Leifeng.com reported that Taiwan semiconductor manufacturer TSMC released its second quarter report on Thursday. In the quarterly report, many data hit record highs. The quarterly report shows that in the second quarter ended June 30, 2022, TSMC's revenue was 534.14 billion NT$2, a year-on-year increase of 43.5%, an increase of 8.8% compared with the first quarter of 2022. In terms of profit, TSMC's net profit in the second quarter was NT$237.03 billion, a year-on-year increase of 76.4%, an increase of 16.9% compared with the same period last year. In terms of profit margin, TSMC's gross profit margin in the second quarter was 59.1%, and its operating profit margin was 49.1%, both hitting record highs.
Figure 1 TSMC's second quarter performance 2022
TSMC's profit results in the second quarter exceeded the expectations of financial analysts . Previously, in a report compiled by financial forecasting agency Lu Ford, 19 analysts' average forecast for TSMC's second-quarter earnings was NT$219.13 billion, and TSMC's actual profit exceeded this figure by about NT$18 billion. TSMC Vice President and Chief Financial Manager Huang Rende said strong demand from high-performance computing, the Internet of Things and the automotive industry has formed an important driving force for TSMC's revenue growth. In the second quarter of 2022, the smartphone and high-performance computing businesses made the most contribution to performance. It contributed 43% and 38% of revenue performance respectively, while the Internet of Things and automotive fields that followed contributed 8% and 5% of revenue respectively. Revenue from these sectors increased by 14% compared to the first quarter of this year.
Figure 2 The proportion of chip business in different fields of TSMC in revenue
On the other hand, advanced process chip manufacturing technology is also an important reason why TSMC has created a number of historical growth highs while semiconductors are collectively weak. In the past period of time, some chip manufacturing companies, including Micron , have stated that the explosive growth in sales of mobile phones and notebooks in the past two years due to the epidemic and other factors, and the chip shortage crisis is about to end, and predicted that the chip market will soon be oversupply and trigger inflation. People are starting to worry that the semiconductor industry will fall into a downturn. However, TSMC, which masters advanced chip process technology, does not seem to be disturbed by this negative market sentiment. TSMC masters the manufacturing technology of 7nm and 5nm advanced process chips. The 5nm and 7nm advanced process chips of chip manufacturers including Apple , AMD , NVIDIA, Qualcomm are all processed and manufactured by TSMC.
Figure 3 TSMC's different process chips account for a share of revenue
Apple has been using TSMC technology to manufacture mobile phones and computer chips. It is rumored that after Qualcomm has also handed over the orders of the Snapdragon 8Gen1+ to TSMC, it may further hand over all orders for the new generation of Snapdragon 8 series processors to be launched by the end of this year to TSMC. According to the financial report, the proportion of advanced process chips in TSMC's revenue further expanded in the second quarter. In the second quarter, the total chip revenue of 7nm and more advanced processes accounted for 51%, of which wafer of 5nm process contributed 21% of TSMC's revenue, and 7nm process accounted for 30%. The revenue generated by the 16nm and 28nm processes account for 14% and 10% of the total revenue respectively. The record-breaking good results also make TSMC more optimistic about the future. TSMC does not agree with the claim that the chip market is about to oversupply. TSMC believes that current customer demand still exceeds its supply capacity, and has made the most optimistic forecast for revenue in the second half of this year in the past ten quarters. TSMC's turnover in the third quarter of last year was approximately US$148.8, while TSMC expects sales in the third quarter of this year to be between US$19.8-20.6 billion, with gross profit margin reaching 57.5% to 59.5%. TSMC also predicts sales growth of about 30% in 2022. As for the 3nm process chip that was "snatched" by its competitor Samsung , TSMC said it will be put into production as scheduled in the second half of this year.
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