Group 1 - TSMC approved a capital budget of approximately $15.2 billion for advanced process capacity and other developments [1][2] - TSMC's new factories in the US have been fully booked by major clients such as Apple, Nvidia, and AMD, leading to a nearly 6% increase in TSMC's stock price [1][4] - TSMC's revenue for April reached approximately NT$349.57 billion, a 22.2% month-over-month increase and a 48.1% year-over-year increase [4] Group 2 - The company reported a net profit of approximately NT$361.56 billion for Q1 2025, with earnings per share of NT$13.94 [2] - TSMC's revenue for the first four months of 2025 totaled approximately NT$1.1888 trillion, a year-over-year increase of 43.5% [4] - TSMC's board approved a cash dividend of NT$5 per share for Q1 2025 [2] Group 3 - The US government is preparing to allow Saudi Arabia to access advanced semiconductors, enhancing the country's ability to procure chips from companies like Nvidia and AMD [7][9] - A potential agreement with UAE's G42 for the supply of US-designed AI chips is also in the works, which may be finalized soon [8] - These agreements indicate a shift in US policy towards exporting advanced technology to the Gulf region [7][8]

每日晨报 2025 年 5 月 13 日 交银国际研究 今日焦点 | 台积电 | | TSM US | | --- | --- | --- | | 先进制程优势在扩大，首予买入 | | 评级: 买入 | | 收盘价: 美元 176.52 目标价: | 美元 225.00 | 潜在涨幅: +27.5% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | 产品周期与供需周期均利于业绩稳定增长。从产品周期角度看，我们认 为台积电新产品单价打破之前上市后逐渐下滑的趋势，公司对于半导体 设计厂商客户的议价能力或在增强，3 纳米工艺芯片或不会在 2 纳米上 市前后降价。 从全球先进制程的供需关系看，我们认为之前以智能手机为主导的先进 制程需求正转化为手机和高性能计算需求竞争供给的格局。我们认为全 球先进制程芯片或进入一个长于之前周期的上行周期，而作为全球高端 智能手机芯片和人工智能加速芯片的主要甚至唯一供应商，台积电或进 一步受益。 进入 2 纳米时代技术优势或继续扩大。我们认为台积电在先进制程和先 进封装技术上的优势或在扩大。我们认为 2 纳米工艺相对之前的 3 纳米 工 ...