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YZbit
#台积电Q3净利润超预期，盈利创历史新高 ⚠️需要留意的风险
1. 毛利率小幅环比下滑，主要是2nm新制程爬坡阶段成本偏高，短期拖累毛利水平
2. 高度依赖AI大客户，若未来AI资本开支降温，订单会承压
3. 海外建厂（美国、日本）成本高、建设周期长，会持续抬升资本开支压力
✅一句话总结
AI算力需求持续爆发，带动台积电先进制程订单饱满，推动利润连续六季创新高；2nm顺利量产，维持技术壁垒，但高资本开支与AI需求波动是未来两大变量。
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