TSMC(US:TSM) Ge Long Hui·2025-12-10 07:28Core Viewpoint - TSMC's November revenue report for 2025 shows continued growth driven by strong demand for advanced processes, although there was a month-over-month decline in revenue [1][4]. Revenue Summary - TSMC's November sales reached NT$343.61 billion, representing a year-over-year increase of 24.5%, marking a record high for the same period, but a month-over-month decline of 6.5% from NT$367.47 billion in October [4][5]. - Cumulative sales from January to November totaled NT$3.47 trillion, reflecting a year-over-year growth of 32.8%, the first time surpassing NT$3.4 trillion in this period, representing the best performance in history [4][5]. Capacity Expansion - TSMC is experiencing significant demand for advanced packaging, particularly for its CoWoS (Chip on Wafer on Substrate) technology, driven by orders from major clients like NVIDIA, Google, and Amazon [6][7]. - The company is actively expanding its CoWoS-L and CoWoS-S production capacities to meet the increasing demand, with plans to reach a monthly capacity of 100,000 wafers by the end of 2026 [7]. Market Performance - In the secondary market, TSMC's American Depositary Receipts (ADRs) saw a slight increase of 0.51%, with the stock price rising over 55% year-to-date [2]. Analyst Upgrades - Bernstein has raised its target price for TSMC, citing accelerated growth in advanced packaging demand driven by artificial intelligence [8]. - The new target price is set at NT$1,800 per share, up from the previous NT$1,444, with an equivalent ADR price of $330 [9].