Core Insights - TSMC reported a record net profit of NT$398.3 billion in Q2, driven by surging AI demand [1][2][6] - The net profit increased by nearly 61% year-on-year, exceeding market expectations of NT$376.4 billion [2][6] - Following the earnings announcement, TSMC's stock rose by 2.9% in after-hours trading, reaching US$244.5 [3] Financial Performance - TSMC's Q2 revenue was NT$933.79 billion, a year-on-year increase of 38.6%, surpassing analyst expectations of NT$931.24 billion [5][8] - The diluted earnings per share (EPS) for the quarter was NT$15.36 [7] - Gross margin stood at 58.6%, while operating margin was 49.6% [8] Segment Performance - Revenue from high-performance computing (HPC) related to AI accounted for 60% of total revenue, with a quarter-on-quarter growth of 14% [11] - Mobile chip revenue represented 27% of total revenue, increasing by 7% quarter-on-quarter [11] - Revenue from IoT chips and automotive chips each accounted for 5% of total revenue, with IoT chips growing by 14% [11] Future Guidance - TSMC expects Q3 sales to be between US$31.8 billion and US$33 billion, with an operating margin forecast of 45.5% to 47.5% [14] - The company anticipates full-year capital expenditures to reach between US$38 billion and US$42 billion [14] Market Dynamics - The growth of TSMC is primarily driven by strong demand for AI-related chips, particularly those with process nodes smaller than 7nm, which accounted for 74% of total wafer revenue [14] - The AI demand is expected to remain sustainable in the short term as the technology continues to expand across various industries [14] - However, TSMC may face challenges in the second half of the year due to the appreciation of the New Taiwan Dollar and potential declines in orders from smartphone and PC customers [14]

Financial Performance - TSMC's net revenue reached NT$93379 billion, a 113% increase compared to 1Q25 and a 386% increase compared to 2Q24[6] - Net revenue in US dollars was $3007 billion, up 178% from 1Q25 and 444% from 2Q24[6] - Gross margin was 586%, slightly down 02 percentage points from 1Q25 but up 4+5 percentage points from 2Q24[6] - Operating margin was 496%, up 11 percentage points from 1Q25 and 71 percentage points from 2Q24[6] - Net income attributable to shareholders of the parent company was NT$39827 billion, up 102% from 1Q25 and 607% from 2Q24[6] Revenue Breakdown - 5nm technology contributed 36% of revenue[8] - 3nm technology contributed 24% of revenue[8] - 7nm technology contributed 14% of revenue[8] - HPC platform accounted for 60% of revenue[13] - Smartphone platform accounted for 27% of revenue[13] Growth Rate by Platform (QoQ) - HPC platform grew by 30%[15] - Smartphone platform grew by 6%[15] - IoT platform grew by 14%[15] 3Q25 Guidance - Revenue is expected to be between US$318 billion and US$330 billion[21] - Gross profit margin is projected to be between 555% and 575%[21] - Operating profit margin is expected to be between 455% and 475%[21]

Investment Rating - The report maintains a "Buy" rating for TSMC, with an "Overweight" (OW) stance, suggesting accumulation ahead of the earnings print due to low expectations [1][6]. Core Insights - TSMC's preliminary revenue for 2Q25 was NT$933 billion, reflecting an 11% quarter-over-quarter (Q/Q) increase in TWD, translating to approximately US$29.6 billion, which is a 16% Q/Q increase in USD, exceeding both the company's guidance and Morgan Stanley's estimates [2][3]. - The likelihood of TSMC raising its full-year revenue guidance has increased, with expectations of a 27% year-over-year (Y/Y) growth in USD, driven by strong AI demand and tight leading-edge capacity [3][13]. - The report highlights that TSMC's fab utilization in the second half of 2025 remains robust despite lukewarm demand in smartphones and PCs, indicating a potential shift in demand dynamics [3][13]. Revenue and Earnings Guidance - TSMC is expected to raise its 2025 full-year revenue guidance from mid-20% to high-20% due to strong AI demand, with 3Q25 revenue projected to increase by 1% Q/Q in USD [17][18]. - The report forecasts a gross margin decline to 55.6% in 3Q25, with TWD revenue potentially decreasing by nearly 4% Q/Q due to TWD appreciation [15][17]. - The preliminary EPS estimate for 2Q25 is NT$14.40, with a gross margin around 57% [17]. Price Target and Valuation - The price target for TSMC remains NT$1,288, implying a 17% upside from the current share price of NT$1,100 [6][56]. - TSMC is trading at 17x the estimated EPS for 2026, which is considered attractive, with expectations of a re-rating to 20x due to increased bargaining power and sustainable AI demand [18][56]. Market Dynamics and Demand Drivers - The report notes that TSMC's wafer pricing strategy may be influenced by FX impacts, with expectations of a 3-5% price hike in 2026 due to strong demand and TWD appreciation [26][30]. - AI demand is projected to significantly contribute to TSMC's revenue, with expectations that cloud AI revenue will grow from 13% in 2024 to 34% by 2027 [37][40]. Semiconductor Tariffs and Regulatory Environment - The report discusses the potential for TSMC to receive an exemption from semiconductor tariffs due to its significant investment in US production, which could mitigate revenue risks associated with such tariffs [4][25].

Core Viewpoint - Taiwan Semiconductor Manufacturing Company Ltd. (TSM) is expected to exceed earnings expectations for Q2 2025, with a projected EPS of $2.37, reflecting a 60.1% year-over-year increase [1][6]. Financial Performance - The Zacks Consensus Estimate for TSM's Q2 earnings is $2.37 per share, revised upward by 3 cents over the past week [1][2]. - Revenue expectations for TSM are between $28.4 billion and $29.2 billion, with the consensus estimate at $30.04 billion, indicating a 44.3% increase from the previous year [2][5]. Earnings Surprise History - TSM has a strong earnings surprise history, having outperformed the Zacks Consensus Estimate in the last four quarters with an average beat of 6.9% [3]. Earnings ESP and Zacks Rank - TSM has an Earnings ESP of +3.25%, indicating a favorable outlook for earnings performance [4]. - The company holds a Zacks Rank of 2 (Buy), suggesting positive market sentiment [4]. Industry Dynamics - The semiconductor industry is experiencing a rebound driven by the increasing demand for artificial intelligence (AI) applications, which is a significant growth catalyst for TSM [5][6]. - TSM's leadership in advanced chip technologies, particularly in 3nm and 5nm processes, is expected to contribute to its growth [6][8]. Strategic Investments - TSM is investing heavily in next-generation technologies, with a capital expenditure forecast of $38 billion to $42 billion for 2025, focusing on advanced manufacturing processes [20]. - The company is expanding into high-performance computing (HPC) and smartphone sectors, which are anticipated to enhance its performance [8][9]. Market Position and Valuation - TSM shares have increased by 16.7% year-to-date, outperforming the Zacks Computer and Technology sector's 7.4% rise [11]. - TSM is trading at a forward 12-month P/E of 22.48X, lower than the sector average of 27.39X and peers like NVIDIA and AMD [14][17]. Future Outlook - AI-related revenues for TSM tripled in 2024 and are expected to double again in 2025, with a projected 40% compound annual growth rate over the next five years [19]. - The company's strategic focus on growth opportunities is likely to continue boosting its financial performance [20][21].

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is a crucial player in the AI chip manufacturing space, serving as a reliable partner for AI chipmakers despite not designing chips itself [1][7]. Group 1: TSMC's Market Position - TSMC is recognized as the world's most advanced semiconductor foundry, with major clients including Nvidia, AMD, Broadcom, and Apple, giving it unmatched scale and technological leadership [2]. - The company has a significant market share lead in the advanced node market, outperforming competitors like Intel and Samsung [2]. Group 2: Revenue and Growth - In Q1, TSMC's revenue increased by 35% to $25.5 billion, driven by high-performance computing (HPC) growth, and preliminary Q2 revenue is estimated to have risen by 39% to $31.9 billion [4]. - Chips manufactured on 7nm and smaller nodes accounted for 73% of TSMC's revenue in Q1, up from 65% the previous year, with 3nm nodes contributing 22% [3]. Group 3: Pricing Power and Margins - TSMC's strong pricing power is evident as it raises prices to counteract margin dilution from new fabs, with gross margin rising by 190 basis points to 58.8% in Q1 [4][5]. - The company plans to increase AI chip prices, with Arizona-made chips potentially commanding a 30% premium [5]. Group 4: Future Growth Prospects - TSMC anticipates AI-related revenue to grow at a mid-40% compounded average growth rate (CAGR) over the next five years starting in 2024 [8]. - The company is also positioned to benefit from the growth of autonomous driving and robotaxis, which will require advanced chips [9]. Group 5: Investment Appeal - TSMC is viewed as a safe investment in the AI semiconductor space, as it provides manufacturing services to all major players without needing to bet on a single chipmaker [11]. - The stock is attractively valued, trading at a forward P/E ratio of 24 based on 2025 estimates and a PEG ratio of less than 0.7, indicating it is undervalued [12].

公众号记得加星标⭐️，第一时间看推送不会错过。 曾几何时，"不烧钱、稳盈利"的成熟制程是一众二线晶圆代工厂的安身立命之本。它们在台积 电、三星疯狂烧钱追逐3nm、5nm先进制程的浪潮中，做出了看似理智的选择：退出烧钱无底 洞的先进制程竞赛，转而专注于更加"稳妥"的成熟制程赛道。 格芯曾在2018年宣布暂停7nm以下制程开发，将重心转向12nm及以上的成熟制程；而联电也在2019 年明确表态，将专注于28nm及以上制程。它们的逻辑简单明了：成熟制程投入相对较少，客户基础 稳定，利润率虽不如先进制程，但胜在稳定可控。 然而，时过境迁。当初的避风港如今却风起云涌。来自中国本土代工厂的猛烈冲击，成熟制程市场的 激烈价格战，以及客户的加速流失，让这些曾经的"聪明人"开始坐立不安。更让人意外的是，它们竟 然重新将目光投向了曾经嗤之以鼻的先进制程。 这是战略调整的必然，还是病急乱投医的冒险？让我们一探究竟。 "变心"的成熟制程厂商 不久前，《日经亚洲》爆出重磅消息：联电正在评估开发6nm制程的可行性，目标是支持未来AI加速 器、汽车SoC、Wi-Fi/射频芯片等高复杂度应用。这对于一个曾公开表示不再追逐先进工艺的公司而 言 ...

Group 1: Technological Innovations and Achievements - The first mass-produced silicon carbide wafer in the province was launched in Wuhan, filling a gap in high-end silicon carbide device manufacturing [1] - Wuhan is transitioning from factor-driven to innovation-driven development, aiming to integrate technological and industrial innovation to enhance productivity [1] - Wuhan University is establishing a leading research center in metabolism and regulation, focusing on major diseases and achieving significant research outcomes [4] Group 2: Robotics Industry Development - Wuhan is set to introduce new policies to accelerate the development of the humanoid robotics industry, which is seen as a key growth area for the city's economy [7] - Recent advancements in humanoid robotics include high precision and low latency in motion control, showcasing the city's technological capabilities [6][9] - Collaboration among local government, universities, and research institutions is strengthening Wuhan's position as a significant innovation hub in the robotics sector [7] Group 3: Innovation Labs and Core Technology - Ten industrial innovation laboratories in Wuhan are producing significant results, including the world's first AI CNC system that optimizes processing decisions autonomously [11] - The integration of satellite communication technology with the Beidou system is positioning Wuhan at the forefront of the aerospace information industry [12] - The innovation labs have attracted over 3,300 researchers and invested nearly 8 billion yuan in R&D, focusing on key technology areas such as quantum technology and brain-machine interfaces [12]

Core Viewpoint - Xiaomi is advancing its chip development with the upcoming launch of the "玄戒O1" chip, which will utilize second-generation 3nm process technology, marking a significant step in its self-developed chip journey [4][22]. Group 1: Chip Development History - Xiaomi began its chip development journey with the "澎湃S1" in 2014 and transitioned to various self-developed "小芯片" until 2017 [1]. - In 2021, Xiaomi re-initiated the development of a SoC "大芯片" [4]. Group 2: Industry Reactions - The announcement of the "玄戒O1" has sparked widespread discussion and analysis across social media platforms, with various opinions on its performance and pricing emerging [6]. - Some skepticism exists regarding the authenticity of the chip's self-developed status, particularly concerning its architecture and components [9][12]. Group 3: Architecture and Self-Development Debate - Critics argue that the use of ARM architecture in the "玄戒O1" undermines its classification as a self-developed chip [9]. - The article counters that many successful chip manufacturers, including MediaTek and Unisoc, also utilize public ARM architectures, suggesting that using such architectures does not negate self-development claims [11][12]. Group 4: Advanced Process Technology - The "玄戒O1" will employ advanced 3nm process technology, which has raised questions about why Xiaomi can access this technology while others cannot [22][25]. - Current U.S. regulations do impose restrictions on chip manufacturing, but they are conditional and do not outright ban the use of advanced processes for certain chip types [26][28]. Group 5: Investment and R&D Costs - Xiaomi's total investment in chip development is reported to be 135 billion yuan, which raises questions when compared to OPPO's previous 500 billion yuan investment that did not yield similar results [33][35]. - The article highlights that the cost of developing advanced chips can vary significantly, and the reported R&D costs of other companies, such as MediaTek, suggest that Xiaomi's investment may be sufficient for successful chip development [37][39].

本报讯 （记者刘钊）5月13日，吉利汽车集团有限公司在杭州富春江畔举办了"热爱100℃第四代博越L入画山河中国行"第 四篇富春上市活动。作为《富春山居图》的实景地，这里见证了第四代博越L的正式亮相，标志着这款备受瞩目的SUV车型正 式进入市场，为消费者带来全新的选择。 值得一提的是，第四代博越L还搭载了星睿AI云动力模型，能够实时感知温度、坡度、导航等要素，并根据用户驾驶偏好 自动调整油门响应、空调和换挡逻辑等，打造专属操控体验。此外，星睿AI智慧云诊断系统如同一位24小时在线的"数字医 生"，可实现99%核心零部件远程诊断，云端自动检测300+项车辆故障，最快3分钟故障响应。 在空间表现上，第四代博越L同样表现出色。新车长宽高为4730mm、1910mm、1710mm，轴距为2785mm，带来越级的空 间体验。后排采用纯平地板设计，实现头部、腿部、肩部空间同级最大，座椅放倒后秒变温馨舒适的1.9米大床房。 智能座舱方面，第四代博越L搭载同级AI算力天花板的7nm"龍鹰一号"芯片，拥有16G+128G超大存储空间，提供充足迭代 冗余。全系标配Flyme Auto智能座舱系统，通过15.4英寸2.5K超高清全面 ...

Core Viewpoint - The fourth-generation Boyue L demonstrates that traditional fuel vehicles can still thrive in the market, even as the penetration rate of new energy vehicles exceeds 50% [2][9]. Group 1: Market Performance - The fourth-generation Boyue L achieved over 40,000 sales in the first two months after its launch, with a price range of 99,900 to 126,900 yuan, showcasing strong market performance [2][11]. - The cumulative sales of the Boyue family have surpassed 2 million units since its launch in 2016, indicating a solid user reputation and market acceptance [11]. Group 2: Consumer Trends - Young consumers are becoming the main force in the automotive market, seeking personalized expression and quality experiences, which influences their purchasing decisions [4]. - Over half of Chinese consumers consider exterior design a core factor in their car-buying decisions, highlighting the importance of aesthetics in the automotive market [4]. Group 3: Design and Innovation - The fourth-generation Boyue L incorporates the "Mountain and River Aesthetics" design philosophy, integrating traditional Chinese culture into its automotive design [5]. - The vehicle features innovative design elements such as a unique front grille and a breathing tail light design, enhancing both visual appeal and functionality [5][7]. Group 4: Technical Features - The Boyue L is built on the CMA architecture, which allows for advanced design and engineering capabilities, ensuring that innovative designs can be effectively realized [8]. - The vehicle is equipped with a Drive-E 2.0TD engine and a 7DCT transmission, balancing strong power output with fuel economy [12]. Group 5: Safety and Comfort - The vehicle boasts a high-strength steel usage ratio exceeding 70% and advanced safety features, including 16 L2-level driver assistance systems, enhancing both passive and active safety [14][17]. - The interior design focuses on user experience, with features that optimize sound quality and provide a comfortable driving environment [7][17]. Group 6: Industry Implications - The success of the fourth-generation Boyue L illustrates a sustainable development path for traditional fuel vehicles, emphasizing profitability without reliance on subsidies [18]. - The vehicle's performance challenges the notion that high-end features are exclusive to new energy vehicles, demonstrating that traditional fuel cars can also achieve high quality through innovation [19].