台积电营收创历史新高，T-glass供不应求

Investment Rating - The investment rating for the semiconductor industry is maintained as "Recommended" [2] Core Insights - TSMC's revenue is projected to exceed NT$3.8 trillion (approximately RMB 850 billion) in 2025, marking a historical high. The company has received NT$151.422 billion in subsidies from various governments, enhancing its capacity and supply chain security [3] - The demand for T-glass is outpacing supply, which is becoming a critical factor limiting the production of AI hardware. Major companies like NVIDIA have pre-ordered T-glass capacity well in advance, leading to fierce competition among tech giants [4] - The report suggests focusing on companies such as SMIC, Hua Hong Semiconductor, China National Materials, and Honghe Technology for potential investment opportunities [5] Industry Dynamics - The semiconductor sector experienced an overall upward trend in stock prices during the week of February 23-27, with notable gains in the semiconductor materials sector, which rose by 7.47% [16] - The semiconductor index reached 8091.38 on February 27, reflecting a weekly increase of 2.19% [13] - The Philadelphia Semiconductor Index showed a fluctuating downward trend during the same week, indicating volatility in the market [28] Company Performance and Earnings Forecast - SMIC is rated as "Buy" with an estimated EPS of 0.46, 0.63, and 0.77 for 2024, 2025E, and 2026E respectively, with corresponding PE ratios of 250.00, 182.54, and 148.93 [7] - Other companies such as China National Materials and Honghe Technology have not been rated but have earnings forecasts available [7] Global Semiconductor Sales - Global semiconductor sales saw a significant increase in December 2025, reaching USD 78.88 billion, a year-on-year growth of 37.1%. China accounted for USD 21.29 billion of this total, representing 26.99% of the global market [39] Semiconductor Equipment Sales - The sales of semiconductor equipment in China reached USD 14.56 billion in Q3 2025, marking a year-on-year increase of 12.61% and a quarter-on-quarter increase of 28.17% [43] Market Trends - The report highlights that the demand for AI and 5G applications is driving the semiconductor market, with expectations of a gradual recovery in demand starting in 2024 [36]