GTJA released a report, raising taiwan semiconductor (TSM.US) revenue forecast for 2024 to 2885.8 billion, 3751.7 billion, and 4375.8 billion New Taiwan Dollars (previous values were 2819.8 billion, 3497 billion, and 4057 billion New Taiwan Dollars), and raised GAAP net profit forecast to 1184.4 billion, 1675.7 billion, and 1991.6 billion New Taiwan Dollars (previous values were 1114.2 billion, 1437.6 billion, and 1691.1 billion New Taiwan Dollars). The target price is raised to $238, maintaining a 'shareholding' rating.

GTJA stated that in the third quarter, taiwan semiconductor achieved a gross margin of 57.8%, a year-on-year increase of 3.5 percentage points and a quarterly increase of 4.6 percentage points, far exceeding the market's consensus expectation of 54.8%. The main reason is the improvement in capacity utilization; guiding the fourth-quarter gross margin is expected to be between 57% and 59%, significantly higher than the market's consensus expectation of 54.7%, with further upside potential. AI demand is confirmed, and there are marginal changes in the competitive landscape of wafer foundry, strengthening taiwan semiconductor's competitive advantage. CoWoS capacity is expected to continue doubling in 2025, with accelerated progress in overseas Fab.