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《大行》交銀國際升台積電(TMS.US)目標價至280美元 籲「買入」
阿思達克 07-21 11:00
交銀國際研究報告指,台積電(TMS.US)次季毛利率為58.6%,高於該行預期,認為台積電的毛利韌性遠強於市場預期。管理層將全年按美元計收入按年增速指引由約25%上調至30%,並暗示新指引或仍然「保守」。 報告提到,管理層認為美國政府放寬AI晶片限制進一步加大AI晶片需求。2納米製程或於下半年上量生產,管理層重申上量進度與3納米上量進度相似,且2納米流片數大於同期3或5納米流片數。長期而言,2納米以下在美國的產能或佔全球產能的30%。 該行認為消費電子受貿易不確定性影響復甦溫和,但AI高需求足以推動公司2納米上線後維持3或5納米價格,令2025年收入增速按美元計超過30%;上調目標價至280美元,評級「買入」。
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