智通财经APP获悉，近日，台积电(TSM.US)召开25Q3法说会。公司三季度收入环比增长6%，主要是强 大的需求来自先进制程，美元计价环比增长10%，略高于之前的指引，达到331亿美元。GM达到 59.5%，环比增长0.9pct，主要是高的稼动率，被不太好的汇率影响以及海外工厂稀释。OPM环比增长 1.0pct，达到50.4%。三季度EPS达到17.44新台币，ROE达到37.8%。指引来看，预计四季度32.2~33.4B 美元，中枢1% qoq的下滑，20%同比增长。按照1：30.6的汇率来计算，毛利率达到59~61%，OPM为 49~51%。 公司高管表示，25年CAPEX，看到AI需求很强，持续投资来支持客户。减少25年的CAPEX区间，达到 40~42B，相比之前是38~42B。70%用于先进制程的扩产，10~20%用于特色工艺，10~20%用于先进封 装、光罩等。台积电高的CAPEX都是和高的增长机会挂钩的，即使为了未来投资，还是给股东带来可 持续的增长利润，增长了现金分红。 对于需求端，三季度达到33.1B的收入，略高于之前的预期，主要是因为先进制程的需求。25Q4预计需 求来自先进制程的持续， ...

With just one subscription to Beyond the Wall Investing , you can save thousands of dollars a year on equity research reports from banks. You'll keep your finger on the pulse and have access to the latest and highest-quality analysis of this type of information.I see that Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM ) has just reported for its Q3 , beating on the top line by almost 5%. The bottomHe leads the investing group Beyond the Wall Investing with features that include: a fundamental ...

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest contract chipmaker, specializing in chips for AI and high-performance computing, competing with Intel and Samsung in the semiconductor market [1] Financial Performance - On October 16, 2025, TSMC reported earnings per share of $2.85, exceeding the estimated $2.59, with revenue reaching approximately $32.36 billion, surpassing the estimated $31.54 billion [2][6] - The surge in earnings is driven by increasing demand for AI and high-performance computing chips, contributing to a record-breaking quarterly net profit and a 39.1% increase in third-quarter net profit [3] Valuation Metrics - TSMC has a price-to-earnings (P/E) ratio of approximately 33.15, a price-to-sales ratio of about 14.23, an enterprise value to sales ratio of around 13.83, and an enterprise value to operating cash flow ratio of approximately 22.03 [4] Financial Stability - The company maintains a low debt-to-equity ratio of 0.22 and a strong current ratio of 2.37, indicating financial stability and the ability to cover short-term liabilities [5][6] - The earnings yield of about 3.02% suggests an attractive return on investment for those seeking exposure to the semiconductor market [5]

Group 1 - The Swiss company plans to cut a majority of white-collar jobs as part of a strategy to drive cost savings under its new CEO [1] - Following the announcement, the company's shares experienced an 8% increase [1]

TSMC ($TSM) reported a 39.1% YoY surge in Q3 profit, hitting a new record.Taiwan Semiconductor Manufacturing Company — the world’s largest chip foundry and a key supplier to global tech giants.✅ EPS: $2.92 vs. $2.59 est.✅ Revenue: $33.1B vs. $31.5B est.Strong AI chip demand continues to power TSMC’s record sales, with new capacity expansions already underway.Time to trade and ride the wave this Super Earnings Season!👉 https://t.co/OX1f7w3Kbu ...

Core Viewpoint - TSMC reported significant growth in revenue and net profit for Q3 2025, driven by strong demand for advanced processes, particularly in AI applications [1][3][5]. Financial Performance - TSMC's consolidated revenue for Q3 reached NT$989.92 billion, a year-on-year increase of 30.3%. In USD, the revenue was $33.1 billion [3]. - The net profit for the quarter was NT$452.3 billion, marking a 39.1% year-on-year growth and setting a historical record [3]. - The gross margin was 59.5%, reflecting a 0.9 percentage point increase from the previous quarter [3]. Product Composition - In terms of product composition, the revenue from the 3nm process accounted for 23% of total wafer revenue, while the 5nm process contributed 37%, and the 7nm process made up 14%. Advanced processes (7nm and below) collectively represented 74% of total wafer revenue [3]. Platform Revenue Breakdown - High-Performance Computing (HPC) accounted for 57% of revenue, surpassing smartphones at 30%, IoT at 5%, automotive at 5%, and digital consumer electronics at 1% [4]. - The fastest-growing platform was IoT, which saw a year-on-year growth of 20%. Revenue growth for HPC, smartphones, and automotive platforms was recorded at 0%, 19%, and 18%, respectively [4]. Future Outlook - TSMC forecasts Q4 sales between $32.2 billion and $33.4 billion, exceeding market expectations of $31.23 billion. The gross margin is expected to be between 59% and 61% [4]. - For 2025, TSMC anticipates a revenue growth of approximately 30% [4]. Management Insights - TSMC's CEO emphasized the strong and increasing demand for AI, which is expected to drive future growth. The company plans to continue investing to support this demand [5]. - The management highlighted the need to address the supply-demand gap in advanced packaging and is working to enhance capacity for 2026 [5]. - TSMC is accelerating capacity expansion at its Arizona facility and is preparing to upgrade technology for more advanced processes. A second plot of land near the existing factory will be acquired to support expansion plans [5].

Core Insights - The A-share market experienced a high and then a pullback on October 16, with trading volume dropping below 2 trillion yuan, indicating increased risk aversion among investors [1] - The technology sector showed weakness, but the ChiNext index focusing on artificial intelligence (AI) managed to close in the green, highlighting a divergence in sector performance [1] - The largest AI-focused ETF on the ChiNext, ETF 159363, saw a slight increase of 0.25% and recorded a trading volume of 584 million yuan, marking two consecutive days of gains [1] Industry Analysis - The optical module sector, particularly within the computing power chain, has shown signs of recovery, with leading companies like Zhongji Xuchuang and New Yisheng expected to maintain high growth rates in Q3 due to strong overseas demand for 800G optical modules [3] - The AI data center market is anticipated to grow significantly, with Alibaba projecting a tenfold increase in data center energy consumption by 2032, which is expected to drive orders and EBITDA growth for leading data center firms [3] - TSMC's Q3 financial report exceeded market expectations, reinforcing optimism regarding the surge in demand for AI chips, with the company expressing increased confidence in the AI market's positive trajectory [4] Investment Opportunities - The AI computing power sector is viewed as a thematic investment opportunity, with recommendations to focus on the first AI-focused ETF on the ChiNext (159363) and related funds, which have a significant allocation towards computing power and AI applications [4] - The ChiNext AI ETF has a market size exceeding 3.6 billion yuan and has maintained the highest trading volume among its peers, indicating strong investor interest [4]

Group 1 - Taiwan Semiconductor (TSM) reported strong Q3 earnings, beating analyst estimates and providing an optimistic guidance for the current period, leading to a rise in its stock price [2][1] - The overall stock market experienced volatility, with major indexes initially gaining but closing mixed, while growth stocks, including TSM, performed well [1][4] - Futures for Dow Jones, S&P 500, and Nasdaq rose slightly following TSM's positive earnings report [1]

Group 1 - The third quarter earnings season has begun with major Wall Street banks reporting their quarterly results [1][2] - Analysts expect S&P 500 companies to report a 7.9% increase in earnings per share for Q3, marking the ninth consecutive quarter of positive earnings growth, although this represents a slowdown from the 12% growth in Q2 [1] - Major financial institutions including JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock have reported their earnings, with additional reports expected from Bank of America, Morgan Stanley, and others [2][3] Group 2 - The earnings calendar for the week includes results from various companies such as United Airlines, Johnson & Johnson, and American Express, indicating a broad range of sectors reporting [4] - Taiwan Semiconductor Manufacturing Company provided an important update on its business and chip demand, highlighting the significance of the semiconductor industry in the current earnings season [3]

Group 1 - Major stock index futures are showing positive movement, with Dow futures up 0.25%, S&P 500 futures up 0.27%, and Nasdaq futures up 0.42% [1] - Semiconductor stocks are experiencing a broad increase, with Nvidia up 1.07%, Broadcom up 1.69%, AMD up 0.78%, and Micron Technology up 2.66% [1] - TSMC reported a record high net profit for Q3, with consolidated revenue of NT$989.92 billion, a year-on-year increase of 30.3%. In USD, revenue for the quarter was $33.1 billion, and net profit was NT$452.3 billion, a 39.1% year-on-year increase, with a gross margin of 59.5% [1] Group 2 - NIO's stock fell over 7% following a lawsuit from Singapore's sovereign wealth fund, which accused the company and its executives of securities fraud related to a short-selling report from June 2022 [2] - Deutsche Bank raised ASML's target price from €900 to €1000 while maintaining a "buy" rating, anticipating fourth-quarter orders to rise to €6.9 billion [2] - Salesforce expects to exceed $60 billion in revenue by 2030, surpassing analyst expectations of $58.37 billion, leading to a stock increase of over 5% [3] - Nscale announced a $14 billion agreement with Microsoft for the purchase of approximately 200,000 Nvidia GPUs, contributing to a 0.26% increase in Microsoft's stock [3] - Canada is threatening legal action against Stellantis over plans to shift production of a vehicle model to a U.S. factory, resulting in a 0.59% decline in Stellantis' stock [3]