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台积电先进工艺路线图(N3→N2→A14→A10)
台积电先进工艺路线图(N3→N2→A14→A10)
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所属报告:
阿斯麦-ASML.US-美股公司研究报告:全球AI算力扩张的核心枢纽深度受益2028设备长周期红利-260707(31页).pdf
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台积电资本开支变化(单位:亿美元)
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向后看,AI 先进逻辑是设备需求增长的第二条上行主线。我们预测晶圆代工资本开支2026-2028 同比+35%/+26%/+13%,至 733/924/1,042 亿美元(2026-2028 CAGR 约+24%)。N2 量产爬坡、A16/A14 节点导入,工艺复杂度提升可能拉长良率爬坡和设备验证周期,短期或扰动收入确认节奏;但长期 AI 算力需求仍将推动先进逻辑向更小节点迁移,若 Intel 18A/14A 等节点顺利推进,先进逻辑 EUV 需求有望从台积电单一主导扩展为多客户共同拉动,光刻等环节的设备用量有望持续提升。收入端已有恢复迹象,2025 年中国台湾地区收入回升至 53.8 亿欧元、占比升至约 22%。看好 ASML 成为设备板块核心受益标的。
行业数据
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当前图表所属:
阿斯麦-ASML.US-美股公司研究报告:全球AI算力扩张的核心枢纽深度受益2028设备长周期红利-260707(31页).pdf
表现金流量
ASMLvs其他四家设备商合计市值累计变动情况(截至CY26/7/2)
全球主要半导体厂商CAPEX同比增速vs五大设备商总市值相对于SOX的超额表现(截至CY26/7/2)
半导体各板块轮动热力
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