小摩：AI需求“挤爆”先进制程台积电Q1毛利率或超预期上行

智通财经04-03

摩根大通近期发布有关台积电(TSM.US)的研报，前瞻2026年一季度业绩，预计Q1毛利率强劲上行，AI需求上行驱动资本开支进一步上调，目标价上调至新台币2400元。进入2026年一季度财报期，该行认为台积电在2026年一、二季度毛利率将显著超预期，主要得益于3nm产能持续紧张、产能利用率高企、加急晶圆需求提升以及新台币贬值。该行预计公司2026年二季度营收环比增长6%–8%，增长上限主要受3nm...

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小摩：AI需求“挤爆”先进制程 台积电Q1毛利率或超预期上行

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小摩：AI需求“挤爆”先进制程台积电Q1毛利率或超预期上行