台积电三季度利润新高：多终端高成长，先进工艺涨价进行时

Core Insights - TSMC's Q3 revenue reached $33.1 billion, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 10.1%, driven by cost optimization and improved capacity utilization [1][2] - The company's gross margin was 59.5%, significantly exceeding the previous quarter's guidance of 55.5% to 57.5% [1] - TSMC's operating profit margin was 50.6%, surpassing the previous quarter's guidance of 45.5% to 47.5%, with a net profit margin of 45.7% [2] Market Performance - High-Performance Computing (HPC) has become a crucial revenue driver for TSMC, increasing its revenue contribution from 51% in the same period last year to 57% to 60% in recent quarters [2] - The smartphone market saw a significant revenue increase due to the seasonal demand, while the automotive chip market, which had been sluggish, has begun to recover [2][5] - TSMC's advanced process technologies, particularly 3nm and 5nm, accounted for 60% of revenue, up from 52% last year [3] Industry Trends - The semiconductor foundry industry is facing a structural price increase environment as major end markets return to normal inventory levels [3] - TSMC's CEO indicated that AI demand remains strong, with a projected CAGR exceeding 45% over the next five years [3] - The company is planning to increase prices for its 2nm advanced process technology [3] Future Outlook - TSMC's overseas factory capacity is expected to dilute gross margins by approximately 1% to 2% in the coming years, with initial estimates of 2% to 3% dilution expanding to 3% to 4% later [3] - The automotive chip market is anticipated to gradually recover by the first half of 2025, with power chips completing inventory adjustments [5][6] - The global semiconductor supply chain is temporarily moving away from the inventory correction cycle, with a potential price increase atmosphere developing in the foundry market [6][7]