台积电这份最新财报，让我们对AI的2026有数了

Core Viewpoint - TSMC's Q4 2025 financial report shows strong performance with revenue of NT$1.05 trillion, exceeding analyst expectations, and a gross margin of 62.3%, significantly higher than the forecasted 60.6% [5][10]. Financial Performance Summary - TSMC's revenue for Q4 2025 reached NT$1.05 trillion, surpassing the expected NT$1.02 trillion, with a net profit of NT$505.7 billion, also above the predicted NT$475.2 billion [5][10]. - The gross margin for Q4 2025 was 62.3%, up from 60.6% forecasted, indicating strong profitability [5][10]. - The average selling price for 12-inch equivalent wafers reached a record high of NT$264,100, reflecting a 9% quarter-over-quarter increase [16][18]. Product and Market Insights - TSMC's advanced process technology, particularly the 3nm process, continues to drive revenue growth, with 3nm products accounting for 28% of revenue in Q4 2025, up 5 percentage points from the previous quarter [10][16]. - The smartphone segment saw an 11% growth in Q4, while high-performance computing (HPC) grew by 4%, indicating a shift in demand dynamics [11][19]. - TSMC's capital expenditure for 2026 is projected to be between $52 billion and $56 billion, with 70%-80% allocated to advanced process capacity to support AI demand [24][26]. Cost Structure and Efficiency - TSMC's cost structure has improved, with a period expense ratio of 8.4%, the lowest in five years, and a depreciation rate significantly reduced to around 15% [30][32]. - The company has seen a decrease in accounts receivable turnover days by 26 days and inventory turnover days by 8 days, indicating enhanced operational efficiency [30][32]. Future Outlook - TSMC is optimistic about the AI market, with expectations of continued strong demand for advanced processes, potentially leading to a gross margin exceeding 65% by 2026 [12][15]. - The company is preparing for the introduction of 2nm products, which is expected to further solidify its market position and profitability [9][10].