金吾财讯 | 台积电(TSM)盘前涨超1%，截至发稿，报352.800美元。中银国际发表研究报告指，台积电今年首季指引维持不变，今年首两个月销售额已达指引中位数的65%。该行预计，今年首两个月将实现中单位数按月增长，维持全年业绩集中在下半年的判断，主要驱动力来自多款GPU/ASIC芯片项目放量，以及首次贡献收入的N2制程带来显着的同代际平均售价溢价。该行指，英伟达取代苹果成为最大客户，其2027财年952亿美元的订单承诺大幅提升了订单可见性。先进制程和CoWoS产能至2027年上半年均已完全售罄。台积电高度聚焦高附加值产能，包括明确将日本熊本二厂升级改造为N3制程产线。该行指，将集团2026年至2027年每股盈利预测上调，其目标价由348.7美元上调至505美元，其评级为“买入”。
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