TSMC rises over 2% in pre-market trading, Citi expects it to raise 2026 revenue guidance.

金色财经报道，7月6日，台积电(TSM.US)盘前涨2.58%，报445.36美元。 Jinse Finance reports that on July 6, TSMC (TSM.US) rose 2.58% in pre-market trading to $445.36.

消息面上，台积电定于7月中旬公布第二季度业绩。 On the news front, TSMC is scheduled to announce its second-quarter results in mid-July.

花旗报告指出，台积电在即将举行的财报电话会议上，可能会进一步上调2026年收入增长预期，主要得益于尖端芯片的持续需求及长期可见度的提升。 A Citigroup report indicates that TSMC may further raise its 2026 revenue growth expectations during its upcoming earnings call, mainly driven by sustained demand for cutting-edge chips and improved long-term visibility.

相较同业，台积电最突出的优势在于其产能规模。 Compared to its peers, TSMC's most prominent advantage lies in its production capacity scale.

“尽管代工领域竞争日益激烈，这种规模优势仍将继续支撑晶圆定价、客户粘性及毛利率的可持续性。” "Despite increasingly fierce competition in the foundry space, this scale advantage will continue to support wafer pricing, customer stickiness, and the sustainability of gross margins."

花旗还表示，无论客户结构如何变化，台积电都将是AI半导体需求持续增长的主要受益者。 Citigroup also stated that regardless of changes in customer structure, TSMC will be a major beneficiary of the sustained growth in AI semiconductor demand.

此外，高盛亦在次季业绩公布前将台积电ADR目标价从550美元上调至600美元，重申“买入”评级。 Additionally, Goldman Sachs raised its ADR target price for TSMC from $550 to $600 ahead of the second-quarter results, reiterating a "Buy" rating.

高盛认为，AI与高效能运算(HPC)的需求成为台积电多年的结构性成长引擎，上季该行观察到，2027年的动能更加强劲，尤其是来自AI加速器与服务器CPU的需求，在先进制程节点与先进封装方面，需求皆持续远大于供给。 Goldman Sachs believes that demand for AI and high-performance computing (HPC) has become TSMC's multi-year structural growth engine. Last quarter, the bank observed that momentum for 2027 is even stronger, particularly from demand for AI accelerators and server CPUs, where demand consistently outstrips supply in advanced process nodes and advanced packaging.

高盛预期，台积电将进一步加速其产能建置与资本支出，同时持续的生产力提升与策略性定价，将推动毛利率在2027年及未来迈向结构性更高的轨迹。(格隆汇) Goldman Sachs expects TSMC to further accelerate its capacity buildout and capital expenditures, while ongoing productivity improvements and strategic pricing will drive gross margins toward a structurally higher trajectory in 2027 and beyond. (GeLongHui)