股价历史新高！台积电公布强劲财报

Core Viewpoint - TSMC reported strong financial results for Q4 2025, with revenue of $33.73 billion, a year-on-year increase of 25.5%, and a net profit of approximately $16 billion, up 35% year-on-year, leading to a market capitalization exceeding $1.8 trillion [2][7]. Financial Performance - Q4 2025 revenue reached $33.73 billion, a 25.5% increase year-on-year, with a net profit of around $16 billion, reflecting a 35% growth [2]. - The gross margin improved to 62.3%, and the total revenue for the year was $122 billion, marking a 35.9% increase [2]. - Advanced process nodes (7nm and below) accounted for 77% of total wafer revenue in Q4, with 3nm contributing 28%, 5nm 35%, and 7nm 14% [6]. Future Outlook - TSMC expects the overall wafer foundry industry to grow by 14% in 2026, with projected Q1 2026 revenue between $34.6 billion and $35.8 billion, representing a 38% year-on-year increase [6]. - Capital expenditures for 2026 are anticipated to reach between $52 billion and $56 billion, with 70%-80% allocated to advanced processes [5][6]. - The company aims to maintain a long-term gross margin of over 56% and a return on equity (ROE) of over 25% [6]. AI Demand and Impact - AI-related revenue is expected to account for over 10% of total revenue in 2025, driven by increasing demand for computational power in consumer, enterprise, and sovereign AI applications [6][9]. - TSMC's CEO expressed confidence in the authenticity of AI demand, noting positive feedback from cloud service providers regarding AI's impact on business growth [9][10]. - The company is actively expanding its production capacity in response to AI-driven demand, with new facilities planned in the U.S., Japan, and Europe [10].