台积电 2025 年全年营收增速上调至同比增长 30%；重申增持评级-TSMC-2025 full-year revenue revised up to 30% YY growth; reiterate OW

July 17, 2025 09:46 AM GMT TSMC | Asia Pacific 2025 full-year revenue revised up to 30% Y/Y growth; reiterate OW Reaction to earnings Strengthens our thesis Meaningful upside Meaningful revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Exhibit 1: TSMC: 2Q25 Earnings Review | (NT$ mn) | 2Q25 | | | | | | --- | --- | --- | --- | --- | --- | | | Actual | Q/Q | Y/Y | MS Est. | Consensus | | Financials | | ...