大行评级丨小摩：CoWoS产能有望超预期，维持台积电“增持”评级

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating on TSMC with a target price set at NT$1,275 [1] Group 1: Capacity Expansion - TSMC's CoWoS capacity is expected to reach 95,000 wafers per month by the end of 2026, and further increase to 112,000 wafers per month by the end of 2027, significantly higher than previous expectations [1] - This expansion is primarily driven by the planned capacity construction at the AP8 factory [1] Group 2: Customer Demand - Continued growth in demand from key customers such as NVIDIA, Broadcom, and AMD is contributing to the capacity expansion [1]