1秒赚30000元，台积电把光刻机“干冒烟”

Core Insights - TSMC reported a significant increase in revenue and profit for Q4 2025, with revenue reaching $33.73 billion, a year-on-year growth of 25.5%, and net profit of $16.297 billion, up 40.2% year-on-year [1][6][12] - The company anticipates a strong growth trajectory for 2026, projecting nearly 30% revenue growth based on its leadership in advanced processes and packaging technologies [1][12] Financial Performance - Q4 2025 revenue was $33.73 billion, exceeding guidance of $32.2-33.4 billion, with a gross margin of 62.3%, surpassing the previous guidance of 59%-61% [6][9] - TSMC's net income attributable to shareholders was $505.74 million, reflecting a 35% increase year-on-year [6][9] - Capital expenditures for Q4 2025 were $11.51 billion, with a total of $40.90 billion for the year, indicating a strong investment in capacity expansion [11][10] Advanced Technology and Market Trends - Advanced processes (7nm and below) accounted for 77% of total wafer revenue, with 5nm contributing 35% due to high-performance computing (HPC) demand [2][8] - Revenue from AI accelerators constituted a significant portion of total revenue, with a projected compound annual growth rate (CAGR) of nearly 50% for AI accelerator revenue from 2024 to 2029 [3][4][13] - The company is transitioning to 2nm production, with expectations of significant contributions from this node in 2026 [15][22] Customer and Geographic Insights - North American customers contribute approximately 75% of TSMC's revenue, while customers from mainland China accounted for 9% in Q4 2025 [5][12] - TSMC is expanding its manufacturing footprint in the U.S. and Japan, with plans for multiple fabs to support AI and HPC demands [14][15] Future Outlook - TSMC's CEO expressed confidence in the sustainability of AI demand, emphasizing that AI has become integral to core business processes for major cloud service providers [16][17] - The company aims to maintain a long-term gross margin target of over 53%, despite rising operational costs associated with overseas manufacturing [20][21] - TSMC is committed to a flexible capital expenditure strategy to ensure that investments translate into future earnings growth [23]