高盛发表报告指,台积电次季业绩远胜预期,先进制程需求未见放缓迹象,上调2025至2027年每股盈测介乎7%至13%,对其台股目标价由原先1210元新台币上调至1370元新台币,评级“买入”,续列“确信买入”名单内。 该行认为台积电对先进制程需求的表态更加乐观,AI客户需求未见减弱迹象。该行现预计2纳米制程在量产初期的营收贡献将显著高于3纳米制程,尤其是前两年,驱动因素不仅来自智能手机,还包括高性能计算(HPC)需求。该行亦上调5纳米/3纳米制程的晶圆营收预测,因AI/HPC领域需求持续强劲。另外,高盛将台积电2026年5纳米及以下制程与CoWoS封装的价格涨幅假设从原先的3%及5%,上调至7%及8%,毛利率预测则由54.1%上调至57.9%。
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