中信证券维持台积电买入评级

Core Viewpoint - CITIC Securities maintains a "buy" rating for TSMC, citing the company's quarterly performance exceeding expectations, driven by strong demand for 3nm and 5nm technologies and high utilization rates of advanced process capacities [1] Group 1: Financial Performance - TSMC's quarterly earnings surpassed expectations, benefiting from robust demand for advanced nodes [1] - The guidance for revenue growth in 2025 has been raised to 35% in USD terms due to increased AI market activity [1] Group 2: Capital Expenditure - Capital expenditures are projected to increase to between $40 billion and $42 billion [1] Group 3: Market Position and Growth Drivers - TSMC's leadership in advanced processes positions the company well to capitalize on the growing AI chip market and the ramp-up of advanced packaging and testing [1] - The ongoing demand for AI-related products is expected to drive sustained high growth in AI revenue [1]