASIC programs for major US cloud providers) and device OEMs; earnings are volume x price x utilization on a large fixed-cost base
Revenue
NT$131.2B FY2025~$4.2B USD); Q1 2026 NT$37.4BRev growth
+14% FY2025+24.5% YoY in Q1 2026 (accelerating; April 2026 monthly revenue NT$13.9B was an all-time high, +27.6% YoYGross margin
18.0% Q1 2026vs 13.4% Q1 2025, 15.8% Q4 2025Op margin
~7% Q1 2026operating income +118% YoY, +17% QoQCapex intensity
2026 capex plan NT$34B~US$1.1B) -- a record, raised twice (NT$19.4B -> NT$25.4B Dec 2025 -> NT$34B Feb 2026); ~70% allocated to ABF expansion incl. Thailand; ~26% of FY2025 revenueMarket cap
~$43B USDcompaniesmarketcap, Jul 2026); ~NT$1.4T at TWD ~900 (TWSE:3037The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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