《大行》花旗升台积电 (2330.TW) 目标价至 1,800 新台币 重申「买入」评级

Citi released a report indicating that due to robust demand for artificial intelligence and advanced process nodes, TSMC's performance once again exceeded expectations, with a gross margin of 59.5% in the third quarter of 2025, up from 58.6% in the second quarter.

The report stated that TSMC also raised its revenue outlook for 2025 to a mid-point annual growth of 30%, while capital expenditures remain at USD 40-42 billion. In terms of short-term outlook, the revenue for the fourth quarter of 2025 is expected to decrease by 1% quarter-on-quarter, with a gross margin maintained in the range of 59-61%, better than market expectations.

Based on strong demand for advanced process nodes and structural growth in artificial intelligence, the firm reiterated its "Buy" rating, raising the target price to NT$ 1,800