Fany
2020-07-24
台积电在制造工艺上大幅领先,这就是它的护城河。
$台积电(TSM)$
@Fany:
台积电:芯片代工龙头,长期受益行业发展
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elsoneden
2021-06-06
elsoneden
ok
称昵的我
2021-06-08
称昵的我
什么也没有了~
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风险:全球行业景气度下降、大客户增长减速 代工龙头,享受行业红利 当今全球半导体产业有两种商业模式,一种是IDM,从设计,到制造、封装测试以及投向消费市场一条龙全包的企业,例如英特尔;另一种是垂直分工模式,有的半导体公司只做设计,没有fab,通常就叫做Fabless,例如ARM公司、NVIDIA和高通等;而还有的公司,只做代工,只有fab,不做设计,称为Foundry,该等模式诞生的标志为台积电的成立。 Foundry模式的诞生是由于半导体产业所需的投资十分巨大,沉没成本高,其次半导体制造天生具有规模经济特性,适合大规模生产。 台积电作为芯片“代工”龙头,以其超50%的市场份额及先进工艺优势,将长期受益于行业发展。 优秀的财务表现 过去十年,公司的净资产收益率始终保持在20%以上,平均在25%左右,这意味着公司拥有优秀的盈利能力。 除此之外,公司的现金流表现同样优秀,营运现金流能完全覆盖投资、经营、分红活动产生的现金流出,该等指标反映出公司的收入质量可靠。 综合来看,我们认为台积电作为全球芯片制造的重要一环,其将长期受益于行业的景气度发展,于此同时,公司本身的盈利能力及财务表现也同样优秀,鉴于此,我们认为台积电有比较不错的长期投资价值。 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