台积电_Q425 销售额超共识预期及指引

Asia Semiconductors and Equipment & Global Memory Taiwan Semiconductor Manufacturing Co Ltd Rating 2330.TT 1,800.00 TWD TSM 330.00 USD Mark Li +852 2123 2645 mark.li@bernsteinsg.com Edward Hou, CFA +852 2123 2623 edward.hou@bernsteinsg.com Outperform Price Target Yipin Cai, CFA +852 2123 2669 yipin.cai@bernsteinsg.com TSMC: 4Q25 sales tracking ahead of consensus and guidance This afternoon TSMC reported November revenue at NT$344B, down 6.5% MoM but up 24.5% YoY. October + November added up to NT$711B, repr ...