Core Insights - TSMC's Q3 2025 revenue reached $33.1 billion, exceeding guidance and showing a year-on-year growth of 40.8%, with net profit increasing by 39.1% [1][2][3] - Global smartphone shipments in Q3 2025 reached 323 million units, a 2.6% year-on-year increase, driven by high-end models, while China's smartphone shipments declined to 6.8 million units, down 0.6% [1][4] Company Performance - TSMC's Q3 2025 revenue was $33.1 billion, surpassing guidance, with a year-on-year growth of 40.8% and a quarter-on-quarter growth of 10.1% [3] - The net profit for TSMC in Q3 2025 was 452.3 billion NTD, reflecting a 39.1% year-on-year increase and a 13.6% quarter-on-quarter increase [3] - The gross margin for TSMC was 59.5%, in line with guidance, with 74% of revenue coming from 7nm and below process technologies [3] Market Trends - The electronic industry is experiencing a moderate recovery, with a focus on structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and rising storage prices [2][6] - The smartphone market is recovering, particularly in high-end segments, with Apple and Samsung leading in shipments, while domestic brands in China face challenges [4][5] Investment Recommendations - The industry is slowly recovering, with storage chip prices rebounding; however, caution is advised against chasing high valuations [6] - Companies to watch include those benefiting from strong domestic and international demand in the AIOT sector, as well as those involved in AI innovation and domestic supply chain replacements [6][7]

东海证券近日发布电子行业周报：台积电2025Q3营收实现331.0亿美元，超出指引上 限，同比增长40.8%，净利润同比增长39.1%，7nm及以下制程营收占比74%。根据IDC数 据，2025年第三季度全球智能手机出货量达3.23亿台，同比增长2.6%，市场在高端机型带动 下持续复苏，但中国能手机出货量约0.68亿台，同比下降0.6%，延续下降趋势。 以下为研究报告摘要： 投资要点： 电子板块观点：台积电2025Q3营收实现331.0亿美元，超出指引上限，同比增长40.8%， 净利润同比增长39.1%，7nm及以下制程营收占比74%。根据IDC数据，2025年第三季度全球 智能手机出货量达3.23亿台，同比增长2.6%，市场在高端机型带动下持续复苏，但中国能手 机出货量约0.68亿台，同比下降0.6%，延续下降趋势。当前电子行业需求处于温和复苏阶 段，关注AI算力、AIOT、半导体设备、关键零部件和存储涨价等结构性机会。 台积电2025Q3营收实现331.0亿美元，同比增长40.8%，净利润同比增长39.1%，7nm及 以下制程营收占比74%，预计2025Q4公司营收介于322-334亿美元之间。台积电发布 ...