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TSMC is looking for 30% revenue growth in 2022

hist78

hist78

Well-known member
TSMC held an annual shareholders meeting on June 8, 2022 Taiwan time in Taiwan.

If you can understand Mandarin Chinese, the following is the link for a video replay:

 
TSMC growth for 2020 is 14% and 2021 is 21%. 30% for 2022 is a very big number. Did they mention anything about 2023? Since N3 will hit in 2023 growth will again be 20-30% even though the total semiconductor growth will probably be in single digits. The actual growth rates for the fourth quarters of 2020 and 2021 stand at 14% and 21%.

TSMC Revenue Growth 2020 2021.png
 
Daniel Nenni said:
TSMC growth for 2020 is 14% and 2021 is 21%. 30% for 2022 is a very big number. Did they mention anything about 2023? Since N3 will hit in 2023 growth will again be 20-30% even though the total semiconductor growth will probably be in single digits.

The actual growth rates for the fourth quarters of 2020 and 2021 stand at 14% and 21%,

View attachment 793
Click to expand...

Because it's a three hours long meeting, I'm still going through it whenever I have a chance. So far, I haven't found a forecast about next year growth. TSMC CEO C. C. Wei did mention that the semiconductor industry (excluding memory) is expected to grow 9% in 2022 while foundry industry will grow 20%.
 
Some highlights from the shareholders meeting:

  • ~ 2022 Capex $40 ~ $44 billion. 2023 Capex is expected to be greater than $40 billion.
  • ~ 30% 2022 YoY revenue growth.
  • ~ Recruitment for US Arizona fab has reached its goal.
  • ~ The speed of construction for Arizona fab won't be influenced by the speed of passing CHIPS act.
  • ~ TSMC expects to receive subsidies through CHIPS act.
  • ~ Arizona fab buildup cost is higher than originally expected but it's within TSMC's capability and financial modeling. With all fabs in Taiwan, Japan, and US, TSMC expects to achieve the long term 53% gross profit margin.
  • ~ Cash dividend will continuously grow but capital investment and R&D spending are TSMC's priority in order to achieve long term revenue and profit growth.
  • ~ TSMC is expecting 15% ~ 20% annual compound growth for next several years.
  • ~ TSMC is not worry about the softening smartphones and PCs markets because automotive and high performance computing demand are growing. TSMC is adjusting its operations accordingly.
  • ~ TSMC fab utilization rate is very high/tight and it helps to reduce the impact of certain demand softening.
  • ~ TSMC's pricing strategy is more strategical than opportunistic.
  • ~ Copycat approach won't work in semiconductor industry, no matter it is for a company or for a country.
  • ~ 2nm development has reached some milestones in 2021.
 
Last edited:
hist78 said:
Because it's a three hours long meeting, I'm still going through it whenever I have a chance. So far, I haven't found a forecast about next year growth. TSMC CEO C. C. Wei did mention that the semiconductor industry (excluding memory) is expected to grow 9% in 2022 while foundry industry will grow 20%.
Click to expand...

See my previous post for some highlights.

~ TSMC is expecting 15% ~ 20% annual compound growth for next several years.
 
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