瑞银将阿斯麦目标价从1400欧元上调至1500欧元。 ...

格隆汇1月29日｜巴克莱将阿斯麦评级从"平配"上调至"超配"，目标价从1200欧元上调至1500欧元。 ...

花旗集团将阿斯麦目标价从1400欧元上调至1600欧元。 ...

Core Insights - ASML is the only company globally producing extreme ultraviolet (EUV) lithography machines, holding a 90% market share in the lithography sector, and is expected to monopolize next-generation EUV technology [4][5][9] - The company's recent earnings report showed bookings exceeding analyst expectations, with EUV systems contributing significantly to its revenue [5][10] - ASML's advanced lithography machines are essential for the production of semiconductors, particularly for AI applications, with 99% of semiconductors being produced using ASML technology [5][10] Company Performance - ASML's net bookings for the fourth quarter of 2025 reached 13.2 billion euros, with EUV systems accounting for 7.4 billion euros [10] - The company sold 48 EUV systems in 2025, generating 11.6 billion euros in revenue [10] - ASML's share price increased by 36% last year and has surged another 32% since the beginning of 2023, reaching a valuation of half a trillion dollars [12] Market Dynamics - The price of ASML's advanced high NA EUV machines ranges from 320 million to 400 million euros, while the low NA EUV is priced around 220 million euros [11] - Companies like TSMC, Intel, and Samsung are currently experimenting with high NA EUV technology, which is expected to enter high-volume manufacturing by 2027-2028 [11][12] - Analysts predict continued stock price growth for ASML, with expected net sales for 2026 projected between 34 billion and 39 billion euros, surpassing the 32.7 billion euros achieved in 2025 [12]

Core Viewpoint - Airbus anticipates that airlines in India will operate 2,250 commercial jets over the next decade, fueled by strong economic growth, a growing middle class, and an increase in first-time flyers [1] Group 1: Market Growth - The Indian airline market is expected to see significant expansion, with the projected number of commercial jets indicating robust demand [1] - Economic resilience in India is a key driver for this growth, suggesting a favorable environment for airline operations [1] Group 2: Demographic Factors - The expanding middle class in India is contributing to increased air travel, which is essential for the growth of the aviation sector [1] - A surge in first-time flyers is also expected to boost demand for commercial jets, highlighting a shift in consumer behavior towards air travel [1]

阿斯麦(ASML.US)于北京时间2026年1月28日下午的美股盘前发布了2025年第四季度财报(截止2025年12月)。 | (in EUR €1 million) | | | --- | --- | | | 4Q23A | | Overview Total Revenue | 7237 | | yoy | 12.6% | | Gross Profit | 3717 | | yoy | 12.3% | | Gross Margin% | 51.4% | | Research and development | 1,041 | | yoy | 14.9% | | Percentage of revenue% | 14.4% | | Selling expenses | 284 | | yoy | 1.5% | | Percentage of revenue% | 3.9% | | Net Income | 2048 | | yoy | 12.7% | | Net profit margin% | 28.3% | | Net bookings | 9186 | | qoq | 253.3% | | Next Q ...

加拿大皇家银行(RBC)：将阿斯麦目标股价从1550欧元上调至1625欧元。 ...

ASML Conference Call Summary Company Overview - **Company**: ASML - **Industry**: Semiconductor Equipment Manufacturing Key Financial Metrics - **2024 Full Year Results**: - Net Sales: €32.7 billion - Gross Margin: 52.8% - Net Profit: €9.6 billion - Earnings Per Share: €24.73 - Free Cash Flow: €11 billion - EUV System Sales: €11.6 billion (up 39% YoY) - DPV System Sales: €12 billion (down 6% YoY) [2][5] - **2026 Q1 Guidance**: - Expected Net Sales: $8.2 to $8.9 billion - Gross Margin: 51% to 53% - R&D Expenses: Approximately $1.2 billion [2][6] - **2026 Full Year Guidance**: - Expected Total Revenue: $34 to $39 billion - Gross Margin: 51% to 53% [2][6] Shareholder Returns - **Dividends**: - Mid-term Dividend: $1.60 per share - Planned Annual Dividend for 2025: $7.50 per share (up 17% YoY) [2][7] - **Share Buyback**: - New buyback program: Up to $12 billion, valid until the end of 2028 [2][8] Market Outlook - **Demand Drivers**: - Significant improvement in market outlook driven by data centers and AI-related infrastructure. - Increased demand for advanced logic and DRAM products, leading to growth across the product line. - Customers are accelerating capacity expansion plans to meet strong demand [2][9]. - **Technological Advancements**: - Continuous reduction in EUV technology costs. - Increased capacity for NX E3,800 to support single-exposure EUV technology. - Multi-beam inspection systems (EBME) to be widely used in advanced process nodes [2][9]. Regional Insights - **China Market**: - Accounts for 20% of ASML's sales, applicable across the revenue range. - Key for achieving performance guidance through customer adoption of ASML tools and upgrade business [4][13]. Product Performance - **Sales Breakdown**: - Logic Systems Revenue: €16.1 billion (up 22% YoY) - Memory Systems Revenue: €8.4 billion (down 2% YoY) - Installation Base Management Sales: €8.2 billion (up 26% YoY) [5]. - **EUV and DPV Systems**: - EUV systems are expected to see increased application in DRAM, simplifying processes and enhancing capacity. - Strong demand for both EUV and DPV systems, with expectations of continued growth in DRAM applications [4][14]. Challenges and Considerations - **Capacity and Supply Chain**: - Capacity expansion is gradual and dependent on customer readiness and supply chain coordination. - The ability to meet revenue guidance is contingent on customer acceptance of equipment and timely completion of wafer fab construction [10][16]. - **Market Variables**: - The growth range for 2026 is projected at 4% to 19%, influenced by customer capabilities and ASML's execution [11]. Future Projections - **Long-term Revenue Opportunities**: - Expected revenue opportunities by 2030: $44 to $60 billion, with gross margins projected at 56% to 60% [9][10]. - **Technological Developments**: - Continued focus on enhancing production efficiency through R&D investments and new product introductions [13][17]. Conclusion ASML is positioned for growth driven by strong market demand, technological advancements, and strategic shareholder returns. The company faces challenges related to capacity expansion and supply chain management, but remains optimistic about future revenue opportunities and market dynamics.

Summary of Earnings Call Company and Industry - **Companies Mentioned**: STX (Seagate Technology), ASML, TXN (Texas Instruments), QRVO (Qorvo) - **Industry**: Technology, specifically focusing on data storage, semiconductors, and electronics Key Points and Arguments STX (Seagate Technology) - **Earnings Performance**: - Revenue of $2.83 billion, up 22% year-over-year, compared to a previous quarter's growth of 21% and market expectations of $2.74 billion, which was approximately 18% growth [7][6] - EPS of $3.11, exceeding market expectations of $2.83; Non-GAAP gross margin at 42.2% vs. expected 40.8% [7] - **Market Commentary**: - Management described an "exceptionally strong" data center environment, expecting demand to offset typical seasonal declines [9] - Nearline capacity fully allocated through CY26, with plans to accept orders for 1H27 [12] - **Pricing Trends**: - Revenue per TB remains stable with a modest increase in $/TB expected to continue, indicating a potential shift in pricing dynamics [12] - **Growth Drivers**: - Incremental storage-server demand linked to AI workloads, with data centers remaining the core driver of growth [9] TXN (Texas Instruments) - **Earnings Performance**: - Q4 revenue of $4.423 billion, up 10.4% year-over-year, aligning with market expectations [24][26] - Q1 guidance midpoint of $4.50 billion, indicating a 2% quarter-over-quarter increase and 10.6% year-over-year growth [24] - **Market Commentary**: - Management expressed optimism about industrial recovery and data center strength, with improving orders and backlog [23] - Data center business expected to grow approximately 70% year-over-year [26] - **Pricing Trends**: - Management anticipates low single-digit price declines (~2-3%) in 2026, emphasizing the impact of annual negotiations [26] QRVO (Qorvo) - **Earnings Performance**: - Q4 revenue and EPS were better than expected, but Q1 guidance was approximately 12% below market expectations [32][35] - **Market Commentary**: - Management attributed revenue gaps to weakness in Android and planned exits from lower-margin models [35] - Concerns about the sustainability of profitability amidst declining Android sales and competition [41] - **Growth Drivers**: - Focus on transitioning to higher-quality, more durable programs, with expectations of gross margins above 50% despite revenue declines [42] ASML - **Earnings Performance**: - Stock price increased by 5% due to bookings of €13 billion, significantly exceeding expectations [45] - **Market Commentary**: - Management highlighted strong progress with customers and revenue guidance implying 4-20% year-over-year growth for 2026 [46] - **Growth Drivers**: - Continued demand in semiconductor capital expenditures, with a focus on high-volume manufacturing tools [46] Additional Important Insights - **Market Sentiment**: - The overall sentiment in the technology sector appears positive, driven by strong earnings reports and optimistic guidance from key players [1][2] - **Investment Considerations**: - The discussions around pricing stability and growth in data center demand suggest potential investment opportunities in companies like STX and TXN, while QRVO faces challenges that may impact its valuation [18][22][42]

J P M O R G A N Europe Equity Research 28 January 2026 ASML 4Q First take: Order blowout indicates a major upgrade cycle Our Take: 4Q 2025 is the last quarter ASML will report orders and with an order number of €13.2bn which is 88% /93.6% ahead of JPMe/cons. The company is guiding to FY26 sales of €34-30bn which is €36.5bn at the midpoint or up 11.7% YoY which is 3.5% ahead of consensus. Overall the FY26 guidance is positive, but the very robust order intake points to an even stronger FY27 where estimates a ...