如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ： 内容来自半导体芯闻综合 。 中国台湾经济部长周三表示，台湾正在调查一名近日跳槽至英特尔的台积电退休高管。此前当地媒 体报道称，该人士可能将这家晶圆代工厂的先进技术数据带到新雇主处。 中国台湾媒体本周报道指出，曾在推进台积电 2 纳米到 5 纳米尖端制程技术上扮演关键角色的罗 唯仁（Wei-Jen Lo），疑似在 10 月加入英特尔前带走公司资料。 罗唯仁未回应置评请求。 一名知情人士透露，罗唯仁目前已在这家美国芯片制造商任职，并直接向英特尔 CEO 陈立武 （Lip-Bu Tan）汇报。 罗唯仁在台积电任职 21 年，于今年退休前担任企业策略发展资深副总裁。 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 根据台积电与职高台湾工业技术研究院的资料，他此前领导台积电的研发与先进技术发展，推动 5nm、3nm 和 2nm 制程量产，并加强与供应商的合作。 推荐阅读 10万亿，投向半导体 芯片巨头，市值大跌 黄仁勋：HBM是个技术奇迹 Jim Keller：RISC ...

Core Insights - TSMC reported a significant increase in revenue and profit for Q3, with both metrics growing over 30% year-on-year, driven by surging demand from AI clients like OpenAI, Meta, and xAI [2][3][6] Financial Performance - TSMC's revenue for Q3 reached NT$989.92 billion (approximately RMB 230.16 billion), a 30.3% increase from NT$759.69 billion in the same quarter last year and a 6.0% increase from NT$933.79 billion in the previous quarter [2][3] - Net income attributable to shareholders was NT$452.30 billion (approximately RMB 105.16 billion), up 39.1% year-on-year from NT$325.26 billion and up 13.6% from NT$398.27 billion in Q2 [3][4] - The gross margin for Q3 was 59.5%, an increase from 57.8% year-on-year and 58.6% quarter-on-quarter [6] Market Share and Technology - TSMC's market share in the pure foundry market is projected to grow from 63% in Q1 2024 to 71% by Q2 2025, attributed to increased capacity in 3nm technology and high utilization rates for AI GPUs [2] - Advanced process technologies (7nm and below) accounted for 74% of total wafer revenue, with 3nm contributing 23% and 5nm contributing 37% [5][6] Revenue by Application - High Performance Computing (HPC) and smartphones accounted for 57% and 30% of net revenue, respectively, with HPC's share decreasing from 60% in Q2 [7] - TSMC's revenue from North American clients constituted 76% of total net revenue, highlighting a heavy reliance on this market [9] Capital Expenditure and Future Outlook - TSMC's capital expenditure for Q3 was approximately USD 9.7 billion, with total spending for the year nearing USD 30 billion [10][11] - The company anticipates capital expenditures for 2025 to be in the range of USD 40-42 billion, reflecting strong demand for 2nm technology [11] - TSMC expects AI-related revenue to grow at a compound annual growth rate (CAGR) of around 40% over the next few years, driven by increasing demand for AI infrastructure [12][20]

Core Viewpoint - TSMC's 2nm process is set to begin mass production in the second half of this year, with strong demand from major clients like Apple, AMD, and Intel, leading to significant capacity expansion plans [1][2] Group 1: Production Capacity - TSMC plans to increase its 2nm monthly production capacity from 40,000 wafers by the end of this year to 100,000 wafers next year, representing a 150% increase [1] - By 2027, TSMC aims to further expand its 2nm capacity to between 160,000 and 180,000 wafers, with the potential to reach 200,000 wafers if demand exceeds expectations [1][2] - Currently, TSMC's advanced process capacities include approximately 160,000 wafers for the 7nm process, slightly over 160,000 for the 5nm process, and about 130,000 wafers for the 3nm process, with potential adjustments to reach 160,000 wafers [2] Group 2: Client Demand and Market Position - Major clients expected to adopt TSMC's 2nm process include Apple, AMD, Intel, Qualcomm, MediaTek, and NVIDIA, indicating a broad market interest [1][2] - TSMC's advanced process expansion is anticipated to drive revenue growth, as newer processes command higher pricing, benefiting the company's operational performance [2] - The company expects that the number of product designs utilizing its 2nm technology in the first two years will surpass those for the 3nm and 5nm processes during their respective initial periods [2]

点击招商研究小程序查看PDF报告原文 台积电（TSMC，2330.TW）于4月17日发布2025年第一季度财报，25Q1收入255.3亿美元，同比+35. 3%/环比-5.1%；毛利率58.8%，同比+5.7pcts/环比-0.2pcts。公司指引AI加速芯片营收增长强劲，25Q2 收入预计同比加速增长，尚未看到关税带来客户提前拉货。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q1收入符合指引预期，毛利率位于指引上限。 25Q1收入255.3亿美元，符合指引预期（250-258亿美元），以美元计同比+35.3%/环比-5.1%；环比下降 系智能手机季节性因素影响，部分被AI相关需求持续增长所抵消；毛利率58.8%，位于指引上限（57-5 9%），同比+5.7pcts/环比-0.2pcts，主要系地震及海外产能扩张所稀释，部分被成本改善措施抵消；公 司25Q1 EPS为13.94新台币，ROE为32.7%，ASP 3482美元/环比-0.4%。 2、HPC收入占比继续提升，7nm及以下收入占比73%。 1）按技术节点划分： 25Q1 3/5/7nm收入分别占比22%/36%/15%，7nm及以下先进 ...