研报掘金丨华泰证券:维持台积电买入评级 目标价370美元

格隆汇
Oct 20, 2025

华泰证券维持台积电(TSM.US)买入评级,目标价370美元,公司Q3业绩超预期,AI需求强劲推动先进制程与封装产能扩张。上调2025年收入及资本开支指引,N2量产在即,2026年HPC增长可期。凭借技术领先与定价能力,有望抵消海外扩产对毛利率的短期稀释,长期盈利能力稳固。公司Q3业绩超预期,AI需求强劲推动先进制程与封装产能扩张。上调2025年收入及资本开支指引,N2量产在即,2026年HPC增长可期。凭借技术领先与定价能力,有望抵消海外扩产对毛利率的短期稀释,长期盈利能力稳固。

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