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

智通財經
2024.10.20 07:01
光大證券發佈研報表示，台積電 24Q3 業績和 24Q4 指引大超預期，盈利能力強勁；公司對 AI 需求表態積極，AI 成重要業績驅動力。高產能利用率和成本優化助推毛利率水平，公司持續受益於製程向更先進節點遷移趨勢，且海外晶圓廠陸續量產。光大證券認為以下均利好公司維持較快營收增長和高盈利能力：1）公司持續受益於先進製程遷移，公司表態 2nm 需求較 3nm 更強勁，預計 2nm 未來設計產能超過 3nm；2）先進封裝五年內營收增速超過公司平均水平，且其毛利率向公司平均水平接近，成新增長業務；3）公司基本獨享 AI 芯片製造紅利，AI 時代下競爭格局改善。
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