研报掘金丨中信建投：维持台积电买入评级 目标价385.27美元

Core Viewpoint - CITIC Securities maintains a "Buy" rating for TSMC (TSM.US) with a target price of $385.27, highlighting strong revenue and gross margin expectations for Q4 2025, driven by a 55% contribution from HPC and continuous growth in advanced process revenue [1] Group 1 - TSMC's revenue growth guidance for 2026 is nearly 30%, indicating robust future performance [1] - Capital expenditures (CapEx) are set to reach a historical high, reflecting the company's confidence in expansion [1] - AI is identified as a key driver for long-term growth, leading to an upward revision in profit forecasts [1] Group 2 - The projected price-to-earnings (PE) ratio for 2026 is only 28 times, suggesting a reasonable valuation [1]