TSMC(US:TSM) 第一财经·2025-10-16 09:43Core Viewpoint - TSMC reported significant growth in revenue and net profit for Q3 2025, driven by strong demand for advanced processes, particularly in AI applications [3][4]. Financial Performance - TSMC's consolidated revenue for Q3 2025 reached NT$989.92 billion, a year-on-year increase of 30.3%. In USD, the revenue was $33.1 billion [3]. - The net profit for the quarter was NT$452.3 billion, marking a 39.1% year-on-year growth and setting a historical record [3]. - The gross margin was 59.5%, reflecting a 0.9 percentage point increase from the previous quarter [3]. Product Composition - In terms of product composition, 3nm process shipments accounted for 23% of total wafer revenue, while 5nm and 7nm processes contributed 37% and 14%, respectively. Advanced processes (7nm and below) collectively represented 74% of total wafer revenue [3][4]. - The revenue breakdown by platform showed that High-Performance Computing (HPC) accounted for 57%, surpassing smartphones at 30%, IoT at 5%, automotive at 5%, and digital consumer electronics at 1% [3][4]. Future Outlook - TSMC forecasts Q4 2025 sales between $32.2 billion and $33.4 billion, exceeding market expectations of $31.23 billion. The gross margin is expected to be between 59% and 61% [4]. - For 2025, TSMC anticipates a revenue growth of approximately 30% [4]. Management Insights - TSMC's CEO highlighted the sustained strong demand for AI, which is even stronger than previously anticipated. The company plans to continue investing to support customer growth [5]. - The CEO also mentioned that TSMC is working to close the supply-demand gap for advanced packaging and is ramping up capacity for 2nm process production [5]. - TSMC is accelerating capacity expansion at its Arizona facility and has begun construction on a second wafer fab in Japan, with ongoing investments in Taiwan [5]. Capital Expenditure - TSMC has raised its capital expenditure cap for the year, with $29.39 billion spent in the first nine months. The 2025 capital expenditure is projected to be between $40 billion and $42 billion, up from a previous range of $38 billion to $42 billion [6]. - Approximately 70% of the capital expenditure will be allocated to advanced processes, with 10% to 20% for advanced packaging, testing, and manufacturing [6]. Market Dynamics - In response to investor inquiries, TSMC's management noted that constructing a 1GW data center requires an investment of about $50 billion, although specific revenue opportunities for TSMC from this are not yet quantified [6]. - The management also stated that both GPU and ASIC demand utilize TSMC's advanced technologies, indicating a balanced support for various chip types [6].