TSMC (2330 TW) Q2 Guidance: Revenue 19.6-20.4 (exp. 19.2bln, prev. 15.68bln Y/Y), Gross Margin 51-53% (Q1 53.1%), Operating Margin 40-42% (Q1 42%), Expects higher power costs; H2 business will be stronger than H1
- Co. says it is a key enabler of AI applications.
- High level of customer interest in N2 (i.e. 2nm), on track for volume production in 2025. Meaningful revenue from N2 to start from Q1-2026. N2 will be a very, very big node.
- Smartphone demand seeing a gradual, not steep recovery.
- Traditional server demand 'lukewarm'
- Mature node demand remains sluggish; will improve in H2. Less exposed to possible overcapacity for mature nodes.
- Capex rate of increase is levelling off.
Q2
- In Q2, sees business supported by 3nm and 5nm chips.
- This month's Taiwan earthquake did impact some wafers, expects most of the lost production to be recovered in Q2.
2024
- Reiterates 2024 capex guidance between USD 28-32bln.
- For 2024 capex, 70-80% will go for advanced technologies.
- Expect 2024 to be a healthy growth year for TSMC.
- 2024 revenue to increase in low-to-mid 20% range in USD.
18 Apr 2024 - 07:07- EquitiesImportant- Source: Newswires
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