金吾财讯 | 中信证券表示，受益于持续强劲的AI需求，台积电(TSM)2026年一季度业绩及后续指引超出预期，2026年二季度毛利率指引中值高达66.5%，2026全年以美元计价营收增速指引上调至超过30% (此前指引为接近30%)。资本开支方面，公司预计2026年资本开支位于此前指引520-560亿美元的高端，同时预计未来三年资本开支将显着高于过去三年，且收入增速将超过资本开支增速。考虑到公司在先进制程领域的龙头地位，后续伴随着AI行业的发展，GPU、ASIC等芯片的持续放量，以及先进封测产能的投产，公司AI收入有望持续高增长。予其目标价455美元。
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