王莆中出任美团核心本地商业 CEO 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 美团多了位 CEO 继今年 2 月启动上市以来最大的调整，宣布整合到家、到店业务后，美团今日发布内部信，更新了这一 调整的后续： 美团到店事业群、到家事业群和基础研发平台合并成为 "核心本地商业" 板块； ASML 近半收入来自中国内地 3 月 308 万人赴日旅游，创纪录 Temu 食品类目首次招商 未来不再设到店事业群和到家事业群，原下辖各部门调整为直属核心本地商业； 王莆中出任核心本地商业 CEO。 这是美团的管理序列中首次出现两位 CEO，即美团 CEO 王兴和核心本地商业 CEO 王莆中。此前，美团 各个核心事业群负责人职务均为总裁。这种变化意味着王莆中的权力和责任进一步提高，也代表美团主 营业务更加聚焦，集中优势资源御敌。 接近美团的人士告诉《晚点财经》，王莆中统管业务以来最重要的变化之一是，到店更按照自身优势竞 争，主动发掘市场上各种增长的可能性，而不是被抖音牵着鼻子走。 两大事业群和基础研发平台的组织架构调整后，以企业、商家端为主的供给侧和以消费者为主的美团平 台，有望在包括流量、品牌、用户等环节联动， ...

No growth in 2024 should give way to a much stronger 2025.Semiconductor equipment provider ASML (ASML -7.09%) is off to a rough start this year. Demand is muted, particularly for equipment that doesn't use extreme ultraviolet lithography.ASML's revenue sank 22% year over year to 5.29 billion euros in the first quarter. Net bookings and the number of new lithography systems sold slumped, as well. For the full year, the company expects total revenue to be roughly flat, compared to 2023.ASML stock took a mild ...

The stock market today fired another loud warning shot across the bow for growth investors. Wednesday's earnings-fueled decline placed the market outlook on the tipping point for a potential new downgrade. X With earnings news revving into higher gear, it's clear that institutions have sought to downshift their positions in a variety of sectors —… ...

The first quarter of 2024 was pretty much a continuation of what investors saw in 2023. The tech-laden Nasdaq 100 index that gained 51% last year was up almost 10% over the first three months of the new year.April is off to a slower pace, with the index down 3% so far. Inflation reared its head again, putting in doubt when or if the Federal Reserve will cut interest rates. That could result in costs remaining high for businesses looking to finance their next growth project. That could mean Q1’s best-perform ...

Core Insights - ASML reported a 61% sequential decline in bookings during the first quarter, exceeding investor expectations for a downturn in the semiconductor equipment market [1] - The drop in bookings has negatively impacted major chip stocks, with AMD, Nvidia, Intel, Qualcomm, and Arm experiencing significant declines [1][2] - ASML's CEO, Peter Wennink, anticipates a stronger second half of 2024 as the semiconductor industry begins to recover from the current downturn [2][3] Company Performance - ASML's total bookings for machines fell by 4% year-over-year, indicating a potential slowdown in the semiconductor industry [2] - The company shipped 449 lithography machines in 2023, with its top two customers accounting for over half of its sales [1][2] - ASML's stock fell over 8% on a day when the S&P 500 index was down less than 1%, highlighting the market's reaction to the company's performance [1] Industry Implications - The decline in orders from foundries like TSMC and Samsung suggests a potential downturn in chip production, which could affect sales for companies like Nvidia and Apple [2] - Licensing companies such as Arm may see reduced revenue as fewer chips are produced due to the decline in manufacturing equipment sales [2] - Government subsidies, such as the CHIPS Act in the U.S., are expected to boost ASML's sales as companies like Intel and TSMC plan to increase orders for lithography machines later this year [3]

Shares of the chip equipment manufacturer pulled back after a disappointing earnings report.Shares of ASML Holding (ASML -7.34%), the leading manufacturer of semiconductor producing equipment, were moving lower today after the company turned in disappointing results in its first-quarter earnings report.As of 11:54 a.m. ET on Wednesday, the stock was down 7.4% on the news. ASML comes up shortRevenue was down 22% from the quarter a year ago as the company transitions to new technology to prepare for the AI bo ...

Financial Data and Key Metrics - Total net sales for Q1 2024 were EUR5.3 billion, at the midpoint of guidance [8] - Gross margin for Q1 was 51%, above guidance, driven by product mix [9] - Net income in Q1 was EUR1.2 billion, representing 23.1% of total net sales, with EPS of EUR3.11 [9] - Cash, cash equivalents, and short-term investments stood at EUR5.4 billion at the end of Q1, lower than the previous quarter [10] - Q1 net system bookings were EUR3.6 billion, with EUR656 million for EUV and EUR2.9 billion for non-EUV [10] - The backlog at the end of Q1 was around EUR38 billion [11] Business Line Data and Key Metrics - EUV systems revenue recognized was EUR1.8 billion from 11 systems shipped [8] - Net system sales were EUR4 billion, with 63% from logic and 37% from memory [8] - Installed Base Management sales were EUR1.3 billion, in line with guidance [8] - R&D expenses were EUR1.32 billion, and SG&A expenses were EUR273 million, both slightly lower than guided [9] - The NXE:3800E EUV system was shipped for qualification, offering a 37% productivity increase over the NXE:3600D [17] Market Data and Key Metrics - Memory demand is driven by DRAM technology node transitions, supporting advanced memories like DDR5 and HBM [14] - Logic customers are digesting significant capacity additions made over the past year [14] - China sales were EUR1.9 billion in Q1, down from EUR2.2 billion in Q4 2023, but still strong [33] - The company expects a stronger second half of 2024, driven by industry recovery and customer upgrades [19] Company Strategy and Industry Competition - The company views 2024 as a transition year, investing in capacity ramp and technology for the upturn in the cycle [19] - Long-term growth drivers include energy transition, electrification, and AI, with 2025 expected to be a strong year [20] - The company plans to update its market scenarios during the Investor Day on November 14, 2024 [21] Management Commentary on Operating Environment and Future Outlook - The semiconductor industry is recovering, with inventory levels trending towards healthier levels [14] - The company expects memory revenue growth in 2024, driven by technology transitions, but lower logic revenue as customers digest capacity [16] - High NA EUV systems are under installation, with customer interest high for early process development [18] - The company remains confident in long-term growth opportunities despite near-term uncertainties [21] Other Important Information - The company paid a quarterly interim dividend of EUR1.45 per ordinary share in Q1 2024 [13] - Share repurchases in Q1 amounted to 0.5 million shares for EUR400 million [13] - The CEO transition is planned for April 24, 2024, following the AGM [22] Q&A Session Summary Question: EUV Order Intake and China's Role - EUV orders were lower in Q1, but the company expects significant orders from foundry and logic customers in the coming quarters [24][26] - China's share in the order intake is healthy but not overly concentrated, with sales distributed globally [28] - The company's view on China sales impact (10%-15%) remains unchanged despite ongoing export control discussions [30] Question: China Business Trends - China sales were strong in Q1 but lower than Q4 2023, with demand driven by mature technology [33][35] - The company expects China to remain strong in 2024, with capacity additions aligned with global needs [36] Question: EUV and 2nm/3nm Demand - Foundry customers are digesting 3nm and 5nm capacity, with 2nm ramp expected to start next year [38] - EUV layer counts for 2nm are similar to 3nm, with no significant changes expected [39] Question: Order Cadence and Pre-Building Tools - The company's pre-building of low NA tools is based on customer needs and long lead times, not just order timing [43][46] - Memory orders are still driven by technology transitions like DDR5 and HBM [48] Question: High NA EUV Lead Times and Adoption - High NA EUV systems have achieved first images with sub-10nm resolution, with customer interest high for early process development [56] - The company expects further decisions on High NA adoption after customer exposure to the system in the lab [57] Question: Long-Term Growth and Electrification - High-performance compute and AI are driving demand for both advanced and mainstream semiconductors [60][62] - Electrification and grid upgrades are significant drivers for mainstream semiconductor demand [71][74] Question: Second-Half Revenue Growth and China - The company expects strong second-half revenue growth, driven by fab openings and capacity ramps across logic and memory [77] - China sales are expected to remain strong, with demand supported by mature technology [78] Question: Memory Capacity and DPV Orders - Memory utilization is increasing, with capacity additions expected in the second half of 2024 [81] - Revenue growth in memory will be driven by both technology transitions and bit additions [83] Question: Backlog Composition and NXE:3800E Throughput - The company does not disclose the geographic composition of its backlog but notes China's share is around 20% [86] - The NXE:3800E will reach 220 wafers per hour in the second half of 2024, with upgrades planned for early 2025 [87] Question: EUV Adoption in DRAM - EUV layer counts in DRAM are increasing node by node, with high bandwidth memory driving wafer capacity needs [93] - The company expects the 70-30 mix between logic and memory for EUV to remain stable [95]

Core Viewpoint - ASML's stock has fallen over 6% following disappointing Q1 2024 results, with net bookings significantly below analyst expectations [1][2]. ASML and the Q1 Results - ASML reported net bookings of 3.6 billion euros ($3.84 billion) for Q1 2024, falling short of the average analyst estimate of nearly 5.1 billion euros [2]. - The company's net profit decreased to 1.22 billion euros ($1.29 billion) from 2.05 billion euros in Q4 [2]. - Revenue also declined to 5.2 billion euros ($5.52 billion) from 7.24 billion euros [2]. - Analyst Ben Barringer highlighted concerns regarding the "incredibly uncertain" economic environment and a forthcoming "transition in product" for chipmakers in 2025 as factors contributing to ASML's weaker performance [2]. ASML's Outlook - Despite the disappointing orders, ASML has maintained its 2024 guidance, anticipating a rebound in the chip sector in Q3 and Q4 [3]. - The company expects overall 2024 revenue to remain relatively unchanged compared to 2023, with CEO Peter Wennink describing 2024 as a "transition year" [3]. - ASML forecasts improved results in 2025, driven by new fabs opening in the U.S. by major chipmakers like Taiwan Semiconductor and Samsung [3]. - Increased spending on ASML's machinery is expected as chipmakers prepare for the next phase of the AI spending cycle [3]. - Analysts at ING suggest that fluctuations in ASML's order totals are common and should not overly concern investors [3]. The Price Action of ASML Stock - Prior to the recent downturn, ASML shares had been stable over the preceding month but had increased by over 25% in 2024 [4].

Financial Performance - Total net sales for Q1 2024 were €5.3 billion, at the midpoint of guidance, with net system sales of €4 billion driven primarily by Logic at 63% and Memory at 37% [7][8] - Gross margin for the quarter was 51%, exceeding guidance due to product mix and other factors [8] - Net income for Q1 was €1.2 billion, representing 23.1% of total net sales, resulting in an EPS of €3.11 [8] - Cash, cash equivalents, and short-term investments at the end of Q1 were €5.4 billion, lower than the previous quarter, with negative free cash flow attributed to lower down payments and higher inventory [9] Business Line Performance - Installed Base Management sales for Q1 were €1.3 billion, consistent with guidance [8] - Q1 net system bookings totaled €3.6 billion, with €656 million for EUV bookings and €2.9 billion for non-EUV bookings, driven by Memory at 59% and Logic at 41% [10][11] - The backlog at the end of Q1 was approximately €38 billion, indicating strong future demand [12] Market Trends - Semiconductor inventory levels are improving, with increased tool utilization among Logic and Memory customers, aligning with industry recovery [14] - Memory demand is driven by DRAM technology transitions supporting advanced memories like DDR5 and HBM, while Logic customers are digesting previous capacity additions [14][18] - The company expects a stronger second half of 2024, viewing it as a transition year with continued investments in capacity and technology [23] Strategic Direction - The company anticipates revenue growth in 2024, particularly from EUV systems, with plans to recognize revenue from 1 to 2 INA systems [18][19] - The focus remains on preparing for significant new fabs being built globally, supported by government incentives [25] - Long-term growth opportunities are expected despite near-term uncertainties, with a strong outlook for 2025 driven by secular growth in semiconductor end markets [24][26] Management Commentary - Management noted that the current environment is characterized by a recovery from the downturn, with expectations for a strong second half of 2024 [14][23] - The company remains confident in long-term growth opportunities, emphasizing the importance of both advanced and mainstream semiconductors [24][81] - Management highlighted the need for ongoing dialogue with customers to align on future demand and order placements [70] Q&A Session Summary Question: EUV orders and 2025 outlook - Management acknowledged that order intake can be lumpy and emphasized the need for significant orders from large customers to meet 2025 targets [30][34] Question: China sales impact - Management confirmed that while China sales were strong, they were lower in Q1 compared to Q4 of the previous year, but expected continued strength throughout 2024 [43][46] Question: Memory orders and technology transitions - The majority of recent memory orders were technology-related, particularly for DDR5 and HBM, indicating ongoing demand for advanced memory solutions [62] Question: Lead times and order placements - Management discussed the importance of ongoing customer dialogue to ensure timely order placements, despite bureaucratic processes that may delay formal orders [70][71] Question: Electrification and lithography demand - Management highlighted that electrification and investments in renewable energy are significant drivers for both mainstream and advanced semiconductor demand [95][96]

ASML reports €5.3 billion total net sales and €1.2 billion net income in Q1 2024 2024 outlook unchanged ASML 2024 First-Quarter results Veldhoven, the Netherlands April 17, 2024 Public Agenda • Investor key messages • Business summary ...