高盛降台积电(TSM.US)先进封装出货量预测重申“买入”评级

Group 1 - Goldman Sachs maintains a "Buy" rating for TSMC (TSM.US) despite lowering advanced packaging shipment forecasts [1] - TSMC's management reaffirmed revenue and capital expenditure guidance for 2025, alleviating investor concerns [1] - The market anticipates a slowdown in end-demand due to tariffs and macro uncertainties, but management remains optimistic about AI demand [1] Group 2 - Goldman Sachs has revised down the CoWoS advanced packaging shipment forecasts to 585,000 and 923,000 wafers for the next two years [1] - Capacity estimates have also been reduced to 660,000 and 1,000,000 wafers [1] - Earnings per share forecasts for 2026 and 2027 have been lowered by 0.9%, and the target price for TSMC's stock has been adjusted from NT$1,200 to NT$1,190 [1] Group 3 - The gross margin forecast for TSMC in 2027 has been decreased from 57.8% to 57.1% [1]