Glonghui, April 10 | Citi published a research report saying that although TSMC was affected by the earthquake, it is believed that its structural growth is still good, and the short-term impact is limited. The bank expects the company's sales to drop 5% quarterly in the first quarter of this year (guideline limit). Benefiting from favorable foreign exchange factors and improved market demand for advanced artificial intelligence processes, the gross margin is expected to reach 53% or more, and believes this strong trend will continue this year. The bank's revenue is expected to rise 4% quarterly in the next quarter, but considering the impact of the earthquake, gross margin may drop slightly. The bank said that after the earthquake, TSMC reiterated its annual revenue growth guideline of 20 to 25%. The bank also expects the Group's revenue to increase by 26% and 29% respectively in 2024 and 25, and believes that the Group's profit growth is accelerating, increasing next year's earnings estimates by 4%, and raising the target price from NT$740 to NT$950, and reaffirming the “buy” rating.