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Foundry leader TSMC (2330-TW) (TSM-US) signed a law today (14), saying that in the fourth quarter of last year, the double rate, net profit and EPS were the same to write new highs , gaining almost 2 shares in the whole year, ranking first this year The off-season is not weak, and annual revenue is estimated to grow between 14% and 16%, reaching a new high year on year before 2025. ADR opened high in early trading and rose more than 6%. It reached a new record. With the increase in capital expenditures, equipment Ethnic group stock prices were the same, ASML-US was up almost 5% and AMAT-US and KLAC-US were up around 7%.
The latest report issued by foreign investors was pleasantly surprised by TSMC’s sharp increase in capital expenditures this year, calling it an optimistic outlook on demand for 5nm and 3nm, and also revealed important information about the potential Intel smelter.
Foreign investors also believe that TSMC’s dazzling financial report and financial forecast, as well as an optimistic outlook for the market outlook, will cause the share price to continue to rise. As a result, foreign investors in the US raised their target price from 628 yuan to 706 yuan.
In the first quarter of this year, TSMC benefited from strong demand for high-efficiency computing, a warmer demand for vehicles, and a slight decrease in the seasonal influence of smartphones. Its capacity utilization rate remained high and its off-season operation was not weak, with estimated revenues of $ 12.7 to $ 13 billion. The 0.16-2.5% quarterly increase will continue to record highs. The gross profit margin is estimated at 50.5-52.5%, and the profit margin is estimated at 39.5-41.5%, down from the previous quarter, but still high.
TSMC estimates that the production value of the semiconductor industry (excluding memory) will grow 8% this year, and the production value of the foundry is estimated to grow 10%. TSMC’s advanced process technology maintains its leading position in the industry, and 5G mobile phones, efficient computing, automotive and Internet of things. With strong momentum for other platforms, revenue in US dollars is estimated to grow 14-16% this year, which is better than the industry average.
TSMC’s revenue reached a record in 2010 and has been growing year over year. According to TSMC estimates, by 2025, the compound annual revenue growth rate in USD (CACG) of annual revenue will reach 10-15%, which means that TSMC will continue to write In 2016, revenue set a new record, not in vain with the title of “product”.
TSMC’s capex last year totaled $ 17.2 billion, and this year’s capex will reach $ 25-28 billion, which is much higher than the $ 22 billion originally expected by the foreign investment, which is equivalent to an annual increase of 45-62%. Therefore, foreign investment is also concerned about contracting with Intel. Regarding work orders, Chairman Wei Zhejia only emphasized that he does not comment on a single customer. The increase in capex is driven by optimism about applications like 5G and high-performance computing. The long-term momentum is strong and will support customer needs.
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