TSMC(US:TSM) 美股研究社·2025-10-13 12:32Core Viewpoint - TSMC continues to lead the global semiconductor foundry market, driven by surging demand for artificial intelligence, achieving revenue and EPS growth that exceeds expectations for nine consecutive quarters [1][5][28]. Financial Performance - In Q2 2025, TSMC reported revenue of approximately $31.73 billion, a year-on-year increase of 54%, and EPS of $2.47, up nearly 71% from the previous year [5][11]. - The company maintains a robust financial position with over $90 billion in cash reserves and positive net interest income, allowing for stable growth in both high and low interest rate environments [1][19]. - TSMC's gross margin stands at 58.6%, with an operating margin of 49.6% and a net profit margin of 42.7%, all significantly above industry averages [6][21]. Market Position and Growth - TSMC's market capitalization exceeds $1.15 trillion, reflecting its status as one of the largest semiconductor companies globally [2]. - The company has experienced a revenue growth of approximately 40% over the past 12 months, far surpassing the industry median of about 7% [2][21]. - The high-performance computing (HPC) segment accounts for 60% of TSMC's revenue, indicating strong demand driven by AI [6][7]. Future Outlook - TSMC anticipates Q3 2025 revenue guidance of approximately $32.4 billion, representing a 38% increase year-on-year [11][13]. - Analysts predict TSMC's diluted EPS for FY2026 to reach $11.49, a 16% increase from FY2025, contingent on sustained AI demand [23]. - The high-performance computing market is projected to grow from $112 billion in 2024 to approximately $360 billion by 2029, with a CAGR of 26.3% [10]. Valuation - TSMC's forward P/E ratio is approximately 30.69, reflecting a premium over industry and benchmark indices [2][16]. - Despite a high valuation, analysts believe TSMC's strong performance justifies this premium, with potential for further valuation increases [18][21].