Investment Rating - The industry investment rating is "Recommended" [3] Core Insights - TSMC's revenue in April 2024 increased by 60% year-on-year, indicating strong growth potential in the AI sector [5][6] - TSMC's Q1 2024 revenue breakdown shows that HPC accounted for 46%, mobile devices 38%, IoT 6%, automotive 6%, and digital consumer electronics 2% [5] - TSMC expects AI-related revenue to double in 2024, contributing 13% to total revenue, with a projected compound annual growth rate of 50% over the next five years [6] Summary by Sections Industry Overview - The total number of listed companies in the industry is 509, with a total share capital of 4,986.78 million shares [3] - The industry's total sales revenue is 13,211.67 billion, and the total profit is 680.77 billion [3] - The average PE ratio for the industry is 160.82, with an average stock price of 26.69 yuan [3] Company Performance - TSMC's revenue for April 2024 reached 236 billion New Taiwan dollars, marking a historical high second only to October 2023 [5] - TSMC's cumulative revenue from January to April 2024 was 828.7 billion New Taiwan dollars, reflecting a 26% year-on-year increase [5] - TSMC's Q2 2024 revenue guidance is between 19.6 to 20.4 billion USD, with a midpoint of 20 billion USD, representing a 28% year-on-year increase [5][6] Market Trends - TSMC has adjusted its overall growth forecast for the semiconductor sector (excluding memory) to around 10%, with high single-digit growth expected in the foundry sector [6] - The demand for AI processors is anticipated to be the strongest growth driver for TSMC's HPC platform in the coming years [6] - TSMC's CoWoS capacity is expected to exceed 40,000 pieces per month, driven by strong AI demand [6]
电子行业事件点评报告：台积电24年4月营收同比+60%，持续看好AI产业机遇
Founder Securities·2024-05-13 01:02