An earthquake in Taiwan led the company to scrape some of its wafersTaiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) stock was last seen down 4.8% at $132.30, despite the semiconductor giant surpassing first-quarter earnings and revenue expectations. Today's losses follow an earthquake in Taiwan earlier this month that led the company scrape some of its wafers, though it caused no structural damage.The security earlier hit its lowest level since early March, and could today settle below the 60-day moving avera ...

Financial Data and Key Metrics Changes - First quarter revenue decreased by 5.3% sequentially in NT dollars and 3.8% in U.S. dollars, impacted by smartphone seasonality, partially offset by HPC-related demand [6] - Gross margin increased by 0.1 percentage points sequentially to 53.1%, reflecting product mix changes due to smartphone seasonality [6] - Operating margin increased by 0.4 percentage points sequentially to 42% due to tighter expense controls, with total operating expenses accounting for 11.1% of net revenue [6] - First quarter EPS was TWD 8.7 and ROE was 25.4% [6] Business Line Data and Key Metrics Changes - Revenue contribution by technology: 3-nanometer process technology contributed 9% of wafer revenue, while 5-nanometer and 7-nanometer accounted for 37% and 19%, respectively [7] - Revenue contribution by platform: HPC increased by 3% quarter-over-quarter to account for 46% of revenue, smartphone decreased by 16% to 38%, IoT increased by 5% to 6%, automotive remained flat at 6%, and DCE increased by 33% to 2% [8] Market Data and Key Metrics Changes - Cash and marketable securities at the end of Q1 were TWD 1.9 trillion (USD 60 billion) [8] - Accounts receivable turnover days remained at 31 days, while days of inventory increased by 5 days to 90 days due to the ramp of 3-nanometer technologies [9] Company Strategy and Development Direction - The company plans to convert some 5-nanometer tools to support 3-nanometer capacity due to strong multiyear demand, expecting this conversion to dilute gross margin by about 1 to 2 percentage points in the second half of 2024 [22] - The 2024 capital budget is expected to be between USD 28 billion and USD 32 billion, with 70% to 80% allocated for advanced process technologies [23] - The company aims for a long-term gross margin of 53% and higher, despite the impact of foreign exchange rates and global manufacturing footprint expansion plans [32] Management's Comments on Operating Environment and Future Outlook - The company expects a gradual recovery in the overall semiconductor market in 2024, with a forecasted growth of approximately 10% year-over-year, while foundry industry growth is expected to be mid- to high-teens percent [26] - AI-related demand is anticipated to significantly contribute to revenue, with expectations for AI processors to double their revenue contribution this year [28] - The company acknowledges the impact of a 25% increase in electricity prices starting April 1, which is expected to dilute gross margin by 70 to 80 basis points in Q2 [21] Other Important Information - The company successfully managed the impact of a 7.2 magnitude earthquake on April 3, with no structural damage to fabs and a recovery of over 70% of tools within the first 10 hours [11][19] - The earthquake is expected to reduce Q2 gross margin by about 50 basis points due to wafer scraps and material loss [12] Q&A Session Summary Question: Demand outlook and semiconductor industry growth - The company has reduced expectations for overall semiconductor industry growth, primarily due to slower recovery in smartphone demand and traditional server demand remaining muted [35][39] - AI-related data center demand is very strong, with a shift in budget from traditional servers to AI servers [39] Question: Gross margin trends related to new technology nodes - The N3 process is expected to take longer to reach corporate average gross margin compared to previous nodes like N5 and N7, due to increased complexity and cost inflation [43][46] Question: AI returns and pricing strategy - The company is working to ensure it captures fair value in the AI value chain and is in discussions with customers regarding pricing adjustments [47][49] Question: Capacity allocation for AI customers - The company prioritizes customer success and is working to increase capacity, while also leveraging OSAT partners to meet demand [70][73] Question: 2-nanometer technology ramp-up - The meaningful revenue contribution from 2-nanometer technology is expected to start in early 2026, with a ramp profile similar to that of 3-nanometer [54][56]

盘前市场动向 1. 4月18日(周四)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.31%，标普500指数期货涨0.32%，纳指期货涨0.41%。 2. 截至发稿，德国DAX指数跌0.08%，英国富时100指数涨0.21%，法国CAC40指数涨0.35%，欧洲斯托克50指数涨0.36%。 3. 截至发稿，WTI原油跌0.47%，报82.30美元/桶。布伦特原油跌0.54%，报86.82美元/桶。 市场消息 通胀升温迫使鲍威尔“急踩刹车”?高盛：都是假象。尽管美国经济在高利率环境下展现出了韧性，但由于通胀顽固不降，经济学家和分析师开始质疑美国经济能否实现软着陆。而高盛首席经济学家Jan Hatzius指出，3月份的通胀率为3.5%，但他认为这一高通胀主要是由于“数量异常庞大的特殊因素”造成的。他提到的特殊因素包括“一月效应”，即股价在一月份往往比其他月份上涨得更多，以及租赁市场短暂波动导致租金看似即将飙升。这两种现象后来都证明是暂时的。他表示：“随着特殊因素消退，我们预计后续通胀将再次放缓。”更重要的是，高盛并未发现美国大规模裁员的迹象，而大规模裁员通常会成为软着陆转变为硬着陆的警示信号。高盛预 ...

台积电（TSMC）于北京时间2024年4月18日下午的美股盘前发布了2024年第一季度财报（截止2024年4月），要点如下： 1、收入端：季节性影响减弱。2024年一季度台积电收入实现189亿美元，在业绩指引区间上限（180-188亿美元）。季度收入环比下滑3.8%，其中出货量的维度带来影响+2.5%，出货均价的维度带来影响-6.1%。受3nm占比下滑的影响，公司产品均价有所下滑，但出货量仍在增长； 2、毛利及毛利率：维持5成毛利率。2024年一季度台积电的毛利率53.1%，符合指引区间预期（52-54%）。本季度出货均价有所回落，但是成本端也有所减少，最终毛利率基本持平。3nm的扩产带来折旧摊销的增加，使得毛利率维持在相对低位； 3、晶圆结构端：AI，才是结构性需求。在3nm量产之后，公司本季度7nm以下的收入占比继续维持在65%。本季度3nm有所回落，主要是苹果新机需求并不强劲，影响拉货。而数据中心及AI芯片仍有结构化需求，填充了5nm的产能。随着下游客户的拉货，本季度美国地区收入占比继续维持在7成左右。 4、台积电业绩指引：2024年第二季度预期收入196-204亿美元（市场预期192.6亿美元）和毛利 ...

Currency and Market Risks - The company's revenue could be negatively affected if the U.S. dollar appreciates significantly versus other major currencies, leading to decreased demand for its products and services[62] - Net revenue in 2023 decreased by NT$102,155 million compared to 2022, primarily due to a 27% YoY decline in orders from Asia Pacific and a 4% YoY decline from North America, partially offset by a 9% YoY increase from China[96] - North America accounted for 68% of net revenue in 2023, maintaining its position as the largest market, followed by China at 12%[96] Regulatory Compliance and Legal Risks - Non-compliance with export control, environmental, and climate-related laws could harm the company's business and operational results, potentially resulting in significant legal liability[62] - Manufacturing activities are subject to various governmental regulations, including export control, environmental, and climate-related laws, which could result in penalties, legal liabilities, and operational disruptions if not complied with[63] - Compliance with environmental and climate-related laws may require the company to implement remedial programs, modify product designs, and incur significant expenses such as carbon fees and renewable energy procurement[64] - The company is subject to antitrust laws and regulations in multiple jurisdictions, and any adverse results from potential antitrust proceedings could harm its business and operational results[67] - The company received an inquiry from the European Commission regarding alleged anti-competitive practices in semiconductor sales, which was closed in May 2020 after cooperation[68] Expansion and Operational Challenges - Failure to timely obtain necessary approvals, such as for fab land and construction, could impair the company's operational and financial results[62] - Delays in obtaining environmental approvals for new fab projects could limit or increase the cost of expansion plans, adversely affecting the company's business and operational results[65] - The company plans to expand manufacturing capacity and upgrade technologies to meet long-term market demand, focusing on 5G and high-performance computing trends[91] - Investments in 2024 will include building/facility expansions for Fab 20, Fab 21, Fab 22, and Fab 23, alongside R&D for new process technologies[92] Technology and Manufacturing Capabilities - The company produced 28% of the world's semiconductor output value (excluding memory) in 2023, down from 30% in the previous year due to an inventory correction within the semiconductor industry[84] - The company operates one 150mm wafer fab, six 200mm wafer fabs, six 300mm wafer fabs, and five advanced backend fabs globally[86] - The company's 5-nanometer technology entered volume production in 2020, and 3-nanometer technology entered volume production in 2022[88] - The company's 2-nanometer technology is on track for volume production in 2025[88] - The company's advanced technologies (7-nanometer and below) contribute significantly to its net revenue, positioning it as a technology leader among dedicated foundries[88] - Annual capacity in 2023 reached approximately 16 million 12-inch equivalent wafers, up from 15 million in 2022, driven by expansion in 3-nanometer and 5-nanometer technologies[90] - Capital expenditures for 2024 are projected to be between $28 billion and $32 billion, focusing on 2-nanometer, 3-nanometer, and 5-nanometer nodes, as well as specialty technologies and advanced packaging[92] Land and Facility Ownership - The company's land leases for its fabs in Hsinchu Science Park, Central Taiwan Science Park, and Southern Taiwan Science Park are set to expire between December 2024 and June 2043[86] - The company's subsidiary, TSMC Arizona, owns approximately 4,775,885 square meters of land in Arizona for Fab 21 and related offices[86] - The company's subsidiary, JASM, owns approximately 195,035 square meters of land in Kumamoto Prefecture, Japan, for Fab 23 and related offices[86] - The company's subsidiary, ESMC, is acquiring approximately 51 hectares of land in Dresden, Germany, for Fab 24 and related facilities[86] Shareholding and Subsidiaries - The company's National Development Fund of the R.O.C. owned 6.38% of its outstanding shares as of February 29, 2024[78] - TSMC owns approximately 28.3% equity interest in Vanguard International Semiconductor Corporation (VIS) as of February 29, 2024[139] - TSMC owns 100% equity interest in TSMC Washington, LLC, as of February 29, 2024[140] - TSMC owns approximately 38.8% equity interest in Systems on Silicon Manufacturing Company Pte. Ltd. (SSMC) as of February 29, 2024[141] - TSMC owns approximately 34.8% equity interest in Global Unichip Corporation (GUC) as of February 29, 2024[141] - TSMC owns approximately 67.4% equity interest in VisEra Technologies as of February 29, 2024[142] - TSMC owns approximately 41.0% equity interest in Xintec, Inc. as of February 29, 2024[143] - TSMC owns approximately 71.4% equity interest in Japan Advanced Semiconductor Manufacturing, Inc. (JASM) as of February 29, 2024, which will increase to 86.5% after new investments[146] Revenue Breakdown by Platform - Net revenue breakdown by platform: High Performance Computing (43%), Smartphone (38%), IoT (8%), Automotive (6%), DCE (2%), Others (3%) in 2023[109] - Smartphone net revenue decreased by NT$73,965 million (8% YoY) and IoT net revenue decreased by NT$34,198 million (17% YoY) from 2022 to 2023[109] - Automotive net revenue increased by NT$17,273 million (15% YoY) from 2022 to 2023[109] R&D and Innovation - R&D expenditure in 2023 was NT$182,370 million (US$5,956 million), representing 8.5% of net revenue, with focus on 7nm, 5nm, and 3nm technologies[117] - Multi-project wafer program (CyberShuttle®) extended to all customers, reducing mask costs and accelerating time-to-market for prototyping and verification[113] - Open Innovation Platform® (OIP) initiative enhanced with EDA and IP readiness for 2nm and 3nm technologies, and 3Dblox Standard availability for 3DIC reference flows[112] Supply Chain and Raw Materials - Key raw material suppliers for silicon wafers include Formosa SUMCO, GlobalWafers, Shin-Etsu Handotai, Siltronic AG, Soitec Microelectronics, and SUMCO, supplying 96.2% of total wafer needs in 2023[124] Sustainability and Energy - TSMC used 2,590 GWh of renewable energy, renewable energy certificates, and carbon credits globally in 2023, with 1,493 GWh enabling overseas sites to be 100% powered by clean energy for the sixth consecutive year[127] - TSMC has signed power purchase agreements to purchase 3.1 GW of renewable energy, eliminating an estimated 4.7 million metric tons of carbon dioxide equivalent emissions annually[127] - TSMC's electricity tariff rate in Taiwan is estimated to increase by 25% effective April 1, 2024, compared to the 2023 rate, potentially increasing manufacturing costs[133] Product and Technology Offerings - High-performance computing (HPC) is a key growth driver, with products like AI accelerators, GPUs, and server processors leveraging 3-nanometer and 5-nanometer technologies[102] - Smartphone segment offerings include advanced logic process technologies like 3-nanometer FinFET and 4-nanometer FinFET, targeting premium and mainstream applications[103] - The company provides advanced packaging technologies such as CoWoS®, InFO, and TSMC-SoIC® to enhance chip integration and performance[102] - IoT platform includes 5nm, 6nm, 7nm, 12nm, 16nm, and 28nm technologies, with new FinFET-based 6nm (N6eTM) and 12nm (N12eTM) technologies offering energy efficiency and high performance[105] - Automotive sector introduced 3nm Auto Early (N3AE) program in 2023, supporting advanced driver-assistance systems (ADAS) and in-vehicle infotainment (IVI) with 5nm, 7nm, and 16nm FinFET technologies[106] - Digital Consumer Electronics (DCE) sector adopted 6nm, 7nm, 16FFC/12FFC, 22ULP/22ULL, and 28HPC+ technologies for 8K/4K DTV, 4K streaming STB/OTT, and DSLR devices[107] Customer Support and Interaction - Customer support is facilitated through global offices and subsidiaries, with web-based applications enabling real-time interaction for design, engineering, and logistics[97]

English Translation of Financial Statements Originally Issued in Chinese Taiwan Semiconductor Manufacturing Company Limited Parent Company Only Financial Statements for the Years Ended December 31, 2023 and 2022 and Independent Auditors’ Report 勤業眾信 勤業眾信聯合會計師事務所 110016 台北市信義區松仁路100號20樓 Deloitte & Touche 20F, Taipei Nan Shan Plaza No. 100, Songren Rd., Xinyi Dist., Taipei 110016, Taiwan Tel :+886 (2) 2725-9988 Fax:+886 (2) 4051-6888 www.deloitte.com.tw INDEPENDENT AUDITORS’ REPORT The Board of Directors and ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

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This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: Credit: Unsplash/CC0 Public Domain Taiwanese chipmaking giant TSMC announced Thursday a nearly 9 percent increase in net profits in the first quarter of 2024. Taiwan Semiconductor Manufacturing Company—whose clients include Apple and Nvidia—controls more than half the world's output of silicon wafers, used in everything from s ...

今日，台积电公布一季报，由于AI需求火爆，公司营收、净利润均大超预期，一年以来首次实现利润正增长。 受此影响，台积电美股夜盘交易一度拉升涨超4%。 AI需求强劲 财报显示，台积电一季度营收5926.4亿新台币，同比增长16.5%，环比减少5.3%，高于市场预期的5834.6亿新台币。 一季度的净利润2254.9亿新台币，同比增长8.9%，环比减少5.5%，同样高于市场预期2149亿新台币。 毛利率为53.1%，比去年四季度高了0.1个百分点，略高于市场预期的53%；营业利润率为42%，净利润率为 38%。 分产品来看，台积电第一季度3nm出货量占晶圆总收入的9%，5nm占37%，7nm占19%。先进技术(7nm及以下)的营收占晶圆总收入的65%。 分业务来看，由于季节性因素，台积电的手机业务一季度环比大幅下滑16%，HPC业务需求依然强劲，环比增长3%。 AI相关的HPC业务带来的收入已经达到46%，手机业务占比38%，汽车业务和IoT分别占比6%，DCE业务占比2%。 展望好于预期 展望二季度，台积电预计，二季度的营收为196亿美元-204亿美元，市场预期在191亿美元左右。 二季度，预计营业利 ...