据业内人士29日透露，三星电子代工3纳米制程的良率目前徘徊在50%左右。考虑到三星电子宣布 量产已进入第三年，如此长时间的低良率状态实属罕见。相比之下，台积电据称已确保其3纳米制 程的良率超过90%，从而稳定了生产效率。尽管台积电的生产成本较高，但在芯片可靠性和性能方 面，台积电被认为是一个稳定的选择。 目前，苹果、高通、NVIDIA 和联发科均采用台积电第三代 3 纳米 (N3P) 工艺。据悉，这些厂商 将从 2026 年开始过渡到 2 纳米工艺。谷歌还计划通过 Tensor G5 缩小与竞争对手的片上系统 (SoC) 在性能和能效方面的差距，该芯片将采用台积电第二代 3 纳米工艺生产。 问题在于，那些曾与三星洽谈先进制程生产的公司，越来越多地在测试阶段发现问题，并转而选择 台 积 电 。 一 位 半 导 体 业 内 人 士 指 出 ： " 晶 圆 代 工 行 业 最 重 要 的 是 与 客 户 的 信 任 关 系 。 " 他 补 充 道："三星电子因良率问题在高端制程上遇到困难，这引发了人们对其晶圆代工业务的质疑，而且 需要很长时间才能恢复。" 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 ...

Financial Data and Key Metrics Changes - First quarter revenue decreased by 3.4% sequentially in NT dollars and 5.1% in U.S. dollars, impacted by smartphone seasonality but partially offset by growth in AI-related demand [5][6]. - Gross margin decreased by 0.2 percentage points sequentially to 58.8%, primarily due to the earthquake impact and the start of overseas dilution [6][15]. - Operating margin decreased by 0.5 percentage points sequentially to 48.5% [6]. - First quarter EPS was TWD 13.94 and ROE was 32.7% [6]. - Cash and marketable securities at the end of the first quarter totaled TWD 2.7 trillion or US$81 billion [9]. Business Line Data and Key Metrics Changes - Revenue contribution by technology: 3-nanometer process technology contributed 22% of wafer revenue, while 5-nanometer and 7-nanometer accounted for 36% and 15%, respectively [7]. - Revenue contribution by platform: HPC increased by 7% quarter-over-quarter to account for 59% of first quarter revenue, while smartphone decreased by 22% to 28% [8]. Market Data and Key Metrics Changes - The company expects second quarter revenue to be between US$28.4 billion and US$29.2 billion, representing a 13% sequential increase and a 38% year-over-year increase at the midpoint [13]. - The full-year 2025 revenue is expected to increase by close to mid-20s percent in U.S. dollar terms, supported by robust AI-related demand and a mild recovery in other end market segments [25]. Company Strategy and Development Direction - The company plans to invest an additional US$100 billion in advanced semiconductor manufacturing in the U.S., bringing total investment to US$165 billion [31][36]. - The capital budget for 2025 is expected to be between US$38 billion and US$42 billion, with 70% allocated for advanced process technologies [18]. - The company aims for a long-term gross margin of 53% and higher, despite expected margin dilution from overseas fabs [16][17]. Management's Comments on Operating Environment and Future Outlook - Management noted that the January 21 earthquake impacted production but recovery efforts were successful [21]. - The company continues to observe robust AI-related demand and expects revenue from AI accelerators to double in 2025 [26]. - Management remains cautious about potential tariff impacts but has not seen changes in customer behavior so far [24][77]. Other Important Information - The company is working on balancing supply and demand for CoWoS capacity, with expectations of continued strong demand [50][145]. - The construction of new fabs in Arizona and Japan is ongoing, with plans to ramp up production based on customer demand [35][37]. Q&A Session Summary Question: AI demand and CoWoS capacity - Management acknowledged that while there have been rumors about CoWoS demand adjustments, the demand remains strong and is expected to exceed supply in 2026 [46][54]. Question: U.S. investment and tariff implications - Management clarified that the expansion in Arizona is driven by customer demand, particularly from U.S. companies, and they are in discussions with the U.S. government for necessary permits [61][62]. Question: Geopolitical risks and production planning - Management stated that they are mindful of potential impacts from recent tariff announcements but have not seen changes in customer behavior [76][77]. Question: Semiconductor tariffs and involvement in negotiations - Management confirmed that they do not get involved in tariff negotiations between governments [90]. Question: Revenue outlook and customer behavior - Management indicated that the strong second quarter guidance is driven by demand for 3-nanometer and 5-nanometer technologies, with no observed changes in customer behavior due to tariffs [99][101]. Question: Shareholder returns and buyback policy - Management reiterated their commitment to a sustainable and steadily increasing dividend policy rather than adopting a share buyback framework [152].