台积电这份最新财报，让我们对AI的2026有数了
3 6 Ke·2026-01-16 00:22

Core Viewpoint - TSMC's Q4 2025 financial report shows strong performance with revenue of NT$1.05 trillion, exceeding analyst expectations, and a gross margin of 62.3%, significantly higher than forecasts [1][5]. Financial Performance - Total revenue for Q4 2025 reached NT$1.05 trillion, surpassing the expected NT$1.02 trillion [1]. - Gross margin was reported at 62.3%, exceeding the forecast of 60.6% [1]. - Net profit attributable to shareholders was NT$505.7 billion, also above the predicted NT$475.2 billion [1]. Revenue and Profit Trends - TSMC's revenue for Q4 2025 is part of a broader trend, with a strong Q1 2026 revenue guidance projected between US$34.6 billion and US$35.8 billion, and a gross margin forecast of 63-65% [5]. - The average selling price of 12-inch equivalent wafers reached a record high of NT$264,100, with a year-on-year increase of 20% expected [13][15]. Product and Market Insights - The demand for 3nm products remains robust, contributing significantly to revenue, with 3nm products accounting for 28% of revenue in Q4 2025 [13]. - Smartphone revenue grew by 11% in Q4, while high-performance computing (HPC) saw a lower growth rate of 4% [16][18]. - TSMC's capital expenditure for 2026 is projected to be between US$52 billion and US$56 billion, with 70-80% allocated to advanced process capacity to support AI demand [20][22]. Cost Structure and Efficiency - TSMC's cost structure shows a decreasing trend in depreciation rates, with a projected 10% increase in depreciation expenses for 2026, which is lower than revenue growth expectations [25][27]. - The company has achieved a low period expense ratio of 8.4%, the lowest in five years, indicating improved operational efficiency [25]. Future Outlook - TSMC is optimistic about AI-driven demand, with expectations that 2026 could mark a peak period for the company [8][27]. - The company is focusing on maintaining its competitive edge in advanced processes, particularly with the upcoming 2nm products expected to enter the market [4][12].