【高盛降台积电(TSM.US)先进封装出货量预测重申“买入”评级】金十数据4月22日讯，高盛发表研究报告指，台积电(TSM.US)2025年前景较市场忧虑好，管理层在最新业绩电话会议中维持了2025年全年收入和资本支出指引，并澄清未与其他公司就潜在的合资企业或技术转让进行任何讨论，相信有助于缓解投资者担忧。市场普遍预期关税及宏观不确定性可能导致终端需求放缓，虽然管理层对AI需求仍持积极看法，但高盛认为管理层对CoWoS先进封装业务前景论调略为放软，暗示AI增量需求或趋向疲软，相应将今明两年CoWoS先进封装出货量预测下调至58.5万及92.3万片晶圆，产能下调至66万及100万片晶圆，并将2026及2027年每股盈利预测下调0.9%，台股目标价从1,200元新台币下调至1,190元新台币，重申“买入”评级。高盛并将台积电将2027年的毛利率预测从57.8%下调至57.1%。
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