台积电1月15日法说会 有望报佳音 法人预期Q1淡季不淡

Core Viewpoint - TSMC is expected to hold a corporate briefing on January 15, where its 2026 outlook and capital expenditure plans will be significant indicators for the tech industry [1] Group 1: Financial Performance - TSMC's revenue for December exceeded expectations, contributing to a total revenue of NT$38,090.5 billion for 2025, marking a year-on-year increase of 31.6% and setting a historical high [2] - The revenue for the fourth quarter reached NT$10,460.8 billion, a quarter-on-quarter increase of 5.7% and a year-on-year increase of 20.5%, achieving a new single-quarter record [1] Group 2: Market Demand and Pricing - Analysts predict that TSMC's advanced process technology will remain in high demand, with major clients pre-booking capacity, leading to potential price increases of 3% to 10% for advanced processes starting in 2026 [2] - Despite the proposed price increases, clients are still eager to secure advanced process capacity, indicating ongoing strong demand in the AI sector [2] Group 3: Capital Expenditure - TSMC's capital expenditure for 2026 is projected to remain at historically high levels, potentially reaching between US$42 billion and US$45 billion [2] - The company aims to ensure that revenue growth outpaces capital expenditure growth, demonstrating a commitment to financial discipline [2]