Glonghui, June 28 | Goldman Sachs published a research report stating that it believes that TSMC will maintain its annual performance guidelines and industry outlook unchanged, and reaffirms that revenue for the 2024 fiscal year is expected to increase by 24% year-on-year. The second-quarter results will generally be in line with its performance guidelines. Looking ahead to the third quarter of this year, the bank expects TSMC's revenue to grow 10.9% quarterly, while gross margin will drop to 52.8%. TSMC is now striving to further implement its sales value strategy and has significant bargaining power in product pricing. The bank also expects that starting in 2025, the prices of the company's 3nm and 5nm products will increase by a low unit percentage; as for CoWoS products, the price of COWos products will increase by 5%. The bank also anticipates that TSMC will not provide any guidance on its capital expenditure next year. Therefore, the bank maintains the forecast that TSMC's capital expenditure for fiscal year 2025 will increase by 22% year on year, and believes that management will maintain the 2024 capital expenditure guidelines between US$28 billion and US$32 billion. Goldman Sachs maintained its target price for TSMC's US stock at $218 and reaffirmed the “buy” (convinced buy list) rating.