Guangda Securities: TSMC's Q3 gross margin and Q4 guidance significantly exceed expectations, AI demand shows positive stance

Zhitong
2024.10.20 07:01

Guangda Securities released a research report stating that Taiwan Semiconductor's 24Q3 performance and 24Q4 guidance greatly exceeded expectations, with strong profitability. The company has shown a positive attitude towards AI demand, with AI becoming an important driver of performance. High production capacity utilization and cost optimization have helped boost gross profit margin levels. The company continues to benefit from the trend of process migration to more advanced nodes, with overseas wafer fabs gradually starting production. Guangda Securities believes the following factors will support the company's sustained rapid revenue growth and high profitability: 1) The company continues to benefit from advanced process migration, with stronger demand for 2nm compared to 3nm, and it is expected that 2nm design capacity will exceed 3nm in the future; 2) Revenue growth from advanced packaging has exceeded the company's average level in the past five years, and its gross profit margin is approaching the company's average level, becoming a new growth business; 3) The company essentially enjoys the dividend of AI chip manufacturing, improving the competitive landscape in the AI era

Source: Zhitong The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.