大摩：台積電明年到後年毛利率恐將惡化 - 股票

By Ethan
at 2021-07-16T15:30

Table of Contents

大摩：台積電明年到後年毛利率恐將惡化到50%以下

https://udn.com/news/story/6811/5606217

2021-07-16 14:20 經濟日報 / 編譯黃淑玲／綜合外電

道瓊社今（16）日引述摩根士丹利的分析，指台積電（2330）的利潤率恐怕會變得更差，
主要是折舊成本增加，以及定價能力明顯薄弱。

摩根士丹利報告指出，若要維持晶片產業規模趨勢，台積電需要龐大的資本支出，如此一
來，利潤就被侵蝕。今年第2季台積電毛利率由去年同期的53%降到50%。大摩預期2022年
到2023年的某個時間點上，台積電的毛利率將下跌到50%以下。

大摩對台積電的投資評級維持在中性。目標價580元。台積電今天收報589元，跌4.1%。

心得：
摩根士丹利報告指出。若要維持晶片產業規模趨勢，台積電需要龐大的資本支出，預期202
2年到2023年的某個時間點上，台積電的毛利率將下跌到50%以下。

--

Tags: 股票

All Comments

By Leila
at 2021-07-16T22:47

看來要漲了

By Ivy
at 2021-07-18T12:28

鬼故事來了

By Zenobia
at 2021-07-20T12:12

鬼故事來了

By Una
at 2021-07-20T17:13

GG崩崩

By Linda
at 2021-07-20T23:44

鬼故事來了

By Elizabeth
at 2021-07-22T23:50

摳訓到了

By Ingrid
at 2021-07-26T08:34

慘了= =

By Belly
at 2021-07-28T14:54

要飆了

By Delia
at 2021-07-30T23:26

慘了.....

By Vanessa
at 2021-08-03T17:09

假日鬼故事

By Olga
at 2021-08-08T13:05

週末鬼故事開演

By Zora
at 2021-08-10T14:45

天啊，這樣會崩嗎？

By Tristan Cohan
at 2021-08-11T13:24

要吃了

By Frederica
at 2021-08-14T01:09

要去航運避險了

By Audriana
at 2021-08-18T01:53

幹考慮停損了放了有夠久

By Elma
at 2021-08-20T20:20

要直接跳回614了嗎

By Audriana
at 2021-08-21T13:24

吃貨文

By Emily
at 2021-08-24T03:26

定價能力再弱也比不上穩中帶堅的吧

By Freda
at 2021-08-24T20:23

純噓定價能力薄弱? 這三小分析 2022能穩定量產3nm

By Robert
at 2021-08-28T07:11

上次喊 Dead Money 也是這家

By Barb Cronin
at 2021-08-29T08:17

鬼

By Enid
at 2021-09-01T20:31

鬼故事

By Ophelia
at 2021-09-02T01:57

今天沒撿到可惜要噴了

By Margaret
at 2021-09-04T06:34

上船避險，還能保住資產不縮水

By Agnes
at 2021-09-05T08:25

匯率問題也能標題嚇人？

By Necoo
at 2021-09-06T17:48

給你周末兩天醞釀發酵禮拜一出清剛好吃貨
新聞反著看

By Franklin
at 2021-09-09T06:53

慘了...要被套十年

By Callum
at 2021-09-10T22:22

好恐怖喔大摩你賺錢有台積厲害？

By Skylar Davis
at 2021-09-11T15:09

大摩就說GG是Dead money啊

By Jacob
at 2021-09-12T18:28

勿忘國巨欸不對這不是航運長期看好啦

By Enid
at 2021-09-17T13:12

的有誰? 說說看 ***/INTEL 還有嗎?

By Gary
at 2021-09-20T22:22

台積都說答案了大摩一直跳針自爽在幹嘛

By Lucy
at 2021-09-23T06:55

跌了就出鬼故事真的很惡劣

By Cara
at 2021-09-27T20:12

支持了這麼多年現在才知道喔笑死

By Skylar DavisLinda
at 2021-10-01T19:08

笑死人

By Puput
at 2021-10-05T21:21

晶片什麼時候要漲價

By Liam
at 2021-10-07T13:34

老蘇：121敗登積殺爆台股殺台G

By Edward Lewis
at 2021-10-07T16:20

週末鬼故事別信上週就是拜登假新聞

By Daniel
at 2021-10-11T18:00

要強收股票了

By Agatha
at 2021-10-13T09:43

吃貨文

By Xanthe
at 2021-10-14T21:30

大家趕快停損我要吃好吃滿

By Annie
at 2021-10-17T02:03

利空即將出盡

By Gilbert
at 2021-10-17T09:06

殺完電子殺航運，大崩盤看少年股神殞落讚

By Tracy
at 2021-10-18T10:48

GG炒手一直都很髒

By Delia
at 2021-10-19T14:46

又來了，上次才自打嘴巴，賣完大買，吃相難看

By Heather
at 2021-10-22T06:51

580收

By Oscar
at 2021-10-24T10:52

送分題

By Brianna
at 2021-10-27T02:17

複習一下，現在看來他目標價很準啊
https://www.google.com/amp/s/udn.com/news/amp/st
ory/7240/5542185

By George
at 2021-10-28T06:15

就算剩40%還是狂電台灣很多公司好嗎？

By Ida
at 2021-10-30T01:49

還好今天有撿（？

By Todd Johnson
at 2021-11-03T16:15

吃貨文哈哈哈

By Agatha
at 2021-11-08T09:53

笑死

By Ida
at 2021-11-10T17:33

不喜歡就找個買家賣一賣智缺嗎

By Sarah
at 2021-11-15T05:57

大魔：恐怖喔～。晚上發現大魔買超最多。

By Lauren
at 2021-11-18T14:07

要變屎錢了

By Megan
at 2021-11-21T10:11

台積不會漲價哦

By Madame
at 2021-11-24T05:35

吃貨文

By Skylar Davis
at 2021-11-27T09:51

6/19 [新聞] 面板雙虎大摩力挺

By Eden
at 2021-12-01T18:45

吃貨文

By Madame
at 2021-12-03T12:05

不過反正GG會配合

By Ingrid
at 2021-12-04T14:46

這外資有種就一路賣

By Sarah
at 2021-12-09T04:47

又想騙票

By Puput
at 2021-12-13T19:38

肏大，你幹嘛插進來啦

By Wallis
at 2021-12-18T16:16

美國人還是聰明花錢的研發給外國小弟去做就好真的
成功了再來美國設廠要小弟乖乖生產毛利率低的商品
也聽話哈

By Rachel
at 2021-12-21T16:37

不是呀，毛率利下降來自己巨額資本支出，那營收增幅

By Elma
at 2021-12-22T10:37

媽勒，大跌的時候就利空出盡，想要騙人低接吃貨嗎

By Hedwig
at 2021-12-23T13:17

可以買了

By Olivia
at 2021-12-26T01:05

哈哈，不涨價就是被看没有

By Zora
at 2021-12-30T21:15

好歹也說一下，獲利水準會不會掉也要一起講吧

By Kyle
at 2022-01-04T02:28

吃貨文

By Dinah
at 2022-01-04T12:39

老師早就說過了 = =

By Lauren
at 2022-01-08T14:41

https://i.imgur.com/vCVWzXr.jpg

By Dinah
at 2022-01-12T23:37

真急呢才收盤就開始放利空

By Todd Johnson
at 2022-01-17T00:57

大摩，你懂的

By Hazel
at 2022-01-19T06:15

500收

By Agnes
at 2022-01-22T09:19

還要被政府叫去"配合"買疫苗真可憐

By Jake
at 2022-01-24T04:03

漲價就沒事了

By Jacob
at 2022-01-28T01:25

也太急XD

By Lydia
at 2022-01-28T16:28

主要是被強迫買疫苗跟吃車用吧，獲利吐出來

By Michael
at 2022-01-31T12:04

漲價明年的事今年大概真的要躺到年底了

By Sierra Rose
at 2022-01-31T15:09

快逃啊怕的下週快全數賣出讓大摩吃貨

By Kama
at 2022-02-04T05:54

https://i.imgur.com/46JItlv.png

By Puput
at 2022-02-08T21:25

要漲了 GG就是看下半年... 這外資實在不可取

By Enid
at 2022-02-09T16:49

我真的覺得大摩這篇是吃貨文

By George
at 2022-02-13T00:50

直接漲價給你看
客戶不買單可以不要啊

By Elma
at 2022-02-16T16:54

列車要北上了

By Daph Bay
at 2022-02-20T13:30

還不快殺到400

By Sierra Rose
at 2022-02-21T16:36

外資報告在位階低時喊空我也是笑笑而已

By Hedwig
at 2022-02-26T12:11

先把你吹爛再一邊買很機車

By Charlie
at 2022-03-01T11:43

整篇空洞無內容這樣可以當大摩分析師嗎

By Hedwig
at 2022-03-05T17:35

600要套幾波

By Faithe
at 2022-03-06T02:31

翻譯:我想吃貨

By Daniel
at 2022-03-06T06:06

大摩啊.......

By Jessica
at 2022-03-07T15:54

121

By Anthony
at 2022-03-11T21:36

400收

By Yuri
at 2022-03-14T12:34

想吃貨去吃大X

By Ida
at 2022-03-14T16:14

好了啦你賣阿廢物

By David
at 2022-03-15T19:54

乾，週末還沒開始，鬼故事就來了！

By Isabella
at 2022-03-19T19:20

上次講力積電這次台積電看破手腳了啦

By Ina
at 2022-03-23T03:20

好眼熟把GG換成喵喵是不是就一模一樣了XD

By Eden
at 2022-03-23T23:17

已知利空該跌的今天跌完了

By Erin
at 2022-03-26T09:52

不是吧怎不說去年台幣多少今年匯差多少XD

By Dorothy
at 2022-03-30T15:17

好像該停損了…

By David
at 2022-04-04T08:59

穩中帶堅表示

By Annie
at 2022-04-07T16:27

好啦多講一點我才有得買

By Olivia
at 2022-04-09T18:56

還行啦上次他噴完死錢就從580漲到昨天614

By Hedwig
at 2022-04-12T02:30

吃貨文

By Sarah
at 2022-04-16T23:24

來了！這下真的穩惹！！

By Megan
at 2022-04-20T23:09

這種說法是當台積電的股東都韭菜會被騙票逆

By Sarah
at 2022-04-23T07:58

嗯嗯嗯好喔

By Eden
at 2022-04-24T19:07

恐恐恐

By Jacob
at 2022-04-25T07:01

噁心外資

By Queena
at 2022-04-30T06:11

丸子~~~

By Doris
at 2022-05-04T00:08

技術領先訂價能力薄弱腦子？

By Carolina Franco
at 2022-05-08T18:52

50%算惡化?

By Oscar
at 2022-05-12T17:25

好了啦誰不知道大摩從200多塊就在看衰GG

By Todd Johnson
at 2022-05-14T17:43

xddd

By Quintina
at 2022-05-19T05:24

你各位啊一天就反轉

By Liam
at 2022-05-22T12:16

丸了

By Audriana
at 2022-05-23T08:39

小兒嘴砲

By John
at 2022-05-27T13:12

哈哈吃貨文禮拜一準備歐印真的要上看1000了

By Ina
at 2022-06-01T04:55

感覺散戶要被坑了

By Wallis
at 2022-06-06T04:38

別太樂觀人家看吃貨文沒用就殺到慘戶出貨

By Michael
at 2022-06-10T10:14

今天已反映

By Kama
at 2022-06-12T22:08

標準吃貨文，該上車了

By Jack
at 2022-06-14T16:49

下半年就會提升了股東會都說了下半季車用缺貨就
會逐漸緩解

By Megan
at 2022-06-15T15:14

吃貨文

By Cara
at 2022-06-18T13:01

空的分析

By George
at 2022-06-21T11:08

發的時間點真準，準備吃貨。

By Lydia
at 2022-06-25T21:48

賣g求榮賣g求榮

By Suhail Hany
at 2022-06-27T18:38

550收

By Enid
at 2022-06-29T07:44

520收

By Mia
at 2022-06-29T13:45

小孩子才做選擇，G榮我都要。

By Xanthe
at 2022-06-29T23:29

落井下石不落人後

By Charlotte
at 2022-07-03T09:55

今天是明日的低點

By Odelette
at 2022-07-03T18:58

翻譯：我要囤貨太高不方便

By Sandy
at 2022-07-04T09:02

這間每次都在亂降評然後吃貨

By Freda
at 2022-07-06T07:14

想要580以下的台積就說，在那邊降評又放話

By Poppy
at 2022-07-10T13:09

吃貨文

By Mary
at 2022-07-13T16:47

明年不是要漲價？

By Doris
at 2022-07-17T06:12

周末鬼故事

By Jake
at 2022-07-20T18:51

GG套十年還在幻想會漲

By Andrew
at 2022-07-25T02:00

明年要漲價說毛利變低價格能力變低.....

By Victoria
at 2022-07-25T04:49

馬上鬼故事

By Sierra Rose
at 2022-07-27T20:33

之前宣布3年內買幾十台EUV機台就知道會有折舊期了
吧，接下來就是要擴充7、5、3奈米先進製程的訂單，
車用MCU連14奈米都用不到而且才佔不到5%，怎麼想影
響毛利的都不會是車用

By Andrew
at 2022-08-01T08:33

建議台積電閒錢投資三雄

By Daniel
at 2022-08-05T00:16

丸子?? 下周又要被外豬繼續賣?? 順便帶著大家一起

By Caitlin
at 2022-08-10T00:03

貸款all-in GG 現在！！

By Joseph
at 2022-08-10T05:45

挫賽！

By Anonymous
at 2022-08-12T14:02

穩了

By Anonymous
at 2022-08-13T15:41

做一堆不賺錢的事不意外

By Michael
at 2022-08-17T12:58

台積電毛利會持續衰退，下探450

By David
at 2022-08-18T07:15

外資看空我就放心了

By Charlie
at 2022-08-19T08:58

大摩反著做

By Noah
at 2022-08-20T23:35

吃完貨了

By Christine
at 2022-08-21T22:45

外資:我要吃580的貨

By Edwina
at 2022-08-26T03:18

外資買多少？？？

By Yedda
at 2022-08-27T11:21

大摩最愛說鬼故事了

By Yedda
at 2022-08-29T21:48

世界第一的高階製程跟我說定價能力薄弱?

By Hardy
at 2022-09-02T05:46

= =

By Delia
at 2022-09-05T08:20

台積電高階就算再漲價 apple intel都得給我吃下去

By Leila
at 2022-09-07T07:46

不然工程師剛入手竹北的房貸誰來幫忙繳?

By Rae
at 2022-09-11T18:20

gg仔：排單都到太平洋，gg上看1000

By Edward Lewis
at 2022-09-15T07:06

週末鬼故事來了

By Candice
at 2022-09-19T14:33

台酸來了

By Emily
at 2022-09-21T18:51

喔那你大摩毛利率幾%要不要自己照照鏡子

By Cara
at 2022-09-24T13:45

鬼故事來了

By Ingrid
at 2022-09-27T21:12

看漲說漲看跌說跌我都水手都膩了

By Ingrid
at 2022-10-02T13:46

好歐

By Brianna
at 2022-10-05T23:31

定價能力弱是在說gg都不漲價嗎

By Sandy
at 2022-10-10T09:46

買點太快來了吧

By Dinah
at 2022-10-13T01:26

崩崩

By Charlie
at 2022-10-17T09:35

摳訊出來了

By Hedda
at 2022-10-21T13:50

丸子

By Kristin
at 2022-10-26T02:31

慘惹要看ptt反著做才會賺錢欸

By Xanthe
at 2022-10-27T21:54

看來真的要看空了嗎？

By Lucy
at 2022-10-30T18:28

寫手又在當薪水小偷了，這麼厲害可以預言明年的事
這秘密可能台積自己都不知道

By Heather
at 2022-11-04T00:14

太好了，看來又到了補貨時間

By Sandy
at 2022-11-05T08:04

外資快倒到30拜託我歐印身家+貸款

By Joseph
at 2022-11-07T11:34

466T表示害怕

By Thomas
at 2022-11-11T06:08

擺明吃貨文傻了嗎

By Robert
at 2022-11-15T06:43

好啦快點賣台積電拜託大小快賣光台積電

By Liam
at 2022-11-19T01:35

大小摩快點賣光手上台積電好嗎

By William
at 2022-11-19T13:50

你們這些韭菜，快跑啊

By Oliver
at 2022-11-21T22:44

大摩滿準的之前說dead money就變dead money

By Xanthe
at 2022-11-23T12:54

我支持外豬賣到200 賣起來!

By Damian
at 2022-11-26T22:15

大小摩那麼不看好拜託賣光你手上的台積電好嗎

By Ethan
at 2022-11-28T14:22

也才半年多，護國者從神山變艦隊了嗎XD

By Regina
at 2022-12-03T02:12

崩～潰～～

By Ula
at 2022-12-03T09:48

聽妳這個垃圾在唬爛

By Jacob
at 2022-12-07T05:49

我想等560再開始買，等得到嗎？

By Skylar DavisLinda
at 2022-12-09T20:57

賣鬧啊，GG配合政府買疫苗，GG鳥台灣政府哦，都視勞

By Charlie
at 2022-12-11T01:44

基法於無物的公司，會配合政府，就一間大公司要做做

By Olivia
at 2022-12-14T16:39

台積就是殺盤時外資放錢的地方

By Edwina
at 2022-12-16T15:04

善事而已，看看，南科18廠，地隨他們挖，阻礙交通也

By Irma
at 2022-12-21T13:46

台積電在第一季法說就預告下季毛利會下降了，基
本等台積電季法說會就好啦看這些投行寫的東西大部
分都是垃圾，只能說台積電太老實

By Oliver
at 2022-12-25T20:09

今天不撿零股對不起自己

By Tracy
at 2022-12-29T20:20

沒有政府單位敢怎樣，還配合政府咧

By Thomas
at 2023-01-02T10:13

說的好像都不會漲價的樣子

By Tracy
at 2023-01-02T17:03

崩崩囉，最強產業都撐不住了

By Necoo
at 2023-01-03T15:57

韭菜都在船上,在台積電騙不到的XD

By Yuri
at 2023-01-08T09:27

我相信你了 GG罩不住了

By David
at 2023-01-12T00:15

垃圾投顧報告找小學生寫的484

By Gilbert
at 2023-01-14T19:22

崩下來記得要撿起來鴨

By Emma
at 2023-01-18T13:40

要注意GG利空開始噴就是逢低買進

By Tristan Cohan
at 2023-01-21T01:34

準備吃貨

By Eartha
at 2023-01-23T03:15

好了啦史丹利

By Hardy
at 2023-01-25T13:33

快崩我要買

By Iris
at 2023-01-27T00:40

明顯吃貨文...........

By Enid
at 2023-01-27T17:33

https://i.imgur.com/K2RgpiR.jpg

By Puput
at 2023-01-28T21:12

很棒，利空連發來測底，把錢準備好來接了唷

By Jacky
at 2023-02-01T19:24

超級鬼故事

By Necoo
at 2023-02-03T02:27

好，我相信你，GG回票面價。

By Thomas
at 2023-02-03T08:03

大摩又想吃貨了嗎

By James
at 2023-02-05T10:00

想吃貨了

By Daph Bay
at 2023-02-07T17:54

99679t

By Genevieve
at 2023-02-08T21:15

台積電法説會上一再強調，會維持50%的毛利，不過份

By Leila
at 2023-02-10T14:36

高也不低，這是台積電的定價實力。

By Sierra Rose
at 2023-02-11T08:17

穩了= =

By Carolina Franco
at 2023-02-12T18:35

大摩又想吃貨

By Madame
at 2023-02-14T00:19

毛利率跟資本支出？？

By Hedwig
at 2023-02-17T15:27

終於要飆了

By Delia
at 2023-02-21T19:39

ㄝㄑㄩ

By Robert
at 2023-02-24T17:29

有差嗎？都要準備壟斷3nm成品了怎樣？

By Donna
at 2023-02-28T18:02

這是訊號嗎？

By Frederic
at 2023-03-05T10:43

殺積提款，預備起

By Donna
at 2023-03-06T05:15

套在600的冤魂到底有多少

By Jacob
at 2023-03-06T20:53

外豬又想低接zzzz

By Kristin
at 2023-03-08T02:11

嗯。然後大摩今天買超

By Freda
at 2023-03-08T08:09

台積至少再強10年

By Skylar DavisLinda
at 2023-03-12T19:42

又在騙

By Dinah
at 2023-03-13T18:00

這篇邏輯真奇怪

By Hedy
at 2023-03-17T02:28

正常啊。這兩年狂蓋廠。這三年營益率都很難看
蓋廠當下一定燒錢，第一年量廠調整機台，
損失都很大。大家是看好五年後。
拜託跌多一點，我還沒買夠

By Necoo
at 2023-03-17T04:47

爛公司通常股價都會崩，今年300以下是確定的

大摩：台積電明年到後年毛利率恐將惡化 - 股票

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大摩：台積電明年到後年 毛利率恐將惡化 - 股票

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大摩：台積電明年到後年毛利率恐將惡化 - 股票