AI继续推动需求增长，全年业绩指引持续上调

Investment Rating - The report maintains a "Buy" rating for TSMC, expecting the stock price to outperform the industry index by over 15% in the next six months [10] Core Views - TSMC's performance is driven by strong demand from AI and advanced technology nodes, with revenue growth expectations for 2024 raised to approximately 30% [5][6] - The company reported a significant increase in Q3 2024 revenue and net profit, with revenue reaching NT$759.69 billion, up 39% year-over-year, and net profit at NT$325.26 billion, up 54.2% year-over-year [1][2] - Advanced process technologies (7nm and below) accounted for 69% of total wafer revenue in Q3 2024, indicating a strong market demand for TSMC's 3nm and 5nm technologies [2] Financial Performance - Revenue projections for TSMC are as follows: - 2024E: $91.687 billion - 2025E: $116.240 billion - 2026E: $138.749 billion [1] - Net profit estimates are: - 2024E: $36.108 billion - 2025E: $48.530 billion - 2026E: $58.347 billion [1] - The gross margin for Q3 2024 was reported at 57.8%, exceeding previous expectations of 53.5% to 55.5% [2][5] Market Dynamics - TSMC's advanced packaging business is expected to grow significantly, with a projected revenue contribution of around 15% by 2024 [5] - The company is expanding its production capacity for 2nm technology, anticipating higher demand compared to 3nm [5] - TSMC's market share in the foundry segment is approximately 30%, with expectations for continued growth in advanced process nodes and packaging [2][5]