ADR opened high in early trading, soared, capital expenditures surged, and the US equipment group rose sharply | Anue Juheng-US stocks

Foundry leader TSMC (2330-TW)(TSM-US) Today (14) held the law to say that the double rate, net profit and EPS in the fourth quarter of last year wrote a new high, earning nearly 2 equity in the whole year, the first quarter of this year is not weak in the off-season, and the annual revenue growth is estimated to be 14-16% , And will set new highs every year before 2025. ADR opened high in the early trading and rose by more than 6%, and then hit a new high. Under the surge in capital expenditure, the equipment group share price is in the same mood, Esmore (ASML-US) Rose nearly 5%, should material (AMAT-US), Kelei (KLAC-US) Strongly rose by about 7%.

The latest report issued by foreign investors was pleasantly surprised by the sharp increase in capital expenditures of TSMC this year, and believed that it showed an optimistic outlook on the demand for 5nm and 3nm, and also revealed important information about the possible foundry for Intel.

Foreign investors also believe that TSMC’s dazzling financial report and financial forecast, as well as an optimistic outlook on the market outlook, will push up the stock price to continue to rise. As a result, foreign investors in the US have substantially increased their target price from 628 yuan to 706 yuan.

In the first quarter of this year, TSMC has benefited from strong demand for efficient computing, warmer demand for vehicles, and a slight slackening of the seasonal impact of smartphones. Its capacity utilization rate remains high-end, and its operating off-season is not weak, with estimated revenue of 12.7-13 billion.USD, A quarterly increase of 0.16-2.5%, will continue to record highs, gross profit margin is estimated to be 50.5-52.5%, profit margin is estimated to be 39.5-41.5%, down from the previous quarter, but still high-end.

TSMC estimates that the output value of the semiconductor industry (excluding memory) will grow by 8% this year, and the foundry output value is estimated to grow by 10%, while TSMC’s advanced process technology maintains its leading position in the industry, and 5G mobile phones, efficient computing, automotive, Internet of Things Waiting for the platform to have strong momentum, it is estimated that this yearUSDRevenue will grow by 14-16%, better than the industry average.

TSMC’s revenue has hit a record high in 2010 and has grown year by year. According to TSMC’s estimates, annual revenue will beUSDThe compound annual revenue growth rate (CACG) will reach 10-15%, which means that TSMC will write a record of 16 consecutive years of rewriting its revenue to a new high, and it will not be in vain of the title of “product”.

TSMC’s capital expenditure last year totaled 17.2 billionUSD, This year’s capital expenditure will reach 25-28 billionUSD, Much higher than the 22 billion foreign investment originally expectedUSD, Which is equivalent to an annual increase of 45-62%. Therefore, foreign investment is also concerned about whether it is related to Intel’s outsourcing orders. In this regard, President Wei Zhejia only emphasized that he does not comment on single customers. The increase in capital expenditure is due to optimism about 5G and high-performance computing. Application, strong long-term momentum, will support customer needs.


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