TSMC just crossed the trillion-dollar mark.You can't talk about artificial intelligence or chip stocks without talking about Taiwan Semiconductor Manufacturing (TSM 0.58%), or TSMC as it's also known.The company invented the pure-play foundry business model in 1987, meaning it manufactures chips only for other chip companies rather than its own designs, and it's the dominant player in that industry today. Its market share of contract chip manufacturing is estimated at around 60%, and it makes roughly 90% of ...

Taiwan Semiconductor Manufacturing Company Limited aka TSMC (NYSE: TSM ) reported earnings last week to great fanfare, as the stock added a 5+% rally on top of a share price that has already more than doubled over theTo follow me click the "Follow" button! (Easy right?) Hi there, thanks for coming to my profile page! My name is Kumquat Research (but you can call me Jeremy) and I've been writing for Seeking Alpha on and off for going on ten years now, beginning with my inaugural published piece during my fir ...

Taiwan Semiconductor Manufacturing Company (TSM) , the world's largest semiconductor foundry and also known as TSMC, last week delivered another stellar earnings report for the third quarter of 2024. Beating expectations yet again, TSMC continues to solidify its leadership in the advanced chip industry, cementing its position as a long-term winner.With solid growth across key financial metrics and increasing demand for its cutting-edge technology, the question remains: Should you buy TSM stock?The answer le ...

报告公司投资评级 - 报告维持台积电的"增持"评级 [1] 报告的核心观点 当期业绩 - 公司3Q24的收入同比增长39%，净利润和摊薄每股收益均增长54% [1] - 与2Q24相比，3Q24收入增长12.8%，净利润增长31.2% [1] - 3Q24收入为235亿美元，同比增长36%，环比增长12.9% [1] - 3Q24毛利率为57.8%，营业利润率为47.5%，净利润率为42.8% [1] 最新展望 - 管理层预计4Q24收入在261亿至269亿美元之间，毛利率预计在57%至59%之间，营业利润率预计在46.5%至48.5%之间 [1] - 3nm及更先进制程占总晶圆收入的69%，3nm占20%，5nm占32%，7nm占17% [1] - 高性能计算和智能手机业务分别占净营收的51%和34%，物联网、汽车、数字消费电子及其他业务分别占7%、5%、1%和2% [1] - 公司预计2024年服务器AI处理器的营收贡献将增加至原来的三倍以上，占到总营收的中两位数百分比 [1] 财务预测 - 预测台积电2024/2025/2026年归母净利润分别为11727.72/14852.15/17440.5亿新台币，同比增长39.87%/26.64%/17.43% [1] - 对应2024/2025/2026年的市盈率分别为29/23/19倍 [1] 风险提示 - 成熟制程节点竞争加剧 - 消费电子复苏不及预期 - AI产品不及预期 [1]

文章核心观点 - 台积电(TSMC)成为继苹果、英伟达等之后,第二家市值突破1万亿美元的公司 [1][2] - 台积电作为芯片制造业的领导者,其技术领先优势明显,是众多科技公司的必选合作伙伴 [3][4] - 人工智能芯片需求的持续增长,将为台积电带来长期的增长机会 [5][6] - 凭借强大的技术实力和资本投入,台积电有望保持在行业的领先地位 [6][7][8] 根据相关目录分别进行总结 公司概况 - 台积电是全球最大的芯片代工厂,占行业超过60%的市场份额 [3] - 台积电的技术领先优势明显,被英伟达CEO称为"世界第一,且差距巨大" [3] - 台积电最近一个季度营收同比增长39%,毛利率和净利润也大幅提升 [3] 人工智能业务 - 人工智能芯片需求是台积电业绩增长的主要驱动力之一 [4] - 台积电预计2024年人工智能芯片收入将超过三倍,但仍只占总收入的中低个位数 [5] - 除英伟达外,微软、谷歌、Meta等科技巨头也都与台积电合作开发人工智能加速芯片 [5] 未来发展 - 台积电未来5年有望保持20%左右的利润增长率 [7] - 台积电持续大幅增加资本支出和研发投入,以保持技术领先优势 [6] - 无论未来人工智能发展如何,台积电都将是最大的受益者 [5][8]

报告公司投资评级 - 报告维持"买入"评级 [2] 报告的核心观点 - Q3 业绩超预期,2024 年收入指引上修 [1] - AI 需求强劲增长,N3 制程占晶圆收入比首度达 2 成 [1] - 关键对手陷入瓶颈,台积电先进制程、先进封装优势稳固 [1] 公司财务数据总结 - 预计公司 2024-2026 年营收分别为 28,757/36,715/43,580 亿元新台币,归母净利润分别为 11,704/15,505/18,597 亿元新台币 [3][4][5] - 预计公司 2024-2026 年毛利率分别为 56%/57%/58%,ROE 分别为 27%/29%/28% [5] - 预计公司 2024-2026 年每股收益分别为 225.67/298.9/358.47 元新台币,市盈率分别为 28.52/21.53/17.96 [3][5]

文章核心观点 - 台积电(TSM)股价在2024年10月9日曾经出现近10%的下跌,但正在尝试从中恢复 [1] - 作者拥有TSM的长期持仓头寸,包括股票、期权或其他衍生工具 [1] 公司概况 - 台积电是一家专注于半导体制造的公司 [1] 行业分析 - 半导体行业存在一定的波动性,过去的表现不能保证未来的结果 [2] - 分析师的观点可能与Seeking Alpha作为整体的观点不一致 [2] - Seeking Alpha不是持牌的证券交易商、经纪商或投资顾问 [2]

文章核心观点 - 公司专注于基本面股票研究、全球宏观策略和自上而下的投资组合构建 [1] - 认为长期持有(HODL)无法产生显著的超额收益或维持高夏普比率 [1] - 主动管理和降低机会成本是获取高收益的关键 [1] - 高正收益不等于高超额收益 [1] 公司概况 - 作者拥有10年投资银行从业经验,是一名资深研究分析师 [1] - 毕业于UCLA商业经济专业和密歇根大学罗斯商学院会计硕士 [1] - 目前在一家多策略对冲基金担任高级分析师 [1] 投资策略 - 主动管理和降低机会成本是获取高收益的关键 [1] - 长期持有(HODL)无法产生显著的超额收益或维持高夏普比率 [1] - 高正收益不等于高超额收益 [1] 披露声明 - 作者持有台积电(TSM)的多头头寸 [1] - 本文为作者独立撰写,不存在任何利益冲突 [1] Seeking Alpha披露 - 过去业绩不代表未来表现 [2] - Seeking Alpha不是注册的证券交易商或投资顾问 [2] - Seeking Alpha的分析师是第三方作者,可能不具备相关资格认证 [2]

This chip manufacturer sees a bright future for AI.Nvidia (NVDA 0.78%) dominated the artificial intelligence boom thus far, and it's easy to see why.The company has a monopoly-like share of the data center GPU market with an estimated 98% in 2023. Those are the components that cloud hyperscalers like Amazon and Microsoft and AI start-ups like OpenAI depend on to run intensive generative AI applications like ChatGPT. Demand continues to outstrip supply for its chips, and its new Blackwell platform is already ...

Mid-October brought a flurry of earnings results from major semiconductor firms like Taiwan Semiconductor Manufacturing Co. NYSE: TSM and ASML Holding N.V. NASDAQ: ASML, plus reports from several big banks, Netflix Inc. NASDAQ: NFLX, American Express Co. NYSE: AXP, and many others. This quarterly check-in allows investors to gauge how these and other firms have performed over the last several months. As always, investors have watched to see whether there are any surprises, including top- or bottom-line perf ...