The third-quarter results of Taiwan Semiconductor Manufacturing Co., the world’s biggest contract chipmaker and Apple’s key supplier. We’ll go live on Oct. 13 a little before 1:30 p.m. Taipei time (6:30 a.m. London) to bring you the earnings report, followed by a management conference call scheduled for 2 p.m.
용어 설명.
HPC: High-Performance Computing. EUV: Extreme ultraviolet lithography. 7N, 5N, etc.: TSMC refers to its production nodes with the N designation after a number, which is roughly analogous to the traditional nanometer measurement. Basically, think of 7N = 7-nanometer = 7nm. Mature nodes: Chips made at a geometry of 28nm or larger fall into TSMC’s mature tech bucket. Fabs and fabless: Chip fabrication facilities and companies that don’t have them.
HPC: High-Performance Computing. EUV: Extreme ultraviolet lithography. 7N, 5N, etc.: TSMC refers to its production nodes with the N designation after a number, which is roughly analogous to the traditional nanometer measurement. Basically, think of 7N = 7-nanometer = 7nm. Mature nodes: Chips made at a geometry of 28nm or larger fall into TSMC’s mature tech bucket. Fabs and fabless: Chip fabrication facilities and companies that don’t have them.
Bottom-line: 5nm 기술이 3분기 매출에 기여한 비중은 28%로 지난 2분기 21%보다 높아졌음.
The most-advanced 5nm technology contributed 28% in 3Q sales, jumping from 21% in 2Q.
The most-advanced 5nm technology contributed 28% in 3Q sales, jumping from 21% in 2Q.
Bottom-line: 지역별 매출을 보자면 북미가 64%에서 72%로 높아졌고, 중국이 13%에서 8%로 감소했음.
Net revenue by geography: North America jumps up to 72% from 64% and China shrinks to 8% from 13% on a quarterly basis. This might again speak to the currency situation with the US dollar dominating everything.
Net revenue by geography: North America jumps up to 72% from 64% and China shrinks to 8% from 13% on a quarterly basis. This might again speak to the currency situation with the US dollar dominating everything.
Bottom-line: 스마트폰 사업의 매출 기여도 소폭 상승했기 때문에 아이폰 14의 부진 영향은 아직 불명확함.
Sales contribution from smartphone business was also up slightly. The impact from the widely speculated poor iPhone 14 reception isn’t clear yet.
Sales contribution from smartphone business was also up slightly. The impact from the widely speculated poor iPhone 14 reception isn’t clear yet.
Bottom-liine: 총이익률 60%는 2005년 1분기 이후 가장 높고, 매출액이 이전 분기 대비 14.8% 증가한데 가장 크게 기여한 쪽은 5nm 기술임. 위 테이블을 참고하길 바람.
The gross margin this quarter is TSMC’s best since at least the March quarter of 2005. Revenue increased 14.8% quarter-over-quarter, according to the company, supported by strong demand for 5nm technologies. This table from the company’s statement provides more detail.
The gross margin this quarter is TSMC’s best since at least the March quarter of 2005. Revenue increased 14.8% quarter-over-quarter, according to the company, supported by strong demand for 5nm technologies. This table from the company’s statement provides more detail.
Bottom-line: 동사는 가격 결정력에 우위를 점하는 바 웨이퍼의 ASP가 5,000달러를 돌파했음. 7nm와 5nm를 합칠 경우 3분기 매출액의 54%를 기여함.
TSMC is really enjoying pricing power. For the first time, ASP per wafer cracked $5,000. 7nm technology contributed to 26% of 3Q sales. Advanced nodes -- meaning 5nm + 7nm combined -- accounted for a total of 54% of TSMC’s sales in the third quarter.
TSMC is really enjoying pricing power. For the first time, ASP per wafer cracked $5,000. 7nm technology contributed to 26% of 3Q sales. Advanced nodes -- meaning 5nm + 7nm combined -- accounted for a total of 54% of TSMC’s sales in the third quarter.
Bottom-line: 긍정적 신호 중의 하나가 재고 기간인데, 이전 분기 95일에서 90일로 줄었음. 재고 기간이 줄어든 것은 2019년 4분기 이후 처음임.
One of the most positive signs from these numbers is inventory. TSMC holds 90 days of inventory, down from 95 a quarter prior. It’s the first time since 4Q 2019 that inventory days fell.
One of the most positive signs from these numbers is inventory. TSMC holds 90 days of inventory, down from 95 a quarter prior. It’s the first time since 4Q 2019 that inventory days fell.
Bottom-line: 예상치를 상회한 것은 위에 열거한 것 외에도 영업이익률인데, 50.6%로 기존 추정인 47%~49%를 뛰어넘음.
And another better-than-expected result: operating margin was 50.6% in 3Q; beats TSMC’s own estimate of 47-49%.
And another better-than-expected result: operating margin was 50.6% in 3Q; beats TSMC’s own estimate of 47-49%.
Bottom-line: 중국의 기여가 줄어드는 것은 결론적으로 전자장비 제조에서 허브 역할을 하던 것을 잃어가는 것임. 바이러스 억제 정책이 공급과 수요 모두를 눌렀고, 애플이 인도를 이용하게 된 이유를 알 수 있게 해줌.
The decline in China’s share of sales is a sign that the world’s largest electronics-making hub is losing steam. Covid Zero restrictions have curbed both demand and supply. Supply chain disruptions worsened that situation and, of course, Apple is now making iPhones in India.
The decline in China’s share of sales is a sign that the world’s largest electronics-making hub is losing steam. Covid Zero restrictions have curbed both demand and supply. Supply chain disruptions worsened that situation and, of course, Apple is now making iPhones in India.
Bottom-line: 부문별 전년 대비 성장률은 아래와 같음.
Here’s the year-on-year growth in sales by segment. These figures are based on percentages per segment provided by TSMC, and may differ from actual numbers due to rounding. Smartphone: 20% / HPC: 36% / IoT: 4% / Automotive: 61% / Digital Consumer Elec: -14%.
Here’s the year-on-year growth in sales by segment. These figures are based on percentages per segment provided by TSMC, and may differ from actual numbers due to rounding. Smartphone: 20% / HPC: 36% / IoT: 4% / Automotive: 61% / Digital Consumer Elec: -14%.
Bottom-line: 삼성전자와 같은 케이스로 1년 유예를 받을 수 있는지 경영진의 이야기를 들어 볼 시간임.
Samsung has been granted a one-year exemption from US restrictions that block exports of advanced chips and related equipment to China, Wall Street Journal reported just now. TSMC’s China business could get similar exemption, let’s see if the executives can confirm this.
Samsung has been granted a one-year exemption from US restrictions that block exports of advanced chips and related equipment to China, Wall Street Journal reported just now. TSMC’s China business could get similar exemption, let’s see if the executives can confirm this.
Bottom-line: 등장인물 소개.
Jeff Su, TSMC’s IR director, gets us rolling. Speakers today will be CFO Wendell Huang and CEO C.C. Wei.
Jeff Su, TSMC’s IR director, gets us rolling. Speakers today will be CFO Wendell Huang and CEO C.C. Wei.
Bottom-line: 60.4%의 총이익률은 제시한 것보다 훨씬 높으면 이는 환율 효과 덕분임.
60.4% gross margin “is slightly ahead of our good guidance,” Huang says, crediting the favorable exchange rate.
60.4% gross margin “is slightly ahead of our good guidance,” Huang says, crediting the favorable exchange rate.
Bottom-line: 3nm에 도달하기 전까지 5nm, 7nm가 수익성 높은 기술로써 계속 기여할 것임. 4분기 매출액은 199억 달러에서 207억 달러 사이로 전망함.
54% of wafer revenue in 3Q for TSMC came from advanced technologies, the 5nm and 7nm classes, Huang notes. This is also the most lucrative stuff TSMC makes - until its next-gen 3nm production ramps up. TSMC Sees 4Q Sales $19.9B to $20.7B
54% of wafer revenue in 3Q for TSMC came from advanced technologies, the 5nm and 7nm classes, Huang notes. This is also the most lucrative stuff TSMC makes - until its next-gen 3nm production ramps up. TSMC Sees 4Q Sales $19.9B to $20.7B
Bottom-line: 4분기 총이익률은 59.5%에서 61.5% 사이로 전망하며, 이는 현재 시장 추정치인 57.9%보다 높음. 영업이익률은 49%에서 51% 사이로 전망하며, 이 또한 추정치인 47%보다 높음.
TSMC Sees 4Q Gross Margin 59.5% to 61.5%, Est. 57.9%. TSMC Sees 4Q Oper Margin 49% to 51%, Est. 47%.
TSMC Sees 4Q Gross Margin 59.5% to 61.5%, Est. 57.9%. TSMC Sees 4Q Oper Margin 49% to 51%, Est. 47%.
Bottom-line: 3nm에 대한 고객사 수요는 공급을 초과하며, 첫 고객들은 고성능 컴퓨팅이나 스마트폰 부문일 것임. 또한 이 기술 분야에 있어 선두를 지킬 것이라 확신함.
Customer demand will be stronger than supply of 3nm chips, Wei says. Initial clients for 3nm will be in high-performance computing and smartphone segments. “Our 3nm technology will be the most advanced semiconductor technology when it is introduced,” Wei says. Foundry rival Samsung made a big deal of getting its 3nm product out at the end of Q2 this year, so TSMC is talking up its tech lead.
Customer demand will be stronger than supply of 3nm chips, Wei says. Initial clients for 3nm will be in high-performance computing and smartphone segments. “Our 3nm technology will be the most advanced semiconductor technology when it is introduced,” Wei says. Foundry rival Samsung made a big deal of getting its 3nm product out at the end of Q2 this year, so TSMC is talking up its tech lead.