TSMC(US:TSM) First Shanghai Securities·2025-10-23 10:48Group 1: TSMC (Taiwan Semiconductor Manufacturing Company) - TSMC's revenue for Q3 2025 reached NT$989.92 billion, a year-on-year increase of 30.3%, equivalent to USD 33.1 billion, exceeding the company's guidance of USD 32.4 billion and Bloomberg's consensus of USD 31.5 billion[6] - The company's gross margin for Q3 2025 was 59.5%, up 1.7 percentage points year-on-year, with operating profit increasing by 38.8%[6] - TSMC's AI revenue is projected to grow at a CAGR of over 45% over the next five years, driven by the migration of customers to advanced process nodes[7] Group 2: Ningde Times (Contemporary Amperex Technology Co., Limited) - Ningde Times reported Q3 2026 revenue of RMB 104.19 billion, a year-on-year increase of 12.9%, with net profit rising by 41.21%[14] - The company's gross margin for Q3 2026 was maintained at around 28%, up 1.2 percentage points year-on-year, supported by an increase in high-margin energy storage business[15] - Ningde Times aims to expand production capacity significantly, with plans for new facilities in multiple regions, including a projected 100 GWh increase in Shandong by 2026[17]