大行评级|里昂:台积电第三季业绩胜预期,维持“高度确信跑赢大市”评级

格隆汇
Oct 16
里昂发表报告指,台积电第三季业绩胜预期,虽不令人意外,但宏观清晰度受市场欢迎。该行维持“高度确信跑赢大市”评级及目标价3700新台币,基于2027年盈利25倍市盈率。该行指出,台积电第三季每股盈利29.43新台币,高于该行估计的28.6新台币;收入同比增长50.9%至1.494万亿新台币,毛利率66.4%,符合该行估计。公司表示需求极为强劲,未见放缓迹象,并暗示对人工智能需求复合年增长率评估有上行空间至高50%。台积电维持2026年全年资本开支指引60亿至64亿美元;该行目前基准预测2027年资本开支800亿美元、2028年900亿美元,两者均有上行风险。

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