浦银国际 首次覆盖 浦银国际研究 首次覆盖 | 半导体行业 股价表现 台积电 台积电股价（新台币） 相对于标普500表现(右轴) 0 500 1000 1500 (200%) (100%) 0% 100% 23-07 23-10 24-01 24-04 资料来源：Factset、浦银国际 （2330.T T/TSM.US） 图表 1：盈利预测和财务指标（2022-2026E） | --- | --- | --- | --- | --- | --- | |------------------------|-------|-----------|-------|-------|---------------------| | 新台币百万 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 | | | | | 3,516,122 4,124,807 | | 营收同比增速 | | 43% (5%) | | | | | 毛利率 | | | | | | | 净利润 | | | | | | | 净利润增速 | | 68% (14%) | | | | | 基本每股收益（新台币） | ...

With fresh growth prospects and a potential rebound in one of its most important businesses, TSMC could hit the $2 trillion mark sooner than expected.The trillion-dollar market cap club is exclusive. As it stands, there are only seven companies in the world that have passed that mark. Apple, Microsoft, and Nvidia reign supreme, sitting in the illustrious $3 trillion club, but Alphabet is the lonely company in the $2 trillion club -- for now.With a market cap of just over $880 billion, Taiwan Semiconductor M ...

Taiwan Semi's stock hasn't felt the effects of a great quarter yet.Sometimes the market misprices a stock and investors need to take advantage of it before the market corrects itself. Taiwan Semiconductor (TSM 1.04%) falls under this category right now, as it's down around 12% from its all-time high despite reporting incredible results. Before investors rush in to take advantage of the mispricing, it's wise to understand how it got that way in the first place. After knowing why TSMC experienced the drop, it ...

This could be the next semiconductor giant to attain a trillion-dollar market cap.Semiconductor stocks have been in fine form on the stock market since the beginning of 2023, thanks to the terrific demand for chips used to power artificial intelligence (AI) servers, smartphones, and personal computers, among other things. The PHLX Semiconductor Sector index has shot up a terrific 115% since the beginning of last year, driven by the outstanding gains that the likes of Nvidia have clocked during this period.M ...

证券研究报告 | 公司动态点评 2024 年 07 月 23 日 台积电（TSM.N） 确认半导体增长趋势，上调全年营收增速指引 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|--------|--------|--------|---------|---------|--------------------------------|------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万美元） | 73,670 | 70,599 | 88,851 | 110,815 | 133,985 | 股票信息 | | | 增长率 yoy（%） | 28.7 | -4.2 | 25.9 | 24.7 | 20.9 | | | | 归母净利润（百万美元） | 32,311 | 27,816 | 34,319 | 43,599 | 53,179 | 行业 | 半导体产品 | | 增长率 yoy（%） | 5 ...

Tanaonte Investment thesis We have covered TSMC (NYSE:TSM) stock before, and as we expected, our revenue distribution expectations were met. Revenues from the HPC segment represented 52% of the Company's revenues (+6 p.p. QoQ), while revenues from the Smartphone segment declined to 33% of the Company's revenues (-5 p.p. QoQ). The growth rate of demand for the company's advanced chips exceeded our expectations, so the company's actual revenue was higher than our forecast. In general, it is worth noting t ...

证券研究报告 | 季报点评 2024 年 07 月 23 日 台积电(TSM) 2024Q2 业绩超预期,上调全年指引 公司 2024Q2 业绩超预期,上调 2024 全年收入指引。2024Q2 台积电收入 208.2 亿美元,yoy+33%,按新台币收入为 6735 亿新台币,yoy+40%。公司 Q2 毛利 率 53.2%,Q2 归母净利润为 2478.5 亿新台币,yoy+36.8%。 公司指引 2024Q3 收入 224-232 亿美元、好于预期。基于美元兑新台币的平均汇 率 32.5,预期毛利率 53.5%-55.5%,营业利润率 42.5%-44.5%。2024 年全年收 入指引按美元计价上调至 25%左右(mid twenties percent)。 高性能计算收入占比首超 50%。下游场景方面,2024Q2 台积电 HPC、智能手 机、IoT、汽车、数字消费电子分别占比 52%/33%/6%/5%/2%,YoY+8/+0/-2/- 3/-1pct,QoQ+6/-5/+0/-1/+0pct,智能手机受到季节性影响。需求景气度方面, 据台积电法说会,AI 需求强劲,持续受益于智能手机和 AI 对先 ...

台積電(TSM) 更新報告 營收毛利率均超預期,先進封裝供不應求將持續至 2026 年 季度業績摘要:公司 24Q2 總收入 6735.1 億新臺幣,同比增長 40.1%,折合 208.2 億美元,高於公司上季度指引中值的 200.0 億美元,也高於彭博一致預期的 201.1 億美元。其中晶圓收入 6165.2 億新臺幣,7 納米以下的先進制程貢獻 50%的營收。本季 度公司總成本 3153.8 億新臺幣,毛利率 53.2%,同比下滑 0.9 個 百分點。經營利潤 2865.6 億新臺幣,同比增長 41.9%。淨利潤 2478.5 億新臺幣,同比增長 36.3%,折合 76.6 億美元,高於一 致預期的 72.1 億美元。攤薄後每 ADR 收益 1.48 美元,高於一致 預期的 1.39 美元。 先進制程產能供不應求,ASP 漲價在即:Q2 公司 7nm 及小於 7nm 的先進制程貢獻收入 67%,同比/環比分別增長 14/2 個百分點, 其中 3nm 制程貢獻收入 15%,環比增加 6 個百分點,主要因中國 大陸企業礦機訂單激增。公司 N2、N2P、A16 制程研發進展順 利,海外工廠建設將稀釋 2-3pc ...

Fears of U.S. restrictions on the sector's trade with China seem to be fading.What a difference a week can make on the stock market.This truism seemed to be very much in force for microchip stocks on Monday. After last week's sell-off, many got off to a roaring start with the new trading week. Asian powerhouse Taiwan Semiconductor Manufacturing (TSM 2.16%) rose by over 2% on the day, as did its busy U.S. peer Broadcom (AVGO 2.36%). Lapping them both was chipmaking equipment specialist Lam Research (LRCX 6.5 ...

Taiwan Semiconductor Manufacturing (TSM) reported robust second-quarter 2024 results, wherein it beat estimates for both the top and the bottom lines on surging demand for advanced chips used in AI applications. This Taiwan-based chipmaker lifted revenue growth projects for the full year, reflecting its confidence in the longevity of the global AI spending boom.Investors seeking to tap TSM growth could consider ETFs having the largest allocation to the world’s largest contract semiconductor manufacturer. Th ...