Zhitong Finance APP learned that on October 13, TSMC (TSM.US) released its financial report for the third quarter of 2022. According to financial report data, TSMC's net revenue in the third quarter was NT$613.14 billion NT$2, compared with NT$414.67 billion in the same period last year. increased by 247.9% year-on-year, and NT$534.14 billion in the previous quarter, up 14.8% month-on-month. Net revenue in Q3 was equivalent to US$20.23 billion, while TSMC's previously expected revenue range was US$19.8 billion to US$20.6 billion.
Q3 net profit was NT$280.87 billion, compared with NT$156.26 billion in the same period last year, a year-on-year increase of 79.7% and a month-on-month increase of 18.5%. Net profit was the strongest growth in two years, thanks to strong sales of advanced process chips for smartphones, data centers and electric car . In terms of expectations, analysts' average net profit for the third quarter ended September is NT$264.7 billion.
Q3 Diluted EPS was NT$10.83, compared with NT$6.03 in the same period last year, a year-on-year increase of 79.8% and a month-on-month increase of 18.5%.
TSMC's Q3 gross profit margin exceeded 60%, reaching 60.4%, 59.1% in the previous quarter (Q2) and 51.3% in the same period last year; Q3 operating profit margin was 50.6%, 49.1% in the previous quarter; Q3 net profit margin was 45.8%, 44.4% in the previous quarter.
Among them, according to process processes, the revenue of 5nm process wafer in the third quarter accounted for 28% of the total wafer revenue, compared with 21% in the last quarter; the revenue of 7nm process accounted for 26%, compared with 30% in the last quarter. The revenue share of advanced processes (7 nanometers and above) reached 54% of the total wafer revenue in the third quarter, compared with 51% in the previous quarter.
divided by platform, the proportion of smartphone platforms to net revenue was 41%, up 3 percentage points month-on-month; the proportion of high-performance computing (HPC) platforms to revenue was 39%, down 4 percentage points month-on-month; the proportion of automotive platforms to revenue was 10%, up 2 percentage points month-on-month.
Looking ahead, TSMC expects sales in the fourth quarter to be between US$19.9 billion and US$20.7 billion. TSMC expects gross profit margin in the fourth quarter to be 59.5% to 61.5%, while market expectations are 57.9%.
Although TSMC's Q3 performance is strong, the overall outlook for consumer electronics is not optimistic
At the same time, demand for consumer electronics product is slowing down due to the rise in global benchmark interest rate , surge in inflation and intensified market concerns about a potential global recession. Recently, the market's expectations for consumer electronics have become increasingly pessimistic, and TSMC's stock price has also weakened significantly. So far this year, the price of TSMC's US stock has fallen by nearly 36%, and its market value has plummeted from more than 550 billion US dollars in January to about 320 billion US dollars.
Macroeconomic shocks suppress consumer demand and corporate spending, while unsold inventory among PC suppliers continues to increase. Statistics from IDCh show that shipments of desktop and laptops fell 15% in the third quarter, and chip companies such as AMD (AMD.US) said they were surprised by the speed and amplitude of demand decline. Memory chip manufacturers Micron Technology (MU.US) and Kioxia announced that they would cut production by 30% to stabilize prices.
Some analysts believe that TSMC cannot even rely on the ongoing demand of its main customer Apple (AAPL.US) products. TSMC has benefited a lot from the continued growth of orders from Apple over the years. While the tech giant has launched new chips to improve the performance of its devices, Apple has also recently abandoned plans to increase production of the new iPhone product line, further raising questions about the potential demand for consumer electronics.
