浦银国际研究 公司研究 | 科技行业 台积电（2330.TT/TSM.US）：AI 需求强 劲，将持续推动 2025 年及长期增长 上调台积 2025、2026 年盈利预测，并上调台积电（2330.TT）目标价 至 1,401.1 新台币，潜在升幅 27%，上调台积电（TSM.US）目标价至 256.3 美元，潜在升幅 24%，均维持"买入"评级。 图表 1：盈利预测和财务指标（2023-2027E） | 新台币百万 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,161,736 | 2,894,308 | 3,713,586 | 4,570,688 | 5,509,213 | | 营收同比增速 | (5%) | 34% | 28% | 23% | 21% | | 毛利率 | 54.4% | 56.1% | 58.3% | 57.8% | 57.8% | | 净利润 | 851,740 | 1,173,268 | 1,555,461 | 1,878,959 | 2,249,836 ...

业绩简评 2025 年 1 月 16 日公司公布 24Q4 业绩，24Q4 公司实现收入 268.84 亿美元，同比+38.8%；毛利率为为 59.0%，同比+6.0pcts，环比 +1.2pcts，实现净利润 115.92 亿美元，同比+57.1%。 公司指引 25Q1 收入为 250~258 亿美元，中枢环比下滑 5.5%，同比 增长 34.6%，预计 25Q1 毛利率为 57.0~59.0%，经营利润率为 46.5~48.5%。公司预计 25 年全年收入增速为 mid 20s，未来五年 公司收入 CAGR 预计为 20%。公司预计全年半导体行业增速约 10%。 经营分析 公司先进制程营收占比继续提升，24Q4 公司 3、5、7nm 在晶圆制 造营收占比分别为 26%、34%、14%，24 全年 3、5、7nm 在晶圆制 造营收占比分别为 18%、34%、17%（23 年为 6%、33%、19%）。公司 预计 N2 将在 25H2 量产，N2P 有望在 26H2 量产，A16 制程有望在 26H2 量产。 公司 HPC 收入高增长，AI 有望保持高增速。公司 24 年 AI 云端芯 片+HBM contr ...

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More than 15 years of professional investment experience in global equities across all sectors. My investment style is fundamental, bottom-up, long-term, and quality growth-oriented. I am seeking companies specializing in niche markets, with strong growth potential, a solid management team, a sound capital allocation policy, and, most importantly, reasonable valuation. I do not chase quarterly results, nor do I follow the herd mentality. I do not use short-term stock performance as the measure of a company' ...

Taiwan Semiconductor ((TSM), the world’s largest and most advanced chipmaker, has once again showcased its critical role in powering the AI revolution. Reporting a stellar fourth quarter with a 38.8% year-over-year revenue increase and a 57% surge in net income, TSM’s results highlight the insatiable demand for its cutting-edge 3nm and 5nm chips. These chips are the backbone of AI giants like Nvidia ((NVDA), whose GPUs dominate the market, and Apple ((AAPL), which relies on TSMC to produce its A-series and ...

Shares of Taiwan Semiconductor Manufacturing Corporation (TSM 4.97%) were moving higher Thursday after the world's largest contract chip manufacturer posted better-than-expected results in its fourth-quarter earnings report.As of 12:20 p.m. ET, the stock was up by 5.2%. TSMC can't be stoppedTSMC has been a big winner amid the AI boom and a broader recovery in the chip sector, and that momentum continued in the fourth quarter.Revenue in the period jumped 38.8% to $26.9 billion, topping analysts' consensus es ...

Needham analyst Charles Shi reiterated Taiwan Semiconductor Manufacturing Co TSM with a Buy and a $225 price target.Taiwan Semiconductor guided 2025 revenue growth to be in the mid-20s percent range, primarily in line with consensus.More interestingly, management guided AI revenue to double in 2025 after tripling in size and reaching the mid-teens percent of the overall revenue in 2024.Also Read: OPEC’s Optimism Clashes With IEA’s Conservative 2025 Oil Growth ProjectionsTaiwan Semiconductor extended the AI ...

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Taiwan Semiconductor Manufacturing Company Limited aka TSMC (NYSE: TSM ) has outperformed 2024 expectations by wide margins. And more importantly, the strong 2025 outlook has also kicked off the year with confidence that AI demand persists, which underpins continuedAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...