sefa ozelTSM stock Q2: Strong results met market panic I last wrote on Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) back in April 2024. As you can see from the chart below, that article, titled "Taiwan Semiconductor Stock Is Breaking Out (Technical Analysis)," was published on April 17, 2024. As the title suggests, the article was more focused on the technical trading patterns of the stock. In particular, I argued for a bull thesis based on the following considerations: Taiwan Semico ...

This semiconductor foundry giant seems on track to clock faster growth over the next five years.The past five years have been great for investors in Taiwan Semiconductor Manufacturing (TSM 5.03%), popularly known as TSMC. Share prices of the company have shot up an impressive 258% during this period and outperformed the S&P 500 index's comparable gains of 81% by a huge margin.TSMC's incredible rally could continue over the next five years as well. Let's take a closer look at why buying and holding this semi ...

报告公司投资评级 - 报告维持"买入"评级 [2] 报告的核心观点 - 24Q2 晶圆出货量恢复同比正增长,Q3 有望受益于智能手机、AI 需求 [7] - N3 制程继续爬坡,官宣 A16 路线图,公司稳定保持在先进制程市场的领先优势 [7] - 公司进入 Foundry 2.0 阶段,CoWoS、SoIC 构筑先进封装护城河 [7] - 公司正酝酿 2025 年先进制程、先进封装提价,有望获得更多价值量分成 [7] 根据相关目录分别进行总结 投资要点 - 24Q2 晶圆出货量恢复同比正增长,Q3 有望受益于智能手机、AI 需求 [7] - N3 制程继续爬坡,官宣 A16 路线图,公司稳定保持在先进制程市场的领先优势 [7] - 公司进入 Foundry 2.0 阶段,CoWoS、SoIC 构筑先进封装护城河 [7] - 公司正酝酿 2025 年先进制程、先进封装提价,有望获得更多价值量分成 [7] 主要财务指标 - 公司 2024-2026 年营收分别为 28,022/35,872/42,594 亿元新台币,归母净利润分别为 10,848/14,221/17,001 亿元新台币 [9] - 公司 2024-2026 年毛利率维持在 53%-54%,ROE 在 26%-27% [9] - 公司 2024-2026 年每股收益分别为 209.23/274.28/327.88 元新台币,市盈率在 15-23.51 倍 [9]

Taiwan Semiconductor is a vital business in the AI realm.The best artificial intelligence (AI) stock to buy right now is an incredibly hot topic. Some may argue that it's Nvidia; others may prefer Microsoft. While there are merits to both arguments, I prefer a different AI company.Like most AI businesses, my top pick isn't 100% focused on AI; it's all part of a larger strategy. Furthermore, without Taiwan Semiconductor Manufacturing (TSM -1.27%), none of the AI technologies would be possible. Luckily for in ...

文章核心观点 - 大多数芯片股票投资者都直接投资于台积电(TSMC),因为它是行业中最重要的晶圆代工厂[4][5] - 但是,如果台湾发生地缓冲区,这些芯片公司将无法找到其他能够制造其芯片设计的制造商,这意味着它们与台湾的地缓冲区风险息息相关[6] - 这种关联性并未得到足够的关注,导致这些芯片设计公司的估值溢价较高,可能会在地缓冲区恶化时遭受更大跌幅[7] 公司分析 - 台积电(TSMC)的财务表现良好,收入和利润均有大幅增长[10] - 但TSMC的估值也较高,市盈率达到30倍,高于过去5年的平均水平,存在一定的估值风险[11] 行业分析 - 尽管投资者可以考虑直接投资TSMC来规避地缓冲区风险,但TSMC的估值也较高,不太适合现时投资[13] - 投资者应该意识到自身投资组合与TSMC的关联性,并寻求以折价估值买入TSMC及其客户公司的股票,以规避地缓冲区风险[12][14]

asbe/iStock via Getty Images We previously covered Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in June 2024, discussing how NVIDIA Corporation's (NVDA) FQ1'25 outperformance and promising market trends surrounding generative AI had contributed to the stock's excellent rally. This was on top of the improved market sentiments from the foundry's recent price hikes, fully booked position through 2026, and expanded manufacturing capacity through the end of the decade, warranting our reiterated ...

How much demand is there for AI solutions?In today's video, I discuss Taiwan Semiconductor Manufacturing (TSM 7.29%) and other semiconductor companies. Check out the short video to learn more, consider subscribing, and click the special offer link below.*Stock prices used were the market prices of July 30, 2024. The video was published on July 30, 2024. ...

Taiwan Semiconductor Manufacturing (NYSE:TSM), the world’s largest chip manufacturer, reported very strong second-quarter results and is clearly benefiting tremendously from the proliferation of artificial intelligence. Moreover, the valuation of Taiwan Semiconductor stock is undemanding while the firm has multiple, strong, positive catalysts. But investors should be aware the stock does pose more geopolitical risk than any other popular stock in the U.S. equities market.Given the latter point, I rate the s ...

文章核心观点 - 公司2Q24财报超预期,收入、毛利率和净利润均超出预期 [3][6][10] - 公司的最先进的N3工艺贡献了15%的晶圆收入,并且增长迅速 [7] - 高性能计算(HPC)是公司最重要的业务板块,占收入52%,增长强劲 [8] - 公司在先进封装CoWoS方面供给紧张,但正在加大产能投入 [19][20] - 公司有较强的定价能力,预计长期毛利率将保持在53%以上 [15][16][17][18] - 公司正在加快下一代2nm和A16工艺的开发,并获得了更多客户 [19] 财务数据总结 - 公司2024年预计收入为27.87亿美元,同比增长29% [22] - 公司2024年预计毛利率为53%,经营利润率为42.8% [22][23] - 公司2024年预计净利润为10.49亿美元,同比增长25% [23] - 公司2024年预计每股收益为4.04美元,同比增长17% [23] - 公司未来5年收入和利润复合增长率分别为17%和19% [21][23] 估值分析 - 公司内在价值为184美元,适合买入价为147美元(打八折) [24] - 公司1年和3年目标价分别为228美元和302美元,对应25倍市盈率 [24]

文章核心观点 - 台积电是全球最大的半导体代工厂,占据全球半导体代工市场超过60%的份额,生产全球90%最先进的芯片 [5] - 台积电正在受益于人工智能芯片需求的快速增长,其客户如英伟达的GPU芯片需求持续旺盛 [6] - 台积电正在加快向2纳米制程技术的转移,这将提高芯片性能和降低功耗,同时提高产能 [8][9] - 台积电有望凭借其市场主导地位获得更好的定价能力 [10] 行业概况 - 半导体代工是一个资本密集型行业,需要保持高产能利用率才能实现盈利 [4] - 许多半导体公司采用无厂模式,将芯片生产外包给代工厂商如台积电 [3][4] 公司发展 - 台积电正在大幅扩充产能,建设多个新的制造厂 [8] - 台积电向更先进的2纳米制程技术转移,有望进一步提升性能和产能 [8][9] - 台积电有望凭借其市场主导地位获得更好的定价能力 [10]