大行评级丨里昂：上调台积电目标价至2000新台币 维持“高度确信跑赢大市”评级

Core Viewpoint - The report from Credit Lyonnais raises TSMC's capital expenditure and revenue forecasts for the fiscal years 2026 to 2027, driven by sustained demand for AI computing that exceeds supply [1] Group 1: Financial Projections - TSMC's earnings per share forecast has been increased by 12% to 14% due to improving profit margins [1] - The target price for TSMC has been raised from 1740 NTD to 2000 NTD, based on a target price-to-earnings ratio of 20 times for the fiscal year 2027 [1] Group 2: Market Dynamics - TSMC demonstrates pricing power, with profit margins not only absorbing currency fluctuations but also overcoming the dilution effect from the expansion of overseas wafer fabs [1] - The overall industry demand for AI computing continues to outpace supply, indicating a strong market environment for TSMC [1]