大行評級|大摩:上調台積電台股目標價至980元新台幣 指加價獲大客户認可
摩根士丹利發表報吿指出,有消息稱台積電正在考慮提高對英偉達的生產費用,該行就台積電希望提高晶圓價格一事詢問英偉達意見,英偉達行政總裁黃仁勛指出,台積電服務價格太低,而台積電對世界和科技行業的貢獻,在其財報中未得到充分反映。該行認為,英偉達管理層認可台積電的可靠性,有助於消除最大的風險因素之一——代工生產。儘管英偉達未有確認上調晶圓價格的時間或幅度,但表示CoWoS產能價格應會上升,並期望台積電可提供更多供應。該行相信,台積電需提高晶圓價格,以保持其毛利率在2025及2026年達53%的目標之上。
此外,該行認為英偉達是台積電的主要客户,估計佔台積電今年收入的一成。假設英偉達接受台積電加價,相信其他關鍵人工智能半導體客户可能會跟隨。根據該行調查,估計台積電明年的晶圓定價可能會在今年9月或10月敲定。假如3納米制程晶圓於未來兩年的平均價格上升11%,4納米制程晶圓均價升3%,CoWoS價格或升兩成。該行將台積電的2026年盈利預測上調,台股目標價由928元新台幣上調至980元新台幣,評級“增持”。
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