TSMC(US:TSM) Shenwan Hongyuan Securities·2025-09-20 14:38Investment Rating - The report indicates a positive investment outlook for the AI PCB and complete machine sectors, highlighting strong performance in the semiconductor industry driven by AI demand [1][6]. Core Insights - The semiconductor sector, particularly TSMC, reported a record revenue of NT$3,357.7 billion in August 2025, marking a 34% year-on-year increase, driven by AI-related demand [6][8]. - The report emphasizes the growth in various segments, including testing, storage, and EMS, with companies like 京元电子 and 南亚科 showing significant revenue increases [9][16]. - The overall sentiment in the industry remains optimistic, with expectations of continued growth in AI applications and advanced manufacturing processes [14][16]. Summary by Relevant Sections AI Sector - TSMC's revenue reached NT$3,357.7 billion in August 2025, a 34% increase year-on-year, driven by AI demand [6]. - 京元电子's revenue grew by 32% year-on-year, supported by increased capital expenditure and expansion into high-end testing capacity [9]. Semiconductor Manufacturing - The report notes that 联电, 世界先进, and 力积电 experienced slight revenue changes, with 联电's revenue down 7% year-on-year [16]. - The high-performance computing sector continues to show growth potential despite some market fluctuations [16]. Storage Market - 南亚科's revenue surged by 141% year-on-year, attributed to increased demand for DDR4 memory as major manufacturers shift focus to high-bandwidth memory [16]. EMS Sector - Companies like 鸿海 and 纬创 reported significant revenue growth, with 纬创's revenue increasing by 198% year-on-year, driven by strong AI server demand [14][16]. - The report highlights that the overall EMS sector is benefiting from the AI trend, with expectations of continued growth in the coming quarters [14]. PCB and CCL Markets - The PCB sector saw companies like 欣兴 and 金像电 reporting revenue growth of 5% and 65% year-on-year, respectively, indicating a recovery in market demand [12][14]. - 台光电's revenue increased by 53% year-on-year, reflecting strong growth across various product lines [12].