TSMC(US:TSM) Zhongshan Securities·2026-01-24 02:20Investment Rating - The report indicates a strong performance in the electronic industry, with the electronic sector outperforming the market indices [4][9]. Core Insights - TSMC expects a revenue growth of approximately 30% year-on-year for 2026, driven by the "wafer foundry 2.0" industry, which is projected to grow by 14% in the same year [4][24]. - The global semiconductor industry is anticipated to achieve a revenue growth of 30.7% in 2026, surpassing $1 trillion for the first time, largely due to the demand from artificial intelligence [5][27]. - The smartphone market is experiencing a slowdown in growth, with global smartphone shipments increasing by only 2.29% year-on-year in Q4 2025 [6][13]. Summary by Sections Market Trends - The electronic sector has shown resilience, with a 5.25% increase in the electronic index, outperforming major indices [5][9]. - The semiconductor segment specifically saw an 8.08% increase, indicating strong demand despite overall market fluctuations [9]. Industry Dynamics - TSMC's revenue from AI accelerators contributed over 10% in 2025, with a projected CAGR of nearly 60% from 2024 to 2029 for AI-related revenues [4][24]. - The demand for storage ICs is expected to grow by approximately 90% in 2026, driven by AI needs [5][27]. - SK Hynix is accelerating memory capacity expansion to meet the rising demand for AI infrastructure [28]. Company Updates - Shengke Communication anticipates a revenue growth of 5.01% to 9.07% for 2025, despite expected losses [31].