台积电第三季度净利润大增68.7%再创新高TSMC Posts Record Profit as Third-Quarter Earnings Surge 68.7 Percent

在人工智能计算需求持续放量的支撑下，台积电第三季度录得236亿美元净利润，同比增幅达到68.7%，高于伦敦证券交易所集团SmartEstimates汇总的市场预期。这是该芯片代工巨头连续第六个季度刷新单季净利润历史纪录。公司盈利能力同样超出管理层此前给出的指引，第三季度营业利润率攀升至58.7%，高于预设区间上限的58%，反映出半导体行业在AI繁荣期展现的定价空间。

Supported by expanding demand for artificial intelligence hardware, TSMC recorded a net profit of $23.6 billion for the third quarter, marking a 68.7 percent increase from the prior year and surpassing LSEG SmartEstimates forecasts. The performance established a fresh earnings record for the sixth consecutive quarter for the contract chipmaker. Profitability also moved past internal management forecasts, with the operating margin reaching 58.7 percent compared to the upper target of 58 percent in the company's guidance range, reflecting semiconductor pricing dynamics during the ongoing AI wave.

充沛的订单与芯片出货同时转化为现金流的大幅增厚。财务数据显示，台积电当季自由现金流自去年同期的1393.8亿新台币跃升至4765.6亿新台币，增幅超过两倍。伴随强劲的盈利和充裕的运营现金，台积电董事会已核准第二季度每股派发7.00新台币的现金股息，继续执行对股东的现金回馈策略。

Strong order volumes and wafer deliveries translated into a sharp increase in cash generation. According to reported financial results, TSMC generated NT$476.56 billion in quarterly free cash flow, climbing more than threefold from NT$139.38 billion recorded during the same period last year. Backed by solid earnings expansion and operating liquidity, the TSMC board of directors formally approved a cash dividend of NT$7.00 per share for the second quarter, maintaining its ongoing capital return program for shareholders.

台积电第三季度的晶圆收入高度向尖端制程倾斜。数据显示，定义为7纳米及更先进技术的制程节点合计占到当季晶圆总收入的79%。其中，3纳米制程芯片表现尤为突出，以33%的份额成为公司单一营收贡献最大的节点，紧随其后的是5纳米与7纳米制程产品，显示出客户向更精密制程快速迁移的采购结构。

TSMC's third-quarter wafer revenue tilted heavily toward cutting-edge manufacturing processes. Advanced technologies, defined by the foundry as nodes measuring 7 nanometers and below, accounted for 79 percent of total wafer revenue. The 3-nanometer node emerged as the company's single largest revenue driver, generating 33 percent of overall wafer turnover during the quarter, followed by sustained volume across 5-nanometer and 7-nanometer product lines as customers systematically transition toward dense silicon architectures.

从应用平台观察，用于人工智能与数据中心的高性能计算（HPC）平台占据了整体营收的68%，成为最核心的支柱业务；智能手机平台位居第二，贡献了21%的营业收入。与此同时，汽车电子业务展现出最快增长势头，环比增速达到23%。台积电指出，智能体人工智能（Agentic AI）与开源AI模型的广泛采用，持续推高了对AI加速器、专用处理器和网络半导体的需求。

Categorized by market application platforms, the high-performance computing segment dominated TSMC's business mix by delivering 68 percent of aggregate quarterly revenue, while smartphones ranked second with a 21 percent share. The automotive semiconductor segment expanded at the fastest sequential pace, posting a 23 percent quarter-on-quarter increase. TSMC attributed the broader operational momentum to the expanding adoption of agentic AI and open-source artificial intelligence models, which continues to heighten global procurement requirements for dedicated AI accelerators, processing hardware, and advanced networking silicon.

在财报说明会上，台积电给出了强劲的短期业绩指引，预计第四季度营收将在523亿美元至543亿美元之间。按照指引区间中值计算，该数字意味着营收环比增长14%，较上年同期跃升58%。公司表示，第四季度的业务表现将继续得到先进制程技术强劲需求的支撑，其中包括加快推进2纳米工艺技术的产能爬坡。与此同时，台积电预计2026年至2028年的资本支出规模将显著高于此前三年的投资水平，以持续应对不断增长的客户需求。

During its earnings call, TSMC projected robust guidance for the upcoming period, forecasting fourth-quarter revenue between $52.3 billion and $54.3 billion. At the midpoint of the range, that forecast represents a 14 percent sequential increase and a 58 percent jump compared with the prior year. The foundry stated that business in the fourth quarter will be supported by ongoing strong demand across its advanced manufacturing nodes, including the production ramp-up of its next-generation 2-nanometer process. To sustain this momentum, TSMC announced that capital expenditure from 2026 through 2028 is expected to be significantly higher than spending over the previous three years.

半导体分析机构SemiAnalysis分析师斯拉万·昆多贾拉向CNBC指出，台积电好于预期的业绩以及上调的营收展望，印证了市场对先进制程芯片的需求持续超出其现有生产能力，调高的资本开支规划也体现出公司对未来数年持续增长的信心。昆多贾拉同时提到，台积电对产能扩张保持审慎，会严格评估客户是否具备部署人工智能系统所需的配套资金与辅助零部件。即使经过这些严格核查，台积电的需求依然显著高于其供应产能，这在确保投资决策与客户实际部署能力相符的同时，强化了业界对AI基础设施建设的信心。

SemiAnalysis analyst Sravan Kundojjala told CNBC via email that TSMC's stronger-than-expected earnings and upgraded outlook show that demand for advanced silicon continues to outpace factory output, with higher capital spending reflecting management's conviction in sustained growth. Kundojjala noted that TSMC maintains a disciplined approach to expanding capacity by screening whether customers possess the necessary funding and hardware components to deploy artificial intelligence systems. Even after conducting those operational checks, customer demand remains well above available supply capacity, reinforcing market confidence in broader AI infrastructure expansion while aligning capital commitments with actual customer readiness.

在扩充资本开支以满足客户订单的同时，台积电在美国本土的芯片制造网络取得了实质性进展。公司宣布，其位于亚利桑那州的第二座晶圆厂已经完成主体建筑施工，目前全面进入生产设备的安装测试阶段。依照当前推进速度，该厂预计将于2027年第三季度正式启动商业化量产，投产时间略早于公司此前制定的建设计划。在此之前，台积电曾于2026年7月的第二季度财报说明会上披露了扩大美国制造规模的具体规划，其中包括在亚利桑那州累计规划投资2650亿美元。

Alongside expanding capital expenditure to satisfy persistent chip orders, TSMC marked tangible milestones across its United States manufacturing base. The company announced that construction of its second wafer fabrication facility in Arizona is finished, with engineering teams actively installing production machinery. Commercial mass production at the facility is scheduled to begin in the third quarter of 2027, slightly ahead of its previous timetable. The progress follows details released during TSMC's second-quarter earnings presentation in July, which outlined plans to scale up its American manufacturing footprint through a cumulative planned investment of $265 billion across Arizona.

除亚利桑那州现有的生产基地外，这家芯片代工巨头还在探寻将制造网络延伸至美国其他地区的可能。据报道，台积电目前正在积极评估赴得克萨斯州展开潜在投资的可行性，以此继续巩固并扩大其在美国本土的半导体制造布局，为北美客户提供更多元化的先进制程产能支持。

Beyond the ongoing Arizona developments, the foundry is actively exploring the feasibility of broadening its industrial footprint to additional American regions. According to reports, TSMC is evaluating a potential investment in Texas as it looks to strengthen its domestic semiconductor manufacturing presence and provide deeper advanced node support for North American customers.