GLONGHUI, January 22 | According to a research report published by Citigroup, TSMC said the fourth quarter was better than expected. Net revenue was NT$238.7 billion, up 13% from quarter to quarter and down 19% from year to year. Management is optimistic about this year's recovery and expects revenue growth of 20% as low to mid-range, exceeding market forecasts by about 20%. TSMC maintains a long-term gross margin target of over 53%. This year's capital expenditure guideline is 28 billion to 32 billion US dollars, which is in line with the bank's expectations. The bank reaffirmed its “buy” rating, and the target price was raised from NT$720 to NT$740. The bank said that TSMC expects its HPC business to see good growth, raising the AI chip sales mix guidelines to a high ten-digit high in 2027. Given the Group's strong project reserves, the company can achieve its goals earlier.