台积电上调2025年收入增速预期，关注半导体底部配置机遇

Core Insights - TSMC has raised its revenue growth forecast for 2025 from approximately 25% to 30%, driven by strong AI demand and a moderate recovery in non-AI demand [2][3] - TSMC's Q2 2025 revenue reached $30.07 billion, exceeding guidance, with a year-over-year increase of 44.4% and a quarter-over-quarter increase of 17.8% [3] Financial Performance - TSMC's Q2 2025 revenue was $30.07 billion, surpassing the guidance range of $28.4 billion to $29.2 billion [3] - Revenue breakdown: HPC revenue increased by 14% quarter-over-quarter, accounting for 60% of total revenue; IoT and smartphone revenues increased by 14% and 7%, respectively, accounting for 5% and 27% of total revenue [3] - Q3 2025 revenue is projected to be between $31.8 billion and $33 billion, with a year-over-year growth of 35%-40% and a quarter-over-quarter growth of 6%-10% [3] Market Trends - The semiconductor sector is experiencing high demand, particularly in AI and domestic growth opportunities due to localization [3] - The approval of H20 chip exports to China is expected to benefit the computing power supply chain, with companies like NVIDIA and AMD planning to resume exports [4] Investment Recommendations - Continued recommendations for companies in the semiconductor and PCB sectors, including Industrial Fulian, Huada Semiconductor, and others, based on favorable market conditions and growth potential [2][4] - Focus on companies involved in end-side AI applications and storage solutions, such as Rockchip and related firms, as they are expected to benefit from advancements in AI technology [6][8]