大行评级｜招银国际：台积电2025年财报表现强劲，维持“跑赢大市”评级

Core Viewpoint - TSMC is expected to report strong financial performance in 2025, with revenue projected at $122 billion, representing a year-on-year increase of 35.9%, and a gross margin of 59.9% [1] Group 1: Financial Projections - The management anticipates Q1 revenue for this year to be between $34.6 billion and $35.8 billion, with a gross margin of 63% to 65% [1] - The revenue growth forecast for 2026 has been raised to approximately 30%, exceeding the 14% growth outlook for the Foundry 2.0 industry [1] Group 2: Capital Expenditure - TSMC has increased its capital expenditure for this year to between $52 billion and $56 billion, which is viewed as a strategic move to address AI demand [1] - The company aims to advance its leading process and packaging capacity to capitalize on a multi-year expansion cycle [1] Group 3: Market Implications - The initiatives taken by TSMC are seen as positive signals for beneficiaries in the AI supply chain, particularly semiconductor equipment manufacturers [1] - The firm maintains an "outperform" rating on TSMC [1]