摩根大通：台积电 First Take_ 3Q24 强劲的 GM 表现；4Q 指引更好，2025 年 AI 将继续上涨；OW

Asia Pacific Equity Research 17 October 2024 J P M O R G A N TSMC First Take: 3Q24 Strong GM beat; 4Q guidance better, with continued upside in AI in 2025; OW Our First Take: TSMC's 3Q results were a strong beat with GM coming in well above guidance (57.8% vs mid-point of guidance at 54.5% and JPMe 54.8%). 4Q revenue guidance of 13% qoq growth is also better than expected, while 4Q GM guidance suggests further GM increase. The GM uptick in 2H24 is coming in mainly from better utilization (N5 and N3 running ...