如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 联合报 。 日本媒体报导台积电位于日本熊本县菊阳町的第二座工厂（熊本二厂），将推迟至2029年上半年 量产。台积电供应链业者今日透露，除了先前台积电董事长暨总裁魏哲家提及「交通改善」的因 素外，主要客户陷入激烈竞争，订单减弱才是关键。 魏哲家日前主持台积电第2季法人说明会上表示，在日本中央政府、县政府与地方政府的大力支 持下，熊本一厂的特殊制程晶圆厂已于2024年下半年开始量产，且良率表现良好。第二座特殊制 程晶圆厂预计将于2025年稍晚动工，具体时程取决于当地基础建设的准备状况，量产时间也会依 据客户需求与市场情况而定。 魏哲家针对熊本二厂延后，在今年主持股东常会后接受媒体访问时表示，延后动工是因为将严重 影响当地交通，顾及当地居民感受，因而决定在当地政府改善交通后才会动工。 不过，真正推迟的原因主要来自台积电因应地缘政治变化，增加在美国亚利桑那州投资1000亿美 元，总投资金额增至1650亿美元，台积电为迎合客户对AI芯片在美制造的强大需求，决定加快亚 利桑那州第二厂装机及第三厂建厂时程；反观熊本二厂则面临主要客户对先进制程需求并非如原 先预期般迫 ...

每经记者｜朱成祥 每经编辑｜陈俊杰 近期，长光辰芯向香港联交所递交招股书。在年初终止科创板IPO（首次公开募股）后，长光辰芯此次拟冲击港股IPO。 据了解，长光辰芯为国内CIS（摄像头传感器）厂商。与豪威集团、思特威、格科微主要面向消费级CIS不同，长光辰芯主要 面向工业成像及科学成像等专业级市场。不过在整个CIS市场中，工业成像、科学成像CIS占比较小。 产品聚焦CIS小众市场 CIS是采用CMOS（互补金属氧化物半导体）技术制造的光学传感器，其功能在于将光信号转换为电信号，并通过集成读出电 路进一步转化为数字数据。作为摄像模组的核心元件，CIS在消费级、专业级、汽车、安防、工业成像、医疗成像、国防及航 空航天以及科学成像等领域具有关键应用价值。 在CIS市场中，消费级与非消费级应用的产品需求存在明显差异。消费级CIS主要面向智能手机、计算机及平板电脑等大众电 子产品市场，具有产量大、价格敏感度高及产品周期短的特点。制造商通过成本控制和大规模出货展开竞争，客户则更关注 性价比与快速创新。 相比之下，非消费级CIS服务于工业成像、汽车领域、医疗成像及科学成像等专业领域，此类应用对CIS产品的要求具有单价 更高 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 ctee 。 晶圆代工厂力积电22日公布2025年第二季财报，因新台币升值与帐面汇损影响，单季净损扩大至 33.3亿元，每股亏损0.8元，较第一季每股亏损0.26元明显扩大。力积电总经理朱宪国指出，下半 年将持续聚焦DRAM代工、3D AI先进制程等高附加价值产品，带动营运结构优化。 力积电表示，第二季出货量约40万片，较第一季成长9％，但因新台币升值5％影响，平均销售单 价（ASP）下滑约2％至3％，台币计价的营收增幅仅1.5％。 汇率因素对获利造成显著冲击，第二季帐面汇兑损失达15.9亿元，推升第二季净损较第一季11亿 元大增至33.3亿元。 展望后市，总经理朱宪国提出五大营运重点，在逻辑产品线方面，第三季能见度仍低，大中华区 驱动IC、影像感测元件（CIS）需求偏弱，但欧美电源管理IC（PMIC），特别是AI应用相关需 求依旧强劲。 第二，DRAM代工近期需求明显回升，受一线大厂宣布退出8G DDR4市场影响，带动客户提前 备货，投片需求满载，投片ASP自上月起逐月上扬。公司预期，此效益将于三至四个月后陆续反 映在营收与毛利表现上。 第三，SLC ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $300 [7][24]. Core Insights - The company reported Q2 2025 revenue of $30.07 billion, exceeding guidance due to strong demand for 3nm and 5nm processes, with a gross margin of 58.6% [1][12]. - The company raised its 2025 revenue growth guidance to approximately 30%, up from nearly 25% previously, and expects capital expenditures to remain between $38 billion and $42 billion [1][14]. - The report highlights the ongoing strong demand for AI and HPC, with HPC revenue increasing by 14% quarter-over-quarter, now accounting for 60% of total revenue [2][12]. Revenue and Profitability - The company expects Q3 2025 revenue to be between $31.8 billion and $33.0 billion, with a gross margin forecast of 55.5% to 57.5% [1][14]. - The revenue forecast for 2025-2027 has been adjusted upward by 1.9%, 1.7%, and 1.1% respectively, while net profit estimates have been adjusted to NT$1,528 billion, NT$1,820 billion, and NT$2,156 billion [5][24]. Capacity and Technology - The company maintains its capital expenditure budget for 2025 at $38 billion to $42 billion, with ongoing production plans for N2 and A16 processes [4][30]. - The report emphasizes the tight supply-demand balance for N3 and N5 nodes, with expectations for increased AI product transitions to N3 in the coming years [31]. Market Position and Valuation - The company is positioned as a leader in semiconductor foundry services, with a projected PE ratio of 25x for 2026, compared to a median of 21x for comparable companies [5][26]. - The target price of $300 reflects a significant increase from the previous target of $227.98, based on the anticipated growth in earnings per share [24][26].

业绩简评 2025 年 7 月 17 日公司披露 25Q2 业绩，25Q2 公司实现营收 300.7 亿美元，同比增长 44.4%，环比增长 17.8%，毛利率为 58.6%，同 比+5.4pcts，环比-0.2pcts，实现净利润 128.0 亿美元，同比 +60.7%，环比+10.2%。 公司指引 25Q3 营收为 318~330 亿美元，毛利率为 55.5%~57.5%， 营业利润率为 45.5%~47.5%。 盈利预测、估值与评级 我们认为，公司作为晶圆代工龙头企业，在最先进制程上与竞争 对手优势愈发明显，有望充分受益 AI 芯片需求增长。未来看，AI 有望带动端侧产品创新，公司也有望受益 AI 手机、机器人等端侧 应用起量。我们预计公司 25~27 年净利润分别为 496.86、603.79、 667.68 亿美元，维持"买入"评级。 风险提示 下游需求不及预期；美国关税风险；研发进度不及预期；行业竞 争加剧；美国制裁加剧。 经营分析 公司毛利率下滑主要因新台币升值导致，公司收入按照美元计价， 报表则会转化为新台币计价。公司所在晶圆代工行业属重资产行 业，折旧占营业成本比重较大，导致新台币升值会对公 ...

Core Viewpoint - TSMC's Q2 2025 performance shows strong growth driven by AI semiconductor demand, with revenue reaching NT$933.79 billion, a 38.6% year-on-year increase, and net profit at NT$398.27 billion, up 60.7% [1] Group 1: Financial Performance - TSMC's revenue for Q2 2025 was NT$933.79 billion, reflecting a 38.6% year-on-year growth [1] - Net profit for the same period was NT$398.27 billion, marking a 60.7% increase compared to the previous year [1] - The company expects revenue growth to approach 30% year-on-year in 2025, driven by strong AI semiconductor demand [2] Group 2: Business Segments - High-performance computing (HPC) revenue grew by 14% quarter-on-quarter, now accounting for 60% of total revenue [2] - Smartphone revenue increased by 7% quarter-on-quarter, representing 27% of total revenue [2] - Digital consumer electronics (DCE) saw the fastest growth at 30% quarter-on-quarter, but only accounts for 1% of total revenue [2] Group 3: Advanced Process Technology - TSMC's advanced process technology accounted for 74% of wafer revenue in Q2 2025 [2] - The N2 process, utilizing advanced nanosheet technology, is expected to achieve mass production in the second half of 2025, with a 10-15% speed improvement and 22-30% energy efficiency improvement compared to previous generations [4] - The A16 process, deemed most suitable for HPC, is anticipated to begin mass production in the second half of 2026, with an 8-10% speed improvement over N2 [4] Group 4: Market Dynamics and Supply Chain - The demand for AI semiconductors is expected to increase due to the growth in token numbers and AI model usage, leading to higher chip demand [2] - NVIDIA's resumption of H20 supply to China is seen as a positive development, although TSMC has not yet observed significant changes in customer behavior [3] - The company is preparing to meet demand but acknowledges potential uncertainties in customer orders [2][3] Group 5: International Expansion - TSMC is advancing its overseas expansion plans, including factories in Arizona, USA, and Kumamoto, Japan, with an expected annual impact of 2-3% on gross margin over the next five years [5] - The total investment in advanced manufacturing in the USA is projected to reach $165 billion, including a $100 billion increase announced in March [5] - The expansion includes six advanced process factories and two advanced packaging factories, with the first factory already in large-scale production [5]

Group 1 - JS Foundry, a Japanese semiconductor foundry specializing in power semiconductors, filed for bankruptcy on July 14, 2023 [1] - The total liabilities of JS Foundry amount to approximately 16.1 billion yen [1]

Core Viewpoint - The Japanese government is considering investing in the semiconductor foundry Rapidus, with the condition of holding a "golden share" to exercise veto rights on important operational matters [3][4]. Group 1: Government Support and Funding - The Japanese government plans to invest 100 billion yen (approximately 1 billion USD) in Rapidus this fiscal year, alongside a total support package of about 1.72 trillion yen (approximately 12 billion USD) [4][8]. - Rapidus aims to achieve mass production of 2-nanometer (nm) chips by 2027, requiring an estimated total funding of around 5 trillion yen (approximately 35 billion USD) [4][8]. - Existing shareholders, including major companies like Fujitsu and Honda, have expressed interest in additional funding for Rapidus [4][5]. Group 2: Company Background and Market Position - Rapidus was established in August 2022, backed by eight major Japanese companies, including Toyota, Sony, and NTT [5][8]. - The company is in discussions with 40-50 potential clients, including major U.S. tech firms and AI chip startups, indicating a growing demand for alternative suppliers in the advanced semiconductor market [5][6]. Group 3: Technological Development and Production Strategy - Rapidus has initiated its 2-nm chip trial production line, utilizing advanced equipment, including a cutting-edge extreme ultraviolet (EUV) lithography system valued at over 300 million USD [6][10]. - The company plans to adopt a single-wafer processing method, which allows for customized chip production aimed at niche markets, contrasting with the mass production strategies of competitors like TSMC [9][10]. - Rapidus is implementing a new design-manufacturing collaborative optimization (DMCO) approach to enhance design speed and yield through AI-driven data analysis [10][11]. Group 4: Market Outlook and Competitive Landscape - The demand for 2-nm chips is expected to surge due to the anticipated growth in AI applications, with projections indicating a potential 30% reduction in power consumption compared to current leading-edge chips [11][12]. - Rapidus's timeline for achieving mass production by 2027 may lag behind industry leaders like TSMC, Intel, and Samsung, which are expected to begin large-scale production of 2-nm chips in the latter half of this year [9][11].

Group 1 - TSMC's Vice President of Material Management, Li Wenru, has resigned due to personal reasons and will leave the company on July 13, 2025 [1] - Li Wenru joined TSMC in 2022 and was promoted to Vice President of Material Management in August 2022, where he established a comprehensive work model and system for demand forecasting and monitoring supplier delivery status [1] - The role of Material Management will be taken over by senior Vice President and co-COO, Hou Yongqing, who has been with TSMC since 1997 and is also the chairman of the Taiwan Semiconductor Industry Association [2] Group 2 - TSMC is currently in an expansion phase, focusing on the construction of its facility in Arizona, USA [1] - The company is managing a significant number of suppliers, which indicates a heavy organizational responsibility [1]

Group 1 - The "anti-involution" policy has become a hot topic in the stock and commodity markets, with various industries responding and institutions releasing related research reports [1] - Tianfeng Securities suggests that the "anti-involution" trend may develop in three phases: initial expectations catalyzed by policy, followed by rising prices of resource products, and finally, a prolonged period of high prices for these resources [1] - CITIC Securities identifies three key differences between the current "anti-involution" and the supply-side reform of 2015-2016, including broader industry coverage, better operating conditions for upstream enterprises, and a higher proportion of private enterprises in emerging industries [1] Group 2 - Zhejiang Merchants Fund focuses on two major industrial issues: structural contradictions in capacity and disruptions to fair competition, particularly in the new energy vehicle and photovoltaic sectors, where prices have dropped significantly [2] - Dongwu Securities highlights that the "anti-involution" policy will have a more pronounced effect on correcting vicious competition and benefiting emerging industries, particularly in sectors with high state-owned enterprise representation [2] - Specific sectors to watch include the photovoltaic industry chain, traditional industries facing overcapacity like steel and cement, and emerging non-manufacturing sectors such as e-commerce [2] Group 3 - Huachuang Securities identifies potential beneficiary industries of the "anti-involution" policy based on factors like state-owned enterprise representation, industry concentration, price elasticity, taxation, and employment [3] - Industries likely to benefit include coal mining, coke, ordinary steel, energy metals, glass fiber, steel raw materials, precious metals, and the hospitality sector [3]