Core Viewpoint - ASML Holding N.V. is recognized as a significant player in the AI stock market, with Bernstein SocGen Group raising its price target to $1,911.00, indicating a strong long-term outlook despite short-term market fluctuations [1]. Financial Performance - ASML reported fourth-quarter 2025 net bookings of €13.2 billion, nearly double the market estimates, although the stock declined by 2% at the close, presenting a "buying opportunity" [2]. - The company's backlog increased by €7 billion quarter-over-quarter, reaching €38.8 billion, driven by a surge in memory bookings (56%) and logic bookings (44%) [3]. Revenue Guidance - ASML provided revenue guidance of €34-39 billion, with the upper end significantly exceeding the consensus estimate of €35 billion, indicating strong future performance [3]. - The guidance is contingent on customer clean room availability, with EUV technology expected to lead growth while DUV remains stable [4]. Future Outlook - The second half of 2026 is anticipated to be stronger than the first half due to customer ramp-up of internal move rates and completion of fab construction [4]. - Management reaffirmed long-term targets of €44-60 billion in revenue by 2030, with gross margins projected at 56-60% [5].

Core Viewpoint - ASML Holding has experienced significant stock performance, with over 30% increase in January and more than doubling in value over the past year, driven by strong order momentum and demand for semiconductor equipment [1] Group 1: Company Performance - ASML's revenue for the fourth quarter rose by 5% to 9.7 billion euros ($11.6 billion), aligning with the high end of its guidance range [3] - Equipment sales increased by 7% year over year to 7.6 billion euros ($9.1 billion), while service revenue decreased by 1% to 2.1 billion euros ($2.5 billion) [3] - The company sold 94 new lithography systems and eight used systems during the quarter, compared to 119 new and 13 used systems a year earlier [5] Group 2: Order Outlook - ASML's net bookings surged from 5.4 billion euros ($6.4 billion) in Q3 to 13.2 billion euros ($15.8 billion), significantly exceeding analyst expectations of 6.2 billion euros ($7.4 billion) [6] - Approximately 48% of sales came from higher-priced EUV technology, an increase from 42% a year ago, while sales to China rose to 36% from 27% [5] Group 3: Future Projections - The company forecasts Q1 revenue between 8.2 billion euros ($9.8 billion) and 8.9 billion euros ($10.6 billion), and 2026 revenue between 34 billion euros ($40.6 billion) and 39 billion euros ($46.5 billion), indicating growth of 4% to 19% [7] Group 4: Market Position - ASML holds a monopoly on extreme ultraviolet (EUV) lithography technology, crucial for manufacturing advanced chips, positioning the company favorably amid the AI infrastructure boom [2] - Despite strong demand, revenue growth has been moderate, partly due to restrictions on selling EUV technology to China and a pull-forward in demand for older machines [8]

Core Viewpoint - ASML Holding N.V. is a critical player in the technology sector, serving as the sole producer of advanced lithography machines essential for semiconductor manufacturing, making it a monopoly in this niche market [1][2][3]. Company Overview - ASML is based in Veldhoven, Netherlands, and is the only provider of extreme ultraviolet (EUV) lithography machines necessary for producing advanced semiconductor chips [3][4]. - Major tech companies, including Nvidia, Taiwan Semiconductor Manufacturing, and Microsoft, rely on ASML's products [3]. Financial Performance - ASML's market capitalization is approximately $552 billion, with a current stock price of $1,423.22 [5][6]. - The company has a gross margin of 52.8% and a net margin of 29.38%, indicating strong profitability [9]. - Despite a slight dip in sales for Q3 2025, ASML's revenue has grown at a compound annual growth rate of 17.6% over the past decade [8][9]. Market Position - ASML's EUV lithography machines are crucial for manufacturing sophisticated chips used in various technologies, including cellphones, computers, and electric vehicles [4]. - Competitors exist in the broader lithography market but only in the less advanced deep ultraviolet (DUV) segment, which cannot produce as sophisticated chips as ASML's EUV machines [6]. Cash Reserves and Dividends - The company holds cash reserves of over €6 billion, significantly exceeding its €3.16 billion in debt, allowing for continued dividend payments and increases [10]. - ASML has consistently grown its dividend for 10 years, with a five-year growth rate of 22.92%, although the current yield is relatively low at 0.54% [10]. Stock Performance - ASML has achieved an 81.9% return over the past 12 months, outperforming the S&P 500 [11].

使用尼康面向后工序的光刻设备制作的中间基板（2025年12月） 阿斯麦在前工序领域占绝对优势，其涉足后工序对佳能构成了威胁。佳能的常务董事武石洋 明表示："虽然我们认为自己有优势，但性能差距可能会逐渐缩小。设备能否解决后工序特有 的需求才是关键"。 佳能2011年进入后工序光刻设备市场，目前几乎垄断了半导体巨头使用的后工序光刻设备。 阿斯麦在前工序领域占绝对优势，其涉足后工序对佳能构成了威胁。尼康也计划推出后工序 光刻设备…… 全球最大的光刻设备厂商荷兰阿斯麦控股（ASML Holdings）已涉足半导体制造过程中组装 最终产品的"后工序"。推出了用于在芯片之间的连接层上绘制布线的设备，向几乎垄断这一 领域的佳能发起挑战。尼康也计划2026年度实现量产。为了提高最尖端半导体的性能，后工 序的重要性日益突出，设备厂商之间的竞争愈发激烈。 在面向AI的半导体中，把图像处理半导体（GPU）和存储器等多个芯片组合在一起工作的"先 进封装"技术正逐渐得到普及。阿斯麦已于2025年9月前开始出货专用于先进封装的光刻设 备，似乎已交付给全球领先的半导体企业。 对于在晶圆上描绘微细电路的"前工序"光刻设备，阿斯麦已垄断了面向 ...

股 票 研 究 全球半导体设备龙头财报亮眼，北京国际商业航天展览会开幕 [Table_Industry] 机械行业 机械行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 黄龙(分析师) | 021-38031028 | huanglong@gtht.com | S0880525070027 | 本报告导读： 上周（2026/1/26-2026/1/30）AI 推动半导体设备需求不断增加，中国人形机器人集体 "问天"，商业航天政策支持与产业布局密集。 投资要点： [Table_Report] 相关报告 证 机械行业《Figure 发布 Helix 02 模型，人形机器 人全身自主控制实现突破》2026.01.30 机械行业《SpaceX 与特斯拉规划部署太阳能产 能，光伏产业链迎发展新机遇》2026.01.26 机械行业《液态气周均价环比略跌；广钢获 TCL 供气合同、杭氧中标 4 套 ...

据《日经亚洲》援引日本研究机构Global Net数据显示，2025年全球半导体设备市场规模向1680亿美元 冲刺，行业竞争格局迎来显著调整。 整体来看，美日荷企业仍主导全球市场，凭借核心技术壁垒把控先进制程关键环节；中国企业实现跨越 式发展，在刻蚀、光刻等领域从跟跑到并跑，成为国产替代核心力量，推动全球竞争版图多元化。 TOP20榜单清晰呈现两大梯队格局，头部企业垄断高端市场，中坚企业深耕细分赛道，中国三强的突围 成为最大亮点。 | 头部梯队 榜单前10名基本被美日荷企业包揽，仅北方华创作为中国企业跻身其中，这类企业覆盖从成熟制程到 3nm、2nm先进制程，是全球半导体制造的核心支撑。 荷兰阿斯麦（ASML） 仍是光刻领域绝对龙头，凭借EUV极紫外光刻技术垄断7nm以下先进制程市场， 高NA EUV设备更是3nm、2nm制程的核心装备，DUV领域亦保持技术领先。 美国应用材料（AMAT） 作为平台型巨头，产品覆盖沉积、刻蚀、检测等多环节，其Selectra5000选择性沉积设备领跑先进制程 市场； 泛林（LAM） 主导刻蚀赛道，同时在清洗、沉积领域稳居前列，是先进制程核心供应商； 科 磊（KLA） 掌控检测 ...

来源：边解感 1月下旬，曾经在半导体设备领域呼风唤雨的荷兰巨头阿斯麦，正在启动一项规模惊人的"瘦身"计划， 预计将裁撤约1700个工作岗位。 繁荣假象下的战略泥潭 将时针拨回几年前，阿斯麦可谓风光无限。作为全球唯一能够制造极紫外（EUV）光刻机的企业，它 扼守着先进制程芯片制造的咽喉。 然而，这种繁荣建立在一个极其脆弱的基础之上。 财报数据不会撒谎。中国市场曾是阿斯麦最为倚重的现金奶牛，连续数个季度贡献了其接近一半的订 单。这是一个惊人的比例，意味着阿斯麦近半数的未来增长潜力源自东方的需求。 但是，华盛顿的一纸禁令，强行斩断了这条输血动脉。在霸权主义的胁迫下，荷兰方面步步退让，从最 初的EUV光刻机禁运，层层加码至成熟制程的DUV光刻机。 阿斯麦高层曾天真地以为，只要配合盟友的"安全关切"，就能换取政治上的安稳。但现实给了这种投机 心理一记响亮的耳光。 刀锋所指，竟是其赖以生存的研发与信息技术（IT）等核心部门。 对于一家以技术壁垒为护城河的高科技企业而言，削减研发大脑无异于自断经脉。外界看到的是巨头的 战术收缩，而明眼人看到的，则是地缘政治操弄下，一家顶级商业公司被霸权主义强行"阉割"后的必然 反噬。 这并 ...

Company Overview - ASML Holding N.V. is the world's leading manufacturer of high-end chip fabrication machines, primarily used in the lithography phase of semiconductor fabrication [2] - The company's shares have increased by 92% over the past year and by 22% year-to-date [2] Market Analysis - Barclays raised ASML's share price target to €1,500 from €1,200 and upgraded the rating to Overweight from Neutral, citing increased lithography machine requirements due to the buildout of gigawatt-scale AI data centers [2] - Key AI trends identified by Barclays that could benefit ASML include humanoid robots and consumer AI adoption [2] Competitive Position - ASML holds a monopoly in its sector, making it a critical player that China seeks to access but is currently unable to due to sanctions [3] - The company's products are essential in the chip manufacturing process, reinforcing its competitive position in the market [2][3]

Core Viewpoint - ASML Holding is positioned as a leading tech stock with a market cap of approximately $550 billion, making it the largest tech company not yet in the trillion-dollar club, and it stands to benefit significantly from the growing demand for AI technology [2][6]. Company Overview - ASML is crucial in the development of advanced chips, providing photolithography machines essential for etching circuit patterns on silicon wafers. It is the sole supplier of extreme ultraviolet lithography systems used in manufacturing advanced AI chips, giving it a competitive edge [2][3]. - The company has been experiencing strong, reliable double-digit growth, maintaining gross profit margins above 50%, indicating robust financial health and potential for future expansion [3][5]. Market Position and Future Outlook - Morgan Stanley has upgraded its outlook for ASML, citing strong demand signals from Taiwan Semiconductor Manufacturing, which may lead to a 70% increase in ASML's stock price, potentially raising its valuation to around $935 billion by 2027 [5][6]. - Analysts suggest that ASML's dominant position in the AI chip market and the anticipated increase in AI spending make it a compelling long-term investment opportunity, despite its current trading at 50 times trailing earnings [7].

北方华创官网显示，公司创立于2001年，现有2万名员工，130余种产品，涵盖半导体装备、真空及锂电 装备、精密元器件业务，为半导体、新能源、新材料等领域提供解决方案。 与2022年相比，新进入榜单、排名第13位的是中微半导体设备（上海）股份有限公司（以下简称"中微 公司"）。该公司由曾在泛林集团和应用材料公司任职的工程师创立，其核心刻蚀设备据报已被用于5纳 米芯片生产，距离全球最先进水平并不遥远。 报道对日本研究机构Global Net的半导体设备销售数据进行分析发现，从销售上看，北方华创科技集团 股份有限公司从2022年的全球排名第八位跃升至2025年的第五位，仅次于荷兰半导体设备制造商阿斯麦 公司、美国应用材料公司、美国半导体设备制造商泛林集团和日本东京电子。 若将范围扩大至排名前30名的企业，还将新增两家中国企业——盛美半导体设备（上海）股份有限公司 和华海清科股份有限公司。 报道分析认为，中国正通过国家基金牵头、地方政府配套投入的方式，加大力度推进半导体产业自主 化，在设备和材料领域持续加码投资，促使设备厂商数量快速增加，新进入者不断涌现。而美国的出口 限制进一步加速了这一趋势，倒逼中国加快实现芯片和 ...