Wafer foundry leader TSMC (2330-TW) (TSM-US) announced today (8) that its June revenue was 175.874 billion yuan, down about 5% from the previous month. The second highest, revenue in the second quarter reached 534.14 billion yuan, a quarterly increase of 8.77%, breaking the 500 billion yuan mark for the first time in a single quarter, a new high, and surpassing the high standard of financial estimates, and the cumulative revenue in the first half of the year also exceeded the trillion yuan level , a new high for the same period.
TSMC’s revenue in June decreased by 5.3% month-on-month, with an annual increase of 18.5%; the second quarter revenue was 534.14 billion yuan, an annual increase of 43.5%; the cumulative revenue in the first half of the year was 1 trillion 25.217 billion yuan, an annual increase of 39.6%.
TSMC estimates that the US dollar revenue in the second quarter will reach 17.6-18.2 billion US dollars. If 1 US dollar is calculated at NT$28.8, the quarterly revenue is estimated to reach 506.88-524.16 billion US dollars, which is equivalent to a quarterly increase of 3.2-6.7%. Gross The interest rate is estimated to be 56-58%, and the profit rate is 45-47%, both of which are higher than the 55.6% and 45.6% of the previous quarter.
TSMC benefited in the first quarter. The actual exchange rate of NTD was 27.95 yuan to USD 1, which was better than the original estimate of 27.6 yuan to USD 1, making the single-quarter gross profit margin higher than expected by about 0.5 percentage points; Depreciation, the average exchange rate is also lower than TSMC’s original estimate of 28.8 yuan, depreciating below the 29 yuan barrier, which is expected to be a major boost to the continued increase in gross profit margins in the second quarter.
The revision of the semiconductor industry has become a consensus in the market. The latest report of TrendForce, a research institute, pointed out that with the expansion of wafer foundries, the utilization rate of the mature 12-inch process will drop from full load to about 95% in the second half of the year. Although advanced processes are also affected by wisdom Influenced by the weak market conditions of mobile phones, but the demand for high-efficiency computing is stable. In response to product mix adjustments, the capacity utilization rate of 7nm and 6nm will drop slightly to 95-99%. The most advanced processes of 5nm and 4nm will be driven by new products. down and maintain nearly full load.
TSMC will hold a legal talk on July 14th. On the eve of the legal talk, there will be a resurgence of foreign investment debates. The latest report on foreign investment in the United States supports it. It is optimistic that TSMC will still have a market share advantage in the downward cycle of the industry. Benefiting from the wave of global digital transformation, and maintaining its leading position in technologies such as gate-all-around (GAA) technology, 2.5 and 3D packaging, it reiterated its overweight rating, with a target price of 650 yuan, and bluntly stated that TSMC’s share price has already traded at a price-to-earnings ratio of 12 times. Over head.
TSMC will raise its revenue growth this year when it is said in the first quarter, and has a chance to exceed the previous estimate of 24-29%. US) adjusted orders, the market is worried that the semiconductor industry may not be prosperous in the third quarter, and TSMC may also revise its full-year revenue outlook accordingly.