电子行业周报：台积电业绩强劲，自主可控科技受瞩目

Investment Rating - The investment rating for the semiconductor industry is "Outperform the Market - A" [3] Core Insights - TSMC reported strong Q3 2024 earnings with revenue of NT$759.69 billion, a 39% year-on-year increase, and net profit of NT$325.26 billion, up 54.2% year-on-year, exceeding market expectations [1] - The global wafer foundry market is expected to grow by 20% in 2025, driven primarily by high-performance computing (HPC) applications, with TSMC leading the growth [3][6] - TSMC's global expansion efforts are showing success, with significant progress in overseas factories in the US, Japan, and Germany [6] Summary by Sections TSMC Performance - TSMC's Q3 2024 revenue was NT$759.69 billion, with a net profit of NT$325.26 billion, both surpassing market forecasts [1] - HPC revenue accounted for 51% of TSMC's total revenue, while smartphone revenue increased to 34% [1] Industry Growth Projections - The global wafer foundry market is projected to grow by 20% in 2025, with TSMC expected to outperform other foundries, which are projected to grow by nearly 12% [3] - The demand for AI applications is driving the need for high-performance computing chips, which is the main growth driver for the advanced process and overall foundry industry [3][6] Market Trends - The semiconductor industry is experiencing a significant increase in capital expenditure, with TSMC's 2nm process expected to lead to record capital spending [3] - The domestic semiconductor market in China is expected to see a notable increase in mature process capacity by 2027, surpassing Taiwan [3] Investment Recommendations - Suggested stocks for investment include companies in information security, chip design, semiconductor equipment, and the AI industry chain [8]