电子：台积电3Q24业绩点评：3Q业绩超指引上限，AI需求具备持续性

Investment Rating - The investment rating for the industry is "Positive" [2] Core Insights - TSMC's 3Q24 performance exceeded guidance, driven by strong and sustainable AI demand [2][3] - The company achieved revenue of $23.5 billion, a year-on-year increase of 36.0% and a quarter-on-quarter increase of 12.9% [2][4] - TSMC has raised its full-year revenue guidance for 2024, expecting nearly 30% growth in US dollar terms [2] Revenue and Profitability - 3Q24 revenue reached $23.5 billion, surpassing the previous guidance of $22.4 to $23.2 billion [4] - Gross margin was 57.8%, up 4.6 percentage points from the previous quarter [4] - Operating margin stood at 47.5%, reflecting a 5.0 percentage point increase quarter-on-quarter [4] - Net income attributable to shareholders was $325.26 million, a 31.2% increase from the previous quarter [4] Advanced Process and Demand Distribution - In 3Q24, 69% of TSMC's revenue came from 7nm and below processes, with 3nm accounting for 20% [2] - AI demand is strong and expected to continue, with TSMC actively expanding its CoWoS capacity to meet customer needs [2][3] Capital Expenditure - TSMC's capital expenditure for 3Q24 was $6.4 billion, with expectations for total capital spending in 2024 to exceed $30 billion [2][3] - Approximately 70% to 80% of the capital expenditure will be allocated to advanced processes [2] Global Capacity Planning - TSMC is progressing with new fabs in the US, Japan, and Germany, with production expected to start in 2025 and 2027 [2]