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大行評級|摩根大通:上調台積電目標價至1080元新台幣 加價和AI推動每股盈利增長
摩根大通發表研究報吿指,分別上調對台積電2024至2026財年各年每股盈測3%、9%及8%,以反映因N3、N5及CoWoS加價而擴張的毛利率,同時亦反映因為數據中心對人工智能的需求加速而更強的收入增長。該行亦上調了台積電的人工智能收入預期,目前料人工智能收入將在2028年達到總收入的35%;毛利率在2025年下半年至2026年上半年可達到50%至60%的高水平,從而帶動2026年每股收益達64元新台幣。該行將公司目標價由900元新台幣提高至1080元新台幣,維持“增持”評級。該行在報吿中指出,由於對人工智能和蘋果的需求強勁,預計次季收入將比指引的中值高出約4%至6%。該行預計台積電將指引2024年第三季美元計收入按季增長13%至17%(該行料按季增13%至14%),而毛利率將按季持平,認為公司有機會提高其2024年收入指引,並有可能將資本支出提高到指引範圍的上限。摩通亦指出,由於N3的稍微上升、改良的封裝和N2支出從2024年下半年開始上升,台積電的資本支出或會增加。該行預計2024年的資本支出將達到較高水平,達310億美元;2025年將見健康增長至350億美元,因為N2建設和海外資本支出的增長。
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