Taiwan Semiconductor Manufacturing Co. Ltd share price unchanged, posts record third-quarter net profit, said to win another contract with Apple Inc.

The biggest contract chips maker by revenue in the world – Taiwan Semiconductor Manufacturing Co. Ltd revealed that its net profit over the quarter ended September 30th amounted to TW$76.36 billion ($2.51 billion). The result was a 47% increase compared to the net profit of TW$51.95 billion, reported a year ago.

The company also stated that more than 50% of its 2014 revenue is expected to be generated by smartphone sales due to stable growth in China.

The President and Co-Chief Executive Officer Mark Liu said in a statement, cited by Reuters: “China 4G smartphone sales and inventory build-up are very aggressive.” Mr. Liu also added: “Momentum in smartphone and tablets as a growth driver for TSMC is expected to continue for another several year.”

In addition, a person with knowledge of the situation, who asked not to be identified, because the information is still private, reported that the company won a contract to supply a second processor for Apple Inc. The person, close to the matter, revealed that the production of the A8X processor that is to be used in larger iPads, follows TSMC current agreement to manufacture the A8 processor used in Apples iPhone 6 and iPhone 6 plus.

Manufacturing chips used in smartphones, such as the ones used in the latest iPhone flagship of Apple, helped TSMC generate record net profit and a 29% increase in its total revenue over the third fiscal quarter in comparison with the same quarter a year earlier. The earnings of TSMC were also benefited from its increasing market share due to technological advances.

The Chief Financial Officer of the company, Lora Ho, forecast a current-quarter revenue in the range from TW$217 billion to TW$220 billion.

Taiwan Semiconductor Manufacturing Co. Ltd closed at TW$121.50 per share today on the Taiwan Stock Exchange, unchanged for the day, while marking a one-year increase of 14.62%. The company is valued at 3.15 TW$. According to the Financial Times, the 24 analysts offering 12-month price targets for Taiwan Semiconductor Manufacturing Co. Ltd have a median target of TW$145.50, with a high estimate of TW$170.00 and a low estimate of TW$105.00. The median estimate represents a 19.75% increase from the last price of TW$121.50.