TSMC(US:TSM) 是说芯语·2025-08-30 23:50Core Viewpoint - TSMC's decision to exclude Chinese equipment from its 2nm production line has raised concerns in the market, affecting not only mainland semiconductor equipment but also the Taiwanese semiconductor industry [1] Group 1: Supply Chain Management - TSMC is conducting an early review of its supply chain, targeting both "big alliance" and "small alliance" members, including many local Taiwanese equipment and material suppliers [3] - Some suppliers marked for review have unique patented technologies and strong profitability, with many maintaining gross margins over 30%, and some exceeding 60%, which is higher than TSMC's current 58% gross margin [3] - Suppliers heavily reliant on the mainland market will be excluded starting in 2026, leading to order cuts for several companies [3][4] Group 2: Impact on Taiwanese Suppliers - The tightening of supply chain management by TSMC is not only about "de-China" but also affects Taiwanese suppliers, with stricter audits requiring disclosure of gross margins and revenue exposure to mainland China [4] - Taiwanese suppliers are increasingly receiving orders from mainland China, which often have higher margins and larger scales compared to TSMC orders [4] - Many suppliers prefer to serve mainland clients over TSMC due to lower profit margins and the requirement for two years of free trials for TSMC orders [4] Group 3: Government and Industry Response - The Taiwanese government has strengthened its semiconductor strategy, promoting digital transformation and encouraging the formation of holding companies [5] - TSMC has set procurement goals to increase local sourcing, aiming for 65.5% indirect material procurement and 45% component procurement from Taiwan by 2025 [5] - However, TSMC's stricter audits may undermine these local support efforts and conflict with government policies aimed at semiconductor equipment and component self-sufficiency [5] Group 4: Global Semiconductor Equipment Landscape - Global demand for semiconductor equipment is primarily focused on front-end equipment, dominated by manufacturers from the US, Europe, and Japan, while Taiwanese suppliers are limited to back-end tools [6] - TSMC emphasizes that its procurement prices are based on market supply and demand dynamics, and it will continue to collaborate with local suppliers to enhance technology and quality [6] - The projected value of Taiwan's electronic equipment industry is expected to reach NT$600 billion by 2028, with semiconductor equipment accounting for NT$250 billion [6]