不过，英特尔没有放弃晶圆代工业务，这部分与三星仍是竞争状态，就如同英特尔虽下单台积电，但仍 在扩展晶圆代工版图，竞争可能性依然存在。 只是英特尔与三星不管怎么结盟，这两家曾是台积电创办人张忠谋眼中的"重磅大猩猩"，在晶圆代工市 场仍要面对一个难解老问题，就是拥有品牌业务，不免会让客户有顾虑，导致可扩展的潜在客户范围受 限。 这一点正是台积电竞争优势，绝对不与客户竞争，客户的成功就是台积电的成功。尤其放眼AI时代， 关于高效能运算（HPC）与AI订单，不管是品牌芯片或特殊应用IC（ASIC），台积电胜券在握，其他 人愈慢打下相关基础，想看到台积电的车尾灯就会愈来愈难。 台积电（2330）稳坐晶圆代工龙头宝座，近日传出三星可能与英特尔结盟，外界认为，虽然两家在半导 体市场都具份量，不过短期内仍难撼动台积电地位。 对三星与英特尔来说，如果敲定三星入股英特尔，英特尔将部分外包生产芯片订单给三星，那就是各取 所需，两者是代工厂与客户间的合作关系，对业界来说，部分既有订单分配会挪移。 ...

Core Viewpoint - TSMC's 2nm process is set to begin mass production in the second half of this year, with strong demand from major clients like Apple, AMD, and Intel, leading to significant capacity expansion plans [1][2] Group 1: Production Capacity - TSMC plans to increase its 2nm monthly production capacity from 40,000 wafers by the end of this year to 100,000 wafers next year, representing a 150% increase [1] - By 2027, TSMC aims to further expand its 2nm capacity to between 160,000 and 180,000 wafers, with the potential to reach 200,000 wafers if demand exceeds expectations [1][2] - Currently, TSMC's advanced process capacities include approximately 160,000 wafers for the 7nm process, slightly over 160,000 for the 5nm process, and about 130,000 wafers for the 3nm process, with potential adjustments to reach 160,000 wafers [2] Group 2: Client Demand and Market Position - Major clients expected to adopt TSMC's 2nm process include Apple, AMD, Intel, Qualcomm, MediaTek, and NVIDIA, indicating a broad market interest [1][2] - TSMC's advanced process expansion is anticipated to drive revenue growth, as newer processes command higher pricing, benefiting the company's operational performance [2] - The company expects that the number of product designs utilizing its 2nm technology in the first two years will surpass those for the 3nm and 5nm processes during their respective initial periods [2]

Core Viewpoint - TSMC's employee bonuses and dividends for 2024 have reached a record high, reflecting strong revenue and profit growth from the previous year, with an average payout of over NT$200 million per employee [1][2]. Group 1: Employee Compensation - TSMC will distribute a total of NT$140.59 billion in employee performance bonuses and dividends for 2024, marking a year-on-year increase of over 40% [1][2]. - The average annual bonus per employee is NT$200.84 million, which represents a year-on-year increase of NT$51.32 million, or approximately 34.32% [2]. - Employees with six years of service can expect bonuses as high as NT$1.8 million, while those with five years and top performance ratings can receive around NT$1.16 million [1]. Group 2: Financial Performance - TSMC's total revenue for 2024 is projected to reach NT$2.8943 trillion, with a net profit of NT$1.1732 trillion, both figures representing new highs [1]. - The earnings per share (EPS) is expected to be NT$45.25, showcasing TSMC's strong competitive position in the semiconductor industry [1]. Group 3: Industry Context - The global semiconductor industry is facing challenges, with competitors like Samsung and Intel experiencing delays and operational difficulties in their advanced process technologies [4][5]. - TSMC maintains its leadership in advanced process technology, with plans to mass-produce 2nm processes in the second half of this year and A16 processes by the second half of 2026 [5]. - The demand for high-end processes is expected to rise due to the growing need for AI servers, further solidifying TSMC's position as a leading foundry [5].

Core Viewpoint - The semiconductor testing industry is entering a golden era, driven by the increasing complexity of chip designs and the rising demand for high-quality testing, particularly due to AI and high-performance computing (HPC) [1][2] Group 1: Market Dynamics - The collaboration between Taiwanese manufacturers and global foundries and packaging/testing giants presents significant potential for market share expansion [1] - The average selling price (ASP) of probe cards and test sockets is expected to grow significantly due to increased pin counts, higher frequencies, and stricter tolerances [1] - The total addressable market (TAM) for advanced chip testing is expanding, marking it as a structural growth highlight [1] Group 2: Company Performance - High expectations for the earnings compound annual growth rate (CAGR) for 旺矽 (Wangxi) and 颖崴 (Yingwei) are set at 28% and 37% respectively from 2024 to 2027, reflecting structural growth and market share gains [2] - 旺矽 is expected to benefit from increased penetration in the vertical probe card (VPC) market and expansion in MEMS probe card business, with revenue and earnings CAGR projected at 19% and 28% respectively [2] - 颖崴 is actively pursuing entry into the NVIDIA system-level testing (SLT) supply chain and expanding its probe card business, with revenue and earnings CAGR expected to reach 23% and 37% respectively from 2024 to 2027 [2] Group 3: Competitive Advantages - 旺矽 is enhancing its PCB self-sufficiency and shortening delivery cycles, which strengthens its competitive edge [2] - The increasing complexity of chip designs and faster product update cycles are driving frequent upgrades in testing sockets, leading to higher average selling prices [2]

Core Viewpoint - The semiconductor industry is experiencing a positive outlook, driven by demand from AI and high-performance computing (HPC), with specific companies like TSMC, UMC, and World Advanced receiving favorable ratings from Citigroup Global Markets [1][2]. Group 1: TSMC and Market Dynamics - TSMC's stock price has fluctuated, closing at 972 NTD, with foreign investors showing renewed interest despite concerns about the company's short-term outlook [1]. - Citigroup maintains a positive view on TSMC's long-term prospects, indicating that any potential joint ventures will not alter the advanced semiconductor landscape [1]. - The overall semiconductor market is expected to improve due to demand recovery in various sectors, including PMIC, WiFi-7, and 10G PON products [1]. Group 2: UMC and World Advanced Ratings - Citigroup upgraded UMC's investment rating from "Sell" to "Buy," predicting a reasonable stock price increase from 40 NTD to 53 NTD, citing that the market has already absorbed the risks of price and margin declines [2]. - World Advanced's rating was also raised from "Neutral" to "Buy," with an expected stock price increase to 112 NTD, driven by rising PMIC demand and recovery in consumer electronics [2]. - The semiconductor industry is seeing healthier inventory levels in PCs, smartphones, and consumer electronics, reducing the risk of inventory adjustments [2].