Text/JING Audit/Zi Yang Correction/Zhi Qiu
On January 13, TSMC held the first online corporate seminar of 2022 to interpret the 2021 financial report in detail. Overall, TSMC in 2021 can be summarized in two words and get rich.
It attracted $56.8 billion a year
According to the financial report, TSMC's full-year revenue in 2021 was $56.84 billion, an increase of 24.9% year-on-year. It is reported that TSMC's single-quarter revenue has hit a new high for six consecutive quarters.
Considering that a new round of the epidemic is spreading around the world and the demand for chips is continuing to increase, in the author's opinion, TSMC's revenue growth momentum will continue for a long time.
In fact, TSMC's revenue will continue to grow, not just because the market is short of cores. The increase in orders for advanced process processes is also an important reason for TSMC's revenue to reach new highs.
According to the official data, in 2021, the process of 14nm and below will contribute more than 50% to TSMC's revenue. With the 4nm chip put into production and the 3nm chip trial production, it is foreseeable that advanced technology will become the main driving force for TSMC's revenue growth.
North America became the number one customer
In terms of customer composition, Apple is TSMC's largest customer, mediatek, Nvidia and other companies, but also sent a lot of orders to TSMC in the past year.
By region, North America is TSMC's largest source of revenue. In 2021, 65% of TSMC's revenue will be contributed by North American manufacturers. Compared with 2020, it increased by three percentage points. This has a lot to do with Apple's acceleration of the popularity of self-developed chips.
In the past year, TSMC has not only built A-series processors for Apple, but also joined forces to create a number of M-series chips. And from the perspective of product reputation, whether it is the iPhone equipped with A series chips, the iPad and Mac series products equipped with M series chips, there are good performances.
In the case of Apple's continuous increase in the penetration rate of self-developed chips and accelerating the replacement of Intel chips, it is foreseeable that the proportion of North American customers' revenue contribution will further increase.
In addition, TSMC itself is also actively moving closer to North American customers, and in mid-2021, TSMC's North American plant has begun construction. According to the plan, TSMC's North American plant will be put into operation in 2024 to produce 5nm chips.
It is worth mentioning that the proportion of revenue contribution is not only increased in North America. European customer contribution also increased by one percentage point. It is reported that the increase in orders in Europe comes from computer chip manufacturer AMD, and the market share of AMD processor graphics cards has gradually increased in the past year.
So, what is The proportion of China?
According to TSMC data, Chinese customers will only contribute 10% of TSMC's revenue in 2021, down 7 percentage points year-on-year.
The main reason for such a large decline is that TSMC cannot receive orders for Huawei chips. In the past, TSMC's advanced process production capacity was jointly covered by Apple and Huawei, but now it has become the exclusive property of Apple.
In fact, the loss of Huawei orders is also a big loss for TSMC. Since there is no Huawei to curb Apple, TSMC has become cautious in dealing with this big customer, and even the price increase is symbolically increased by 3%, which is far lower than the price increase of other manufacturers.
However, in the author's opinion, the contribution of the Chinese market to TSMC's revenue has reached its lowest point and will rebound soon.
Although in a short period of time, the next Huawei cannot appear in China, but with the rapid rise of new energy vehicles and 5G industries, the chip market demand is about to usher in a big outbreak, in order to ensure supply, many manufacturers will establish cooperative relations with TSMC.
Write at the end
On the whole, China is still the second largest monomer market of TSMC. In your opinion, the continuity between China and TSMC will become deeper and deeper, or shallower.