Zhi Tong Cai Jing·2026-01-15 13:58Core Viewpoint - The semiconductor equipment and materials sector experienced a significant pre-market rally, driven by strong earnings reports from TSMC, which exceeded market expectations and marked a record high for quarterly net profit [1] Group 1: Company Performance - TSMC reported a net profit of NT$505.7 billion for Q4 2025, surpassing market expectations and achieving the highest quarterly net profit in the company's history [1] - The company has achieved profit growth for eight consecutive quarters, indicating strong operational performance [1] - TSMC's Q4 gross margin was 62.3%, also exceeding market expectations [1] Group 2: Future Projections - TSMC forecasts Q1 2026 revenue to be in the range of $34.6 billion to $35.8 billion, with a gross margin expected between 63% and 65% [1] - The operating margin is projected to be between 54% and 56% for the same period [1] - The company anticipates full-year capital expenditures for 2026 to be between $52 billion and $56 billion [1]