研报掘金丨中信建投：维持台积电买入评级目标价385.27美元_老虎社区_美港股上老虎

研报掘金丨中信建投：维持台积电买入评级目标价385.27美元

格隆汇01-20 16:26

中信建投维持台积电(TSM.US)买入评级，目标价385.27美元。2025Q4营收与毛利率双超预期，HPC占比达55%，先进制程收入持续提升。2026年营收增速指引近30%，CapEx创历史新高，彰显扩产信心。AI驱动长期增长，盈利预测上调，2026年PE仅28倍，估值合理。

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