Changes in Hong Kong stocks | Semiconductor stocks picked up in early trading, TSMC's performance and guidance exceeded expectations, institutions are optimistic that the industry's terminal sales will continue to grow month-on-month

The Zhitong Finance App learned that semiconductor stocks picked up in early trading. As of press release, Jingmen Semiconductor (02878) rose 4% to HK$0.52; Huahong Semiconductor (01347) rose 2.83% to HK$21.8; SMIC (00981) rose 2.88% to HK$26.75; and Shanghai Fudan (01385) rose 2.34% to HK$15.72.

According to the news, TSMC's three-quarter results greatly exceeded market expectations. According to the results, the company's revenue for the third quarter of this year was approximately NT$759.69 billion, up 39.0% year on year, up 12.8% month on month; net profit (net profit) after tax was approximately NT$325.26 billion, exceeding market estimates of NT$299.3 billion, up 54.2% year on year and 31.2% month on month. In terms of performance guidance, TSMC expects fourth-quarter sales of US$26.1 billion to US$26.9 billion, exceeding market estimates of US$24.94 billion.

Some analysts pointed out that TSMC raised its 2024 revenue growth target after its quarterly performance exceeded expectations, easing market concerns about global chip demand and the sustainability of the AI hardware boom, and showing investors that its demand for chips is still strong. Tianfeng Securities believes that the semiconductor industry cycle is currently at the relatively bottom of the long cycle. In the short term, the second half of the year has entered the traditional peak season. Benefiting from factors such as the release of new flagship phones and consumer festivals such as Double Eleven, the industry's terminal sales are expected to continue to grow month-on-month.