TSMC(US:TSM) Shenwan Hongyuan Securities·2026-02-13 11:21Investment Rating - The report maintains a positive outlook on the semiconductor industry, particularly in the AI and HPC sectors, indicating a strong demand that supports revenue growth [2][5]. Core Insights - TSMC reported a record revenue of NT$401.26 billion in January 2026, a year-on-year increase of 36.8%, driven by strong demand in AI servers, HPC, and cloud data centers [2][5]. - The advanced packaging capacity remains tight, which is a key factor supporting revenue growth [5]. - The report highlights that the AI sector continues to drive demand, with companies like Xinxia and JY Electronics also reporting significant revenue increases [2][5][20]. Summary by Sections AI Sector - TSMC's revenue growth is attributed to the sustained demand for AI servers and advanced process technologies, maintaining high utilization rates [5]. - Xinxia's revenue reached NT$900 million in January 2026, up 28.5% year-on-year, reflecting the strong demand for server management chips [7]. - JY Electronics reported a revenue of NT$3.37 billion, a 41% increase year-on-year, driven by the rising complexity and demand for AI-related testing [8]. Mature Process - UMC, World Advanced, and PSMC reported revenues of NT$20.86 billion, NT$4.01 billion, and NT$4.62 billion respectively, with year-on-year growth rates of 5%, 18%, and 26% [16]. - PSMC's revenue reached a 39-month high, driven by rising prices in memory wafer foundry and increased demand for logic foundry [16]. Storage - Nanya Technology, Winbond, and Macronix reported revenues of NT$15.31 billion, NT$11.78 billion, and NT$3.02 billion respectively, with year-on-year growth rates of 608%, 94%, and 51% [17]. - Nanya indicated that various DRAM products may remain tight due to limited new capacity, particularly DDR4 and LPDDR4 [17]. End-Side Chips - MediaTek's revenue was NT$46.98 billion, down 8% year-on-year, with expectations of a significant decline in mobile terminal demand due to rising costs [18]. - The Smart Edge business is expected to grow, with data center ASIC revenue projected to exceed USD 1 billion in 2026 [20]. Passive Components - Yageo reported a revenue of NT$13.03 billion, a 27% year-on-year increase, driven by strong demand from AI-related applications [20].