Investment Rating - The report maintains a "Buy" rating for the company with a target price of $227.98 [5][8][9] Core Insights - The company reported Q1 2025 revenue of $25.53 billion, a quarter-over-quarter decrease of 5.1%, with a gross margin of 58.8% [1][14] - The company expects Q2 2025 revenue to be between $28.4 billion and $29.2 billion, representing a quarter-over-quarter increase of approximately 13%, which is above market expectations [1][14] - The company maintains its full-year revenue guidance for 2025, projecting a year-over-year growth of approximately 25% [2][14] - The company is accelerating its expansion in the U.S., with a total investment of $165 billion, expecting 30% of its 2nm capacity to be located in Arizona [3][14] - AI demand is anticipated to double in 2025, with continued strong demand for 3nm and 5nm technologies [4][33] Summary by Sections Q1 2025 Performance - The company reported a net profit of $11 billion, exceeding Bloomberg consensus by 3% [1] - Revenue breakdown by application: smartphones 28%, HPC 59%, IoT 5%, automotive 5%, and DCE 1% [1][13] - Capital expenditure for Q1 2025 was $10.06 billion [13] Q2 2025 and Full-Year 2025 Outlook - The company expects Q2 2025 revenue to be between $28.4 billion and $29.2 billion, with a gross margin forecast of 57.0%-59.0% [14] - The full-year revenue guidance for 2025 remains unchanged, projecting a 25% year-over-year increase [2][14] U.S. Expansion and Capacity - The company is investing an additional $100 billion in Arizona, with plans for multiple fabs using advanced technologies [3] - After expansion, approximately 30% of the company's 2nm and more advanced capacity will be in Arizona [3] AI Demand and Technology Leadership - The company expects AI-related revenue to double in 2025, with strong demand for its advanced process technologies [4][33] - The N2 process is expected to begin production in the second half of 2025, further solidifying the company's technological leadership [4]

The stock of Taiwan Semiconductor Manufacturing (TSM 0.12%) is seeing modest gains Thursday following the company's recent quarterly release. The semiconductor fabrication leader's share price was up 0.9% as of 3 p.m. ET today and had been up as much as 3.8% earlier in the day.TSMC published its first-quarter results before the market opened this morning. While sales fell slightly short of the market's expectations, the business posted better-than-expected earnings.TSMC delivered an encouraging Q1 report de ...

Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) stock is up 0.4% to trade at $152.23 today, after the chipmaker reported a first-quarter earnings beat. More importantly, the company maintained its revenue forecast for 2025, noting they have "yet to see any changes in customer behavior," despite there being "uncertainties and risks from the potential impact of tariff policies."TSM initially traded as high as $157.50 out of the gate this morning, but has since succumbed to broader tech sector pressures. Year-to ...

It’s no secret that volatility has been the name of the game in the stock market over the past couple of weeks. President Trump’s announcement of new trade tariffs spooked investors, as uncertainty surrounding the future of economic activity and growth targets has become cloudy at best. However, even in the midst of all this fresh volatility, there are still opportunities to be found. Taiwan Semiconductor Manufacturing TodayTSMTaiwan Semiconductor Manufacturing$152.37 +0.70 (+0.46%) 52-Week Range$125.78▼$2 ...

点击 上方 硬AI 关注我们 台积电第一季度营收8392.5亿元台币，同比增长42%，增长部分由于关税政策之前的囤货行为。公司预计，第二季度销售额284亿美元至292亿美元，第二季度营业利润率 达47%至49%，毛利率将达到57%至59%。 硬·AI 作者 | 张雅琦 编辑 | 硬 AI 17日，台积电公布2025Q1业绩： 台积电2025第一季度业绩表现强劲，销售额、净利润双双超预期。 但增长部分可能由于在美国的关税政策之前，客户对智能手机、笔记本电脑和其他 电子产品的囤货行为。 投资者更加关注台积电2025年的收入和支出前景。公司高管于周四14:00举行的法说会上表示， 维持2025年资本支出在380亿-420亿美元不变，维持 53%的长期毛利率预期不变。 营收： 台积电第一季度营收8392.5亿元台币，同比增长42%，预估8343亿元台币。 净利润： 净利润3616亿元台币，同比增长60.3%，预估3467.6亿元台币。 营业利润： 营业利润4070.8亿元台币，同比增长63%，预估3985.9亿元台币。 毛利率： 毛利率58.8％，前季59％，预估58.1％。 营业利润率： 营业利益率48.5％，前季 ...

点击 上方 硬AI 关注我们 摩根大通将其对台积电CoWoS先进封装技术在未来两年的消费预期分别下调了7%和3%，理由是来自亚马逊自研AI芯片 的需求减少，以及基于宏观经济的不确定性。摩根大通预测，受关税和全球经济放缓的影响，台积电管理层可能将2025 财年的收入增长指引从约25%下调至20%左右。 硬·AI 作者 | 董 静 此外，亚马逊Trainium芯片被外部客户采用的前景有限。摩根大通现在预期，未来两年，下一代Trainium 项目的生命周期单位仅增长5-10%，市场可能会对亚马逊的定制芯片（ASIC）项目持更为谨慎的态度。 尽管如此，摩根大通预测， 2025年台积电CoWoS的整体需求仍预计增长107%，2026年继续保持37%的 增长，这主要得益于英伟达的强劲需求、ASIC项目增加（尤其是博通和联发科）以及苹果WMCM芯片封 装业务的启动。 01 英伟达仍是CoWos最大客户 但增长预期趋于理性 报告预计，台积电的CoWoS产能将在2025年继续保持紧张，但到2026年可能会达到供需平衡。 英伟达继续是CoWoS-L需求的主要驱动力，大摩预计，该公司将获得足够的CoWoS分配，以在2025年生 产 ...

The primary goal of the Cash Flow Kingdom Income Portfolio is to produce an overall yield in the 7% - 10% range. We accomplish this by combining several different income streams to form an attractive, steady portfolio payout. The portfolio's price can fluctuate, but the income stream remains consistent. Start your free two-week trial today!He is a contributing author for the investing group Cash Flow Club where along with Darren McCammon, they focus on company cash flows and their access to capital. Core fe ...

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or ...

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 initiated my investment coverage of Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM ) here on Seeking Alpha in late February 2024 with a "Buy" rating, which hasn't aged well so far, given the recent volatility spike onHe leads the inv ...

Financial Performance - Net revenue for Q1 2025 was $25,526 million, a decrease of 3.4% QoQ and an increase of 41.6% YoY[5] - Gross profit for Q1 2025 was $15,007 million, representing a gross margin of 58.8%, down from 59.0% in Q4 2024 but up from 53.1% in Q1 2024[5] - Operating income for Q1 2025 was $12,382 million, accounting for 48.5% of net revenue, compared to 49.0% in Q4 2024 and 42.0% in Q1 2024[5] - Net income for Q1 2025 was $10,972 million, a decrease of 3.7% QoQ and an increase of 60.2% YoY[5] - Earnings per share (diluted) for Q1 2025 was $0.42, compared to $0.44 in Q4 2024 and $0.27 in Q1 2024[5] - The company reported a comprehensive income of $11,942 million for Q1 2025, reflecting a 46.8% increase YoY[5] Assets and Liabilities - Total assets increased to $214.826 billion, up 6.6% quarter-over-quarter and 23.2% year-over-year[2] - Current assets reached $100.758 billion, representing 46.9% of total assets, with a year-over-year increase of 36.4%[2] - Cash and cash equivalents rose to $72.122 billion, a 12.6% increase from the previous quarter and 41.0% year-over-year[2] - Total liabilities amounted to $76.244 billion, a 6.9% increase from the previous quarter and 19.3% year-over-year[2] - Shareholders' equity attributable to the parent increased to $137.454 billion, reflecting a 6.4% quarter-over-quarter growth and 25.5% year-over-year[2] - Unappropriated earnings grew to $115.980 billion, a 6.8% increase from the previous quarter and 30.3% year-over-year[2] - Long-term investments reached $4.842 billion, up 7.9% quarter-over-quarter and 16.1% year-over-year[2] - Property, plant, and equipment totaled $102.419 billion, reflecting a 5.1% increase from the previous quarter and 11.4% year-over-year[2] - Total current liabilities increased to $42.157 billion, a 10.7% increase from the previous quarter and 36.4% year-over-year[2] Cash Flow - Cash generated from operating activities in Q1 2025 was $19,027 million, slightly up from $19,027 million in Q4 2024[8] - Cash and cash equivalents at the end of Q1 2025 were $72,839 million, an increase from $64,713 million at the beginning of the period[8] - Free cash flow increased by NT$36.48 billion to NT$294.74 billion in Q1 2025, driven by higher operating cash flow[57] Revenue and Market Insights - Management expects Q2 2025 revenue to be between US$28.4 billion and US$29.2 billion[28] - From 2024 to 2029, management anticipates a revenue increase of close to mid-20s% in US dollar terms[29] - High Performance Computing accounted for 59% of net revenue in Q1 2025, up from 53% in Q4 2024[37] - Revenue from North America represented 77% of total net revenue, while revenue from China, Asia Pacific, Japan, and EMEA accounted for 7%, 9%, 4%, and 3% respectively[40] Operational Metrics - Wafer shipments in Q1 2025 totaled 3,259 Kpcs, a decrease of 4.7% from Q4 2024 and an increase of 7.6% from Q1 2024[34] - Advanced technologies (7nm and below) accounted for 73% of total wafer revenue, with 3nm contributing 22% and 5nm contributing 36%[64] - Capital expenditures totaled US$10.06 billion in Q1 2025, down from US$11.23 billion in Q4 2024[58][59] Future Outlook and Risks - The company plans to continue investing in research and development to drive innovation and market expansion[9] - The company estimated earthquake-related losses to be approximately NT$5.3 billion, which will be recognized in Q1 2025[60] - TSMC faces significant risks including market conditions, demand and supply fluctuations, and intense competition[69] - The company cautions that actual results may differ materially from forward-looking statements due to various risk factors[69] - TSMC's ability to manage its capacity and preserve its intellectual property rights is critical for its operations[69] - The company acknowledges potential disruptions from natural disasters and unexpected events[69] Company Information - TSMC is headquartered in Hsinchu, Taiwan[67] - TSMC deployed 288 distinct process technologies and manufactured 11,878 products for 522 customers in 2024[67] - The company provides a broad range of advanced, specialty, and advanced packaging technology services[67] - TSMC's 2023 Annual Report on Form 20-F was filed with the SEC on April 18, 2024[69] - The company undertakes no obligation to update any forward-looking statement unless required by law[69]