Recently, many media have been badmouthing semiconductor , pointing out that the semiconductor positive cycle is coming to an end and will usher in a downward channel.
The much-anticipated TSMC legal briefing was held yesterday afternoon. The short sellers were hoping that TSMC would deliver a second-quarter financial report that was lower than market expectations and a disappointing third-quarter earnings report. When it comes to its quarterly financial outlook, TSMC has released a lot of positive information. Not only did its operations in the second quarter deliver impressive results, but its outlook for the third quarter and the entire year is optimistic. Its revenue in the third quarter is also expected to hit new highs. And raised the full-year growth target to 35%.
Although market demand for computers, smartphones and other markets has slowed down and the supply chain has begun to adjust inventory, TSMC's operating outlook for this year remains optimistic and it is confident that it will continue to grow next year.
Exactly why TSMC is more optimistic about the future business than expected? The following are the seven key points of the meeting.
TSMC’s second quarter operating performance?
TSMC’s second-quarter sales performance of smartphones, high-performance computing, Internet of Things, automotive electronics and consumer electronics platforms grew across the board, with quarterly revenue of US$18.16 billion, reaching the original target of US$17.6 billion to US$18.2 billion, approximately NT$ 534.14 billion yuan, continuing to hit a new high, with a quarterly increase of 8.8%.
html The proportion of 17nm process is about 30%, the proportion of 5nm is 21%, and the proportion of advanced processes including 7nm and 5nm is 51%.
Benefitting from favorable exchange rates and cost improvements, TSMC’s second-quarter gross profit margin was 59.1%, exceeding the original target of 56% to 58%, an increase of 3.5 percentage points from the first quarter, and net profit attributable to the parent company was 237.03 billion yuan. , a quarterly increase of 16.9%, continuing to hit a new high, with net earnings per share of 9.14 yuan. How does
view the third quarter, full year 2022 and long-term operating prospects?
html Demand for 15nm and 7nm continues to be strong, and third-quarter revenue is expected to reach US$19.8 billion to US$20.6 billion, with a mid-point quarterly increase of 11.2%.
The exchange rate assumption is more favorable, but due to the impact of inflation and rising costs such as materials, the gross profit margin in the third quarter will be approximately 57.5% to 59.5%. At the midpoint, it may fall by 0.6 percentage points from the second quarter, and the operating profit margin will be approximately 47 %~49%.
Production capacity will remain tight in 2022, and US dollar revenue is expected to grow by 35%, 30% higher than expected.
The compound annual growth rate of US dollar revenue in the next few years is 15% to 20%, and the long-term gross profit margin can reach more than 53%. What is the market demand outlook for
?
The demand for smartphones, personal computers and consumer terminals has weakened, while the demand for data centers and automotive electronics has remained stable, with high-performance computing being the main driver of long-term growth. How is the inventory adjustment of
?
The supply chain will begin to reduce inventory in the second half of this year. The excessive inventory will take several quarters to return to a healthier level, which may last until the first half of 2023. The current semiconductor cycle is similar to a typical cycle and may last until the first half of 2023.
Capital expenditure planning content?
TSMC’s capital expenditures in 2022 were originally scheduled to be US$40 billion to US$44 billion. As suppliers continue to be affected by the epidemic, part of this year’s capital expenditures will be moved to 2023.
What is the progress of the advanced manufacturing process? The
3-nanometer process will be mass-produced in the second half of the year and contribute revenue in the first half of 2023; the enhanced 3-nanometer process will be mass-produced one year after the 3-nanometer mass production. The main applications of 3nm and enhanced 3nm processes are smartphones and high-performance computing.
2nm is expected to enter risk trial production in 2024 and mass production in 2025. Density and energy efficiency will still lead the industry. How is the overseas layout progress of
?
In addition to labor costs and the disruption caused by the epidemic, U.S. factory costs are indeed higher than expected. TSMC has informed the U.S. government and customers of the situation and will continue to communicate with the government and work hard to reduce costs. TSMC’s long-term gross profit margin target is above 53%, and it has taken into account the impact of U.S. factories, and currently has no plans for a joint venture.
As for Japan’s strong material technology, it is the global leader in substrate . Through the Japanese 3D IC R&D center, it will be able to provide customers with better services.
