台积电：业绩、指引超预期，上调全年指引

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported Q3 2024 revenue of $23.50 billion, a year-on-year increase of 36.0$10.058 billion, reflecting a year-on-year growth of 51.0% and a quarter-on-quarter growth of 31.4% [1]. - The company has raised its full-year revenue growth guidance from slightly over 25% to nearly 30% [1]. Performance Summary - For Q4 2024, the company expects revenue between $26.1 billion and$26.9 billion, with a midpoint year-on-year growth of 35.1% and a quarter-on-quarter growth of 12.7% [1]. - The projected gross margin for Q4 2024 is between 57.0% and 59.0% [1]. - The company anticipates full-year capital expenditures to exceed $30 billion [1]. Operational Analysis - The improvement in gross margin is attributed to increased utilization rates and cost optimization [2]. - The revenue distribution for advanced process nodes in Q3 2024 was 20$89.21 billion, $115.35 billion, and$134.77 billion, respectively, with net profits of $36.11 billion,$48.87 billion, and $58.27 billion [5]. - The company is expected to benefit from an improved competitive landscape in the advanced process foundry industry and increased demand for advanced processes [3].