郭明錤：高盛上调Nittobo评级，看淡台积电GCS进展
高盛在7月6日报告中将Nittobo上调至买入，关键理由之一是对台积电玻璃基板（GCS）进展持谨慎看法，但郭明錤认为高盛其余上调理由与未来数年看多GCS并不冲突。他指出，台积电6月刚在日本研讨会上披露GCS/CoPoS关键研发成果并罕见提及供应商伙伴，按过往模式，其7月法说会给出重大更新的可能性低，8月Innolux和Ibiden法说会同样可能缺乏重大GCS更新。
Goldman Sachs upgraded Nittobo to Buy in a July 6 report. One key reason was its cautious view on TSMC’s glass core substrate (GCS) progress. I won’t add much commentary here. Just sharing the note.
That said, my takeaway is that the other reasons GS cited for the upgrade do not really conflict with a constructive view on GCS over the next several years.
One thing to note: based on past patterns, the likelihood of TSMC providing major updates on GCS/CoPoS at its upcoming July earnings call may be low. This is especially true since TSMC just shared key R&D results at a Japan symposium in June, where it also made a rare mention of supplier partners. If that read is right, the likelihood of major GCS updates at Innolux’s and Ibiden’s August earnings calls may also be low.
来源：mingchikuo · x.com