{"id":49613,"date":"2022-01-14T11:53:37","date_gmt":"2022-01-14T03:53:37","guid":{"rendered":"https:\/\/buzzorange.com\/citiorange\/?p=49613"},"modified":"2022-01-14T11:53:37","modified_gmt":"2022-01-14T03:53:37","slug":"tsmc-2022","status":"publish","type":"post","link":"https:\/\/buzzorange.com\/citiorange\/2022\/01\/14\/tsmc-2022\/","title":{"rendered":"\u3010\u4eca\u5e74\u7e7c\u7e8c\u5411\u524d\u885d\u7684\u8b77\u570b\u795e\u5c71\u30112022 \u5e74\u53f0\u7a4d\u96fb\u5982\u4f55\u5e03\u5c40\uff1f\u76e4\u9ede\u6cd5\u8aaa\u6703 8 \u5927\u91cd\u9ede"},"content":{"rendered":"

\u3010\u6211\u5011\u70ba\u4ec0\u9ebc\u6311\u9078\u9019\u7bc7\u6587\u7ae0\u3011<\/p>\n

14 \u65e5\u7f8e\u80a1\u4e0b\u632b\uff0c\u53f0\u7a4d\u96fb\u7f8e\u570b\u5b58\u8a17\u6191\u8b49\uff08ADR\uff09\u9006\u52e2\u8d70\u63da\uff0c\u4e00\u5ea6\u885d\u9ad8\u81f3 145 \u7f8e\u5143\uff0c\u5275\u6b77\u53f2\u65b0\u9ad8\u30022022 \u5e74\u5c1a\u672a\u904e\u534a\u500b\u6708\uff0c\u53f0\u7a4d\u96fb\u52e2\u4e0d\u53ef\u64cb\uff0c\u6628\u5929\u7684\u6cd5\u8aaa\u6703\uff0c\u4e5f\u6a02\u89c0\u770b\u5f85\u4eca\u5e74\u5c40\u9762\u3002\uff08\u8cac\u4efb\u7de8\u8f2f\uff1a\u9023\u67cf\u7ff0\uff09<\/p><\/blockquote>\n

\u6676\u5713\u4ee3\u5de5\u9f8d\u982d\u53f0\u7a4d\u96fb\u00a0(2330-TW)\u00a0\u4eca (13) \u65e5\u8209\u884c\u6cd5\u8aaa\u6703\uff0c\u53bb\u5e74\u7b2c\u56db\u5b63\u3001\u5168\u5e74\u7372\u5229\u518d\u5275\u65b0\u9ad8\uff0c\u7e3d\u88c1\u9b4f\u54f2\u5bb6\u5f37\u8abf\uff0c\u4f9b\u61c9\u93c8\u5c07\u7dad\u6301\u8f03\u9ad8\u7684\u5eab\u5b58\u6c34\u4f4d\u8f03\u9577\u4e00\u6bb5\u6642\u9593\uff0c\u5e36\u52d5\u53f0\u7a4d\u96fb\u4eca\u5e74\u7522\u80fd\u6301\u7e8c\u5403\u7dca\uff0c\u5e74\u71df\u6536\u6210\u9577\u5e45\u5ea6\u6700\u9ad8\u903c\u8fd1 3 \u6210\uff0c\u512a\u65bc\u7522\u696d\u5e73\u5747\u3002\u53d7\u6cd5\u8aaa\u5c55\u671b\u6a02\u89c0\u6fc0\u52f5\uff0c\u53f0\u7a4d\u96fb (TSM-US) \u5728\u7f8e\u80a1\u639b\u724c\u7684 ADR \u5df2\u4e0a\u6f32\u903e 4%\uff0c\u4f86\u5230 137.88\u00a0\u7f8e\u5143\u3002\u00a0\u300a\u9245\u4ea8\u7db2\u300b\u6574\u7406\u51fa\u672c\u5834\u6cd5\u8aaa\u6703\u7684\u516b\u5927\u91cd\u9ede\uff0c\u8b93\u8b80\u8005\u5feb\u901f\u770b\u61c2\u3002<\/p>\n

\u53bb\u5e74 EPS 23.01 \u5143\u5275\u9ad8<\/h2>\n

\u53f0\u7a4d\u96fb\u516c\u5e03\u53bb\u5e74\u8ca1\u5831\uff0c\u7b2c\u56db\u5b63\u7a05\u5f8c\u7d14\u76ca 1662.3 \u5104\u5143\uff0c\u5b63\u589e 6.4%\uff0c\u5e74\u589e 16.4%\uff0c\u6bcf\u80a1\u7d14\u76ca 6.41 \u5143\uff0c\u7565\u512a\u65bc\u5916\u8cc7\u9810\u671f\uff0c\u7e8c\u5275\u65b0\u9ad8\uff0c\u6bdb\u5229\u7387 52.7% \u8cbc\u8fd1\u8ca1\u6e2c\u9ad8\u6a19\uff0c\u71df\u76ca\u7387 41.7% \u5247\u8d85\u8d8a\u8ca1\u6e2c\u9810\u671f\uff1b\u53f0\u7a4d\u96fb 2021 \u5e74\u7a05\u5f8c\u7d14\u76ca\u7a05\u5f8c\u7d14\u76ca 5965.4 \u5104\u5143\uff0c\u5e74\u589e 15.2%\uff0c\u6bcf\u80a1\u7d14\u76ca 23.01 \u5143\uff0c\u7b49\u540c\u6bcf\u5929\u958b\u9580\u71df\u696d\u8cfa\u9032 16.3 \u5104\u5143\uff0c\u540c\u5beb\u65b0\u7337\u3002<\/p>\n

Q1 \u71df\u6536\u5b63\u589e\u4e0a\u770b 9%<\/h2>\n

\u53f0\u7a4d\u96fb\u516c\u5e03\u7b2c\u4e00\u5b63\u8ca1\u6e2c\uff0c\u71df\u6536\u5c07\u9054 166-172 \u5104\u7f8e\u5143\uff0c\u5b63\u589e 5.4-9.2%\uff0c\u7f8e\u5143\u71df\u6536\u4e2d\u4f4d\u6578\u7d04\u5b63\u589e 7.5%\uff0c\u4ee5 1 \u7f8e\u5143\u514c\u63db\u65b0\u53f0\u5e63 27.6 \u5143\u8a08\u7b97\uff0c\u7b2c\u4e00\u5b63\u65b0\u53f0\u5e63\u71df\u6536\u4f30\u9054 4581-4747 \u5104\u5143\uff0c\u76f8\u7576\u65bc\u5b63\u589e 4.5-8.3%\uff0c\u6bdb\u5229\u7387\u4f30\u9054 53-55%\uff0c\u71df\u76ca\u7387 42-44%\uff0c\u96d9\u7387\u5747\u5c07\u8f03\u53bb\u5e74\u7b2c\u56db\u5b63\u6210\u9577\u3002<\/p>\n

\u4eca\u5e74\u8cc7\u672c\u652f\u51fa\u5927\u589e<\/h2>\n

\u53f0\u7a4d\u96fb\u4eca\u5e74\u8cc7\u672c\u652f\u51fa\u91d1\u984d\u5c07\u9054 400-440 \u5104\u7f8e\u5143\uff0c\u76f8\u8f03\u53bb\u5e74 300 \u5104\u7f8e\u5143\uff0c\u5927\u589e 33-46%\u3002\u8ca1\u52d9\u9577\u9ec3\u4ec1\u662d\u6307\u51fa\uff0c\u7531\u65bc\u7522\u696d\u7d50\u69cb\u6027\u9700\u6c42\u589e\u52a0\uff0c\u52a0\u4e0a\u534a\u5c0e\u9ad4\u542b\u91cf\u589e\u52a0\uff0c\u4ee5\u53ca 5G\u3001\u9ad8\u6548\u904b\u7b97\u7b49\u61c9\u7528\u9a45\u52d5\uff0c\u4f7f\u5f97\u8cc7\u672c\u652f\u51fa\u5927\u589e\uff0c\u5176\u4e2d 70-80% \u5c07\u7528\u65bc 2\/3\/5\/7 \u5948\u7c73\u7b49\u5148\u9032\u88fd\u7a0b\u7522\u80fd\uff0c10% \u7528\u65bc\u5148\u9032\u5c01\u88dd\u88fd\u7a0b\uff0c\u53e6\u5916 10% \u5247\u7528\u5728\u7279\u6b8a\u6280\u8853\u88fd\u7a0b\u3002<\/p>\n

\u4eca\u5e74\u71df\u6536\u589e\u5e45\u6700\u9ad8\u63a5\u8fd1 3 \u6210<\/h2>\n

\u9b4f\u54f2\u5bb6\u9810\u4f30\uff0c\u4eca\u5e74\u6574\u9ad4\u534a\u5c0e\u9ad4\u7522\u696d (\u4e0d\u542b\u8a18\u61b6\u9ad4) \u5c07\u6210\u9577 9%\uff0c\u6676\u5713\u4ee3\u5de5\u7522\u696d\u4f30\u6210\u9577\u63a5\u8fd1 20%\uff0c\u53f0\u7a4d\u96fb\u53d7\u60e0\u624b\u6a5f\u3001\u9ad8\u6548\u904b\u7b97\u3001\u7269\u806f\u7db2\u53ca\u8eca\u7528\u7b49\u5404\u5e73\u53f0\u9700\u6c42\u5f37\u52c1\uff0c\u71df\u6536\u6210\u9577\u5247\u5c07\u512a\u65bc\u7522\u696d\u5e73\u5747\uff0c\u4f30\u6210\u9577 24-29%\u3002\u9577\u671f\u6bdb\u5229\u7387\u76ee\u6a19\u4e5f\u63d0\u5347\u81f3 53% \u4ee5\u4e0a\u3002<\/p>\n

3 \u5948\u7c73\u4e0b\u534a\u5e74\u5982\u671f\u91cf\u7522<\/h2>\n

\u5148\u9032\u88fd\u7a0b\u9032\u5ea6\u65b9\u9762\uff0c\u7e3d\u88c1\u9b4f\u54f2\u5bb6\u8868\u793a\uff0c\u53f0\u7a4d\u96fb 3 \u5948\u7c73\u5c07\u5728\u4eca\u5e74\u4e0b\u534a\u5e74\u91cf\u7522\uff0c\u5ba2\u6236\u53c3\u8207\u5ea6\u9ad8\uff0c\u76f8\u8f03 5 \u5948\u7c73\uff0c3 \u5948\u7c73\u91cf\u7522\u7b2c\u4e00\u5e74\u6703\u6709\u66f4\u591a\u65b0\u7522\u54c1\u8a2d\u8a08\u5b9a\u6848\uff0c\u800c\u5f37\u5316\u7248\u7684 3 \u5948\u7c73 (N3E) \u91cf\u7522\u6642\u9593\u5c07\u5728 3 \u5948\u7c73\u91cf\u7522\u4e00\u5e74\u5f8c\u3002<\/p>\n

\u6301\u7e8c\u64f4\u5145 28 \u5948\u7c73\u7522\u80fd<\/h2>\n

\u6210\u719f\u88fd\u7a0b\u65b9\u9762\uff0c\u9b4f\u54f2\u5bb6\u8868\u793a\uff0c\u770b\u597d 28 \u5948\u7c73\u88fd\u7a0b\u9577\u671f\u5c07\u53d7\u8a31\u591a\u9700\u6c42\u9a45\u52d5\uff0c\u56e0\u6b64\u5c07\u5728\u5357\u4eac\u5ee0\u3001\u53f0\u7063\u53ca\u65e5\u672c\u7b49\u5730\u64f4\u5145 28 \u5948\u7c73\u7522\u80fd\u3002\u5916\u754c\u6182\u5fc3\u662f\u5426\u9762\u81e8\u4f9b\u904e\u65bc\u6c42\uff0c\u9b4f\u54f2\u5bb6\u8a8d\u70ba\uff0c5G\u3001\u9ad8\u6548\u904b\u7b97\u61c9\u7528\u53ca\u7d42\u7aef\u88dd\u7f6e\u534a\u5c0e\u9ad4\u542b\u91cf\u589e\u52a0\uff0c\u52a0\u4e0a\u591a\u93e1\u982d\u5e36\u52d5 CMOS \u9700\u6c42\uff0c\u8a31\u591a\u56e0\u7d20\u63a8\u5347\u6210\u719f\u88fd\u7a0b\u9700\u6c42\u6210\u9577\uff0c\u4ed6\u5f37\u8abf\uff0c28 \u5948\u7c73\u5c07\u662f\u5d4c\u5165\u5f0f\u8a18\u61b6\u9ad4\u61c9\u7528\u7684\u300c\u751c\u871c\u9ede\u300d\u3002<\/p>\n

\u82f1\u7279\u723e\u64f4\u5927\u81ea\u88fd\u7522\u80fd\u5df2\u7d0d\u8003\u91cf<\/h2>\n

\u5c0d\u65bc\u82f1\u7279\u723e (INTC-US) \u59d4\u5916\u4ee3\u5de5\u7684\u540c\u6642\uff0c\u4e5f\u8a08\u756b\u64f4\u5927\u6676\u5713\u4ee3\u5de5\u7522\u80fd\uff0c\u9b4f\u54f2\u5bb6\u56de\u61c9\uff0c\u53f0\u7a4d\u96fb\u90fd\u662f\u516c\u5e73\u5c0d\u5f85\u5ba2\u6236\uff0c\u5c0d IDM \u5ba2\u6236\u4e5f\u4e00\u6a23\uff0c\u53ef\u7406\u89e3 IDM \u5ba2\u6236\u64f4\u5927 insourcing (\u81ea\u88fd\u7522\u80fd\u4f9b\u61c9) \u7684\u8003\u91cf\uff0c\u7522\u80fd\u64f4\u5145\u898f\u5283\u90fd\u5df2\u5c07\u9019\u4e9b\u56e0\u7d20\u8003\u616e\u5728\u5167\uff0c\u4e0d\u6703\u4f9d\u9760\u55ae\u4e00\u5ba2\u6236\u6216\u7522\u54c1\u3002<\/p>\n

\u65e5\u672c\u5408\u8cc7\u8a2d\u5ee0\u662f\u7279\u6b8a\u6848\u4f8b<\/h2>\n

\u95dc\u65bc\u6d77\u5916\u8a2d\u5ee0\u65b9\u9762\uff0c\u8463\u4e8b\u9577\u5289\u5fb7\u97f3\u9996\u5ea6\u56de\u61c9\u8207 Sony \u5728\u65e5\u672c\u5408\u8cc7\u8a2d\u5ee0\u8b70\u984c\uff0c\u76f4\u8a00\u9019\u662f\u7279\u6b8a\u6848\u4f8b\uff0cSony \u662f\u53f0\u7a4d\u96fb\u5728\u65e5\u672c\u975e\u5e38\u5927\u7684\u5ba2\u6236\uff0c\u4e5f\u6709\u7368\u7279\u6280\u8853\uff0c\u6709\u52a9\u964d\u4f4e\u7576\u5730\u8a2d\u5ee0\u7684\u71df\u904b\u6210\u672c\u53ca\u62c9\u5347\u5b78\u7fd2\u66f2\u7dda\uff1b\u81f3\u65bc\u5728\u6b50\u6d32\u662f\u5426\u4e5f\u6703\u5faa\u5408\u8cc7\u84cb\u5ee0\u8def\u7dda\uff0c\u5289\u5fb7\u97f3\u50c5\u8868\u793a\uff0c\u53f0\u7a4d\u96fb\u901a\u5e38\u90fd\u662f\u5efa\u7acb 100% \u6301\u80a1\u7684\u6676\u5713\u5ee0\uff0c\u6b50\u6d32\u8a2d\u5ee0\u9084\u5728\u975e\u5e38\u65e9\u671f\u8a55\u4f30\u968e\u6bb5\uff0c\u8981\u8003\u91cf\u8a31\u591a\u56e0\u7d20\uff0c\u9996\u8981\u662f\u5ba2\u6236\u9700\u6c42\u3002<\/p>\n

\u63a8\u85a6\u95b1\u8b80<\/h2>\n

\u66fe\u572890\u5e74\u4ee3\u88ab\u7f8e\u570b\u6253\u8db4\u7684\u65e5\u672c\u534a\u5c0e\u9ad4\uff0c\u6703\u5728\u53f0\u7a4d\u96fb\u9032\u99d0\u5f8c\u5f9e\u4e5d\u5dde\u958b\u59cb\u300c\u5fa9\u8208\u300d\uff1f<\/a><\/p>\n

\u89e3\u6790\u53f0\u7a4d\u96fb\u5728\u65e5\u672c\u8a2d\u5ee0\u7684\u570b\u969b\u653f\u6cbb\u535a\u5955\uff1a\u65e5\u672c\u300c\u4e0b\u91cd\u672c\u300d\u8868\u793a\u53f0\u65e5\u53cb\u597d\uff0c\u6211\u5011\u5f9e\u4e2d\u80fd\u5b78\u5230\u4ec0\u9ebc\u300c\u4ea4\u670b\u53cb\u300d\u7684\u555f\u793a\u5462\uff1f<\/a><\/p>\n

\u53f0\u7a4d\u96fb\u885d\u523a\u5148\u9032\u88fd\u7a0b\u3001\u5e03\u5c40\u6d77\u5167\u5916\u6295\u8cc7\uff0c\u5171\u9020\u798f\u54ea\u4e9b\u4f9b\u61c9\u93c8\u5925\u4f34\uff1f<\/a><\/p>\n

\uff08\u672c\u6587\u7d93\u5408\u4f5c\u5925\u4f34 \u9245\u4ea8\u7db2 \u6388\u6b0a\u8f49\u8f09\uff0c\u4e26\u540c\u610f CitiOrange \u7de8\u5beb\u5c0e\u8b80\u8207\u4fee\u8a02\u6a19\u984c\uff0c\u539f\u6587\u6a19\u984c\u70ba\u3008\u3008\u53f0\u7a4d\u96fb\u6cd5\u8aaa\u3009\u4eca\u5e74\u71df\u6536\u4f30\u6210\u9577\u8fd13\u6210\u3001\u8cc7\u672c\u652f\u51fa\u5927\u589e \u4e00\u6587\u770b\u61c2\u516b\u5927\u91cd\u9ede<\/a>\u3009\u3002\u9996\u5716\u4f86\u6e90\uff1a\u7ffb\u651d\u81ea \u52a0\u5165\u53f0\u7a4d \u5171\u5275\u5947\u8e5f<\/a>\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"

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