摩根大通：台积电-先进封装最新动态–调整 CoWoS 预期并上调 WMCM 估算

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha J P M O R G A N Asia Pacific Equity Research 26 June 2025 TSMC See page 10 for analyst certification and important disclosures, including non-US analyst disclosures. Advanced Packaging update – Adjusting CoWoS and raising WMCM estimates In this update, we separate out CoWoS and WMCM forecasts, as WMCM expectations are starting to rise materially for 2026 and 2027. Please see our wafer- level forecast, chip-level shipments by XPU and capacity assumptions in Tables 1-2, Table 3 ...