Group 1 - The core viewpoint of the report is that due to severe supply constraints, the market's earnings expectations for Asian AI semiconductor and server supply chain companies will continue to be revised upward this year [1] - TSMC is expected to achieve potential revenue growth of 25% to 30% in USD this year, leveraging a relatively cautious capacity expansion plan amid strong demand led by Nvidia and Broadcom in the AI logic semiconductor industry [1] - Nomura maintains its capital expenditure forecast for TSMC at $45 billion to $50 billion for 2026, but anticipates an acceleration to $55 billion to $60 billion in 2027 due to limited cleanroom capacity [1] Group 2 - TSMC's gross margin is expected to reach 61.5% in 2026 to 2027, driven by higher loads, platform optimization (more HPC), and increasing urgent orders due to strong customer demand amid severe supply constraints [1] - Earnings per share forecasts for TSMC have been raised by 15% and 19% for this year and next year, respectively, with the target price for TSMC stock increased from NT$1855 to NT$2135, reaffirming a "buy" rating [1]
大行评级｜野村：上调台积电台股目标价至2135新台币 预计今年营收增长25%至30%
Ge Long Hui·2026-01-08 07:19