大行评级丨小摩:CoWoS产能有望超预期,维持台积电“增持”评级

格隆汇
Sep 23, 2025

摩根大通维持台积电“增持”评级,目标价设为1275元新台币。小摩指出,台积电CoWoS产能预计将在2026年底达到9.5万片/月,2027年底进一步攀升至11.2万片/月,较此前预期显著提升。小摩指出,这一扩张主要得益于AP8工厂按计划推进的产能建设,以及英伟达、博通和AMD等关键客户需求的持续增长。

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