郭明𫓹：台积电长期毛利率展望考虑了通胀跟关税造成的成本，可能不小心又帮其他公司开法会了

格隆汇APP2025-04-18

格隆汇4月18日｜天风国际分析师郭明𫓹表示：台积电今天（4月17日）的法说，信息量庞大。台积电今天的说法是，考虑到美国厂对毛利率的稀释，长期毛利率展望是维持在53%以上 (vs. 1Q25是58.8%)，负面影响高于我先前的推估，原因在于台积电还考虑了通膨（通胀）跟关税造成的成本。这代表什么意思？台积电帮大家示范，通膨跟关税对毛利率潜在的影响该如何计算。如果要把这逻辑套用在其他厂商，还要先考虑到...

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