大行评级丨小摩:预期台积电明年下半年起加快SoIC产能扩张,评级“增持”

格隆汇
3 hours ago
摩根大通发表报告,上调2027及2028年行业CoWoS产能预测各4%及6%,主要由于台积电小幅扩产(多为CoWoS-R增量产能),以及OSAT厂商扩产力度更强(主要为CPU项目)。该行现预期台积电CoWoS产能于2027及2028年底分别达到20万及22.5万片wfpm,当中约1万片wfpm为额外CoWoS-R产能,以满足Vera CPU及AI ASIC需求。OSAT厂商扩产速度更快,合计产能2027及2028年底料分别达到6万及9.5万片wfpm,主要聚焦CPU及CoWoS-R等类似应用。该行指,CoWoS供需缺口目前约在10%水平,近期略有收窄,领先边缘晶圆及基板已成为AI客户更大的樽颈。 鉴于对人工智能需求的信心增强,以及未来积极的资本支出计划,该行予台积电台股“增持”评级,目标价3200元新台币。该行预期台积电将自2027年下半年加快SoIC产能扩张,2027年底达3.5万片wfpm,2028年底达7万片wfpm,2028年预测略高于该行先前预期。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10