Core Viewpoint - TSMC's Q4 2025 financial report shows strong performance with revenue of NT$1.05 trillion, exceeding analyst expectations, and a gross margin of 62.3%, significantly higher than the forecasted 60.6% [6] Financial Performance Summary - TSMC's total revenue for Q4 2025 was NT$1.05 trillion, with a gross profit of NT$505.7 billion and a net profit of NT$505.7 billion, both surpassing analyst predictions [6] - The gross margin reached 62.3%, indicating a strong profitability trend [6] - The revenue from 3nm products accounted for 28% of total revenue in Q4, reflecting a 5 percentage point increase from the previous quarter [22] Business Structure and Trends - TSMC's revenue primarily comes from wafer processing, with a focus on advanced process technologies like N2 and N3, which significantly impact gross margins [8] - The company is optimistic about AI development, increasing its capital expenditure guidance for 2026, with a focus on advanced packaging technologies [13][38] Pricing and Cost Structure - The average selling price for 12-inch equivalent wafers reached a historical high of NT$264,100, with a 9% quarter-over-quarter increase [20] - TSMC's capital expenditure for 2026 is projected to be between $52 billion and $56 billion, with 70%-80% allocated to advanced process capacity to support AI demand [35][38] - The company has maintained a stable cost structure, with a period expense ratio of only 8.4%, the lowest in five years [44] Market Dynamics - Smartphone revenue grew by 11% in Q4, while high-performance computing (HPC) saw a slower growth of 4%, indicating a shift in market dynamics [12][26] - TSMC's management expressed caution regarding the sustainability of AI demand, yet remains committed to investing in AI-related technologies [35] Future Outlook - TSMC is expected to enter a peak period in 2026, with gross margins potentially exceeding 65% as demand for advanced process technologies continues to grow [15][47] - The company anticipates that the pricing trend will remain upward, with a potential 20% annual increase in average selling prices becoming a new norm [24][23]

Core Viewpoint - TSMC's Q4 2025 financial report shows strong performance with revenue of NT$1.05 trillion, exceeding analyst expectations, and a gross margin of 62.3%, significantly higher than the forecasted 60.6% [5][10]. Financial Performance Summary - TSMC's revenue for Q4 2025 reached NT$1.05 trillion, surpassing the expected NT$1.02 trillion, with a net profit of NT$505.7 billion, also above the predicted NT$475.2 billion [5][10]. - The gross margin for Q4 2025 was 62.3%, up from 60.6% forecasted, indicating strong profitability [5][10]. - The average selling price for 12-inch equivalent wafers reached a record high of NT$264,100, reflecting a 9% quarter-over-quarter increase [16][18]. Product and Market Insights - TSMC's advanced process technology, particularly the 3nm process, continues to drive revenue growth, with 3nm products accounting for 28% of revenue in Q4 2025, up 5 percentage points from the previous quarter [10][16]. - The smartphone segment saw an 11% growth in Q4, while high-performance computing (HPC) grew by 4%, indicating a shift in demand dynamics [11][19]. - TSMC's capital expenditure for 2026 is projected to be between $52 billion and $56 billion, with 70%-80% allocated to advanced process capacity to support AI demand [24][26]. Cost Structure and Efficiency - TSMC's cost structure has improved, with a period expense ratio of 8.4%, the lowest in five years, and a depreciation rate significantly reduced to around 15% [30][32]. - The company has seen a decrease in accounts receivable turnover days by 26 days and inventory turnover days by 8 days, indicating enhanced operational efficiency [30][32]. Future Outlook - TSMC is optimistic about the AI market, with expectations of continued strong demand for advanced processes, potentially leading to a gross margin exceeding 65% by 2026 [12][15]. - The company is preparing for the introduction of 2nm products, which is expected to further solidify its market position and profitability [9][10].

财报一图流详见下图（单位均为亿新台币，$表示为亿美元，数据均来自于财报，点击可看大图）： 其一是先进制程的占比。目前台积电在N2、N3制程上有不可替代的显著优势。先进制程的出货量直接影响了其毛利，除生 产成本外，晶圆加工最大的成本项就是折旧，先进制程出货量的高低，直接影响了其固定成本摊薄的程度，从而影响了其 整体的利润水平。 美东时间15日，台积电公布了2025年第四季度的财务报告，录得总营收1.05万亿新台币，明显高于分析师预期的1.02万亿新 台币，毛利率达到了62.3%，大幅高于预估60.6%，归母净利润录得5,057亿新台币，同样明显高于分析师预测的4752亿新台 币。 | 合积电(TSM.N)财报一图流(单位:亿新台币,特殊标注$为美元) | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 23Q3 | | 23Q1 | 23Q2 | | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 2501 | ...