AI芯片热潮不减！台积电9月营收大增超30%，大行齐声唱多

Core Viewpoint - TSMC's third-quarter revenue exceeded expectations, driven by the AI boom, with significant year-on-year growth despite a slight month-on-month decline [1][2]. Revenue Performance - TSMC reported September revenue of approximately NT$330.98 billion, a decrease of 1.4% month-on-month but an increase of 31.4% year-on-year [1][2]. - For the first nine months of 2025, TSMC's revenue reached approximately NT$27,629.64 billion, reflecting a year-on-year increase of 36.4% [1][2]. - The third-quarter revenue was NT$989.92 billion, marking a new historical high for a single quarter, with a year-on-year growth of 30% compared to NT$759.69 billion in the same period last year [2]. Market Performance - TSMC's stock price has increased by 34% year-to-date, outperforming the broader market, which rose by 18.5% during the same period [3]. - In the U.S. market, TSMC's stock has surged by 54.2% this year [3]. Analyst Ratings and Price Targets - Bank of America raised TSMC's target price from $290 to $330, maintaining a "Buy" rating, following similar upgrades from other major banks [6][7]. - Morgan Stanley anticipates TSMC's stock price will rise after the third-quarter analyst meeting on October 16, driven by strong AI semiconductor demand [7][8]. - Barclays also increased TSMC's target price from $325 to $330, reflecting positive sentiment in the market [7]. Future Outlook - Analysts expect TSMC to potentially raise its revenue growth forecast for 2025 from 30% to a range of 32% to 34% year-on-year, alongside a reduction in capital expenditure guidance to around $40 billion [8]. - The strong demand for AI is expected to significantly influence TSMC's performance and revenue projections for the upcoming quarters [8].