大行評級丨高盛:降臺積電目標價至1190元新臺幣,管理層對CoWoS先進封裝業務前景論調略爲放軟
高盛發表研究報告指,臺積電2025年前景較市場憂慮好,管理層在最新業績電話會議中維持了2025年全年收入和資本支出指引,並澄清未與其他公司就潛在的合資企業或技術轉讓進行任何討論,相信有助於緩解投資者擔憂。市場普遍預期關稅及宏觀不確定性可能導致終端需求放緩,雖然管理層對AI需求仍持積極看法,但高盛認爲管理層對CoWoS先進封裝業務前景論調略爲放軟,暗示AI增量需求或趨向疲軟,相應將今明兩年CoWoS先進封裝出貨量預測下調至58.5萬及92.3萬片晶圓,產能下調至66萬及100萬片晶圓,並將2026及2027年每股盈利預測下調0.9%,臺股目標價從1,200元新臺幣下調至1,190元新臺幣,重申“買入”評級。高盛並將臺積電將2027年的毛利率預測從57.8%下調至57.1%。
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