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 ...

Core Viewpoint - Morgan Stanley has raised the price target for KLA Corp. (KLAC) to $1,751 from $1,697 while maintaining an Overweight rating on the shares, indicating a positive outlook for the company despite recent share price declines [1] Summary by Relevant Categories Earnings and Market Reaction - KLA's earnings were described as "not a major surprise," yet the shares experienced a decline in post-market trading [1] Growth Outlook - The company's FY26 WFE (Wafer Fabrication Equipment) market growth outlook is projected to be in the low-double digits, which is below Lam Research's (LRCX) guidance of 23% growth [1] Analyst Perspective - The firm views KLA's WFE guidance as conservative, suggesting that the risk is skewed to the upside, indicating potential for better-than-expected performance [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-09992 KLA CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) D ...

KLAC Stock: Chip-Gear Maker KLA Tops Estimates | Investor's Business DailyBREAKING: [Stocks Test Key Levels; U.S. Government Enters Shutdown]---Semiconductor equipment supplier KLA (KLAC) beat estimates for its fiscal second quarter and guided above views for the current period. But KLAC stock fell on Friday. The Milpitas, Calif.-based company late Thursday said it earned an adjusted $8.85 a share on sales of $3.3 billion in the quarter ended Dec. 31. Analysts polled by FactSet had expected earnings of $8.7 ...

Core Insights - KLA Corporation (KLAC) reported second-quarter fiscal 2026 non-GAAP earnings of $8.85 per share, exceeding the Zacks Consensus Estimate by 0.36% and reflecting a year-over-year increase of 7.9% [1][8] - Revenues for the quarter rose 7.2% year over year to $3.3 billion, surpassing the Zacks Consensus Estimate by 1.02% [1][8] - Despite strong earnings and revenue growth, KLAC shares fell 7.7% in pre-market trading [1] Segment Performance - Semiconductor Process Control revenues, which constitute 91.1% of total revenues, increased by 9% year over year and 4% sequentially to $3 billion [2] - Foundry & Logic and Memory segments accounted for approximately 60% and 40% of Semiconductor Process Control revenues, respectively [2] - Specialty Semiconductor Process revenues decreased by 12.4% year over year to $140 million but increased 17% sequentially [2] Product and Revenue Breakdown - Product revenues, making up 76.2% of total revenues, grew by 4.2% year over year to $2.51 billion, while service revenues increased by 18% year over year and 6% sequentially to $786 million [4] - Wafer Inspection revenues rose by 1% year over year and 2% sequentially to $1.57 billion, while Patterning revenues surged by 31% year over year and 4% sequentially to $696 million [5] - Taiwan and China were the largest contributors to revenue, accounting for 26% and 30%, respectively [5] Operating Metrics - The non-GAAP gross margin for the second quarter was 62.6%, exceeding the midpoint of the guidance range by 60 basis points [6] - Research and development (R&D) expenses increased by 10.9% year over year to $383.9 million, representing 11.6% of revenues, a decrease of 40 basis points year over year [6] - Selling, general and administrative (SG&A) expenses rose by 4.8% year over year to $279.9 million, accounting for 8.5% of revenues, a decrease of 20 basis points year over year [7] Financial Position - As of December 31, 2025, cash, cash equivalents, and marketable securities totaled $5.20 billion, up from $4.68 billion as of September 30, 2025 [10] - Long-term debt remained unchanged at $5.88 billion [10] - Cash flow from operating activities was $1.36 billion, compared to $1.16 billion in the previous quarter, with free cash flow at $1.26 billion [10] Shareholder Returns - In the fiscal second quarter, KLAC repurchased $548 million worth of shares and paid $250 million in dividends [11] Guidance - For the third quarter of fiscal 2026, KLAC expects revenues of $3.35 billion, plus or minus $150 million, and non-GAAP earnings of $9.08 per share, plus or minus 78 cents [12] - The company anticipates a non-GAAP gross margin of 61.75%, plus or minus 1%, with operating expenses expected to be around $645 million [12]

KLA Corporation (NASDAQ:KLAC) stock tumbled Friday as investors digested earnings and guidance that landed near expectations but failed to impress.An analyst kept a neutral stance, pointing to valuation concerns and a near-term industry shift toward memory spending.Quarterly UpdateOn Thursday, the company reported second-quarter earnings of $8.85 per share, which beat the analyst consensus estimate of $8.80, according to data from Benzinga Pro.KLA expects third quarter adjusted EPS of $8.30 to $9.86, versus ...

Core Insights - KLA Corporation's stock declined as earnings and guidance met expectations but did not exceed investor hopes [1] - The company reported second-quarter earnings of $8.85 per share, slightly above the analyst consensus estimate of $8.80 [2] - KLA's third-quarter adjusted EPS is projected between $8.30 and $9.86, with revenue expected to be between $3.2 billion and $3.5 billion, both figures aligning closely with analyst estimates [2] Analyst's Perspective - Goldman Sachs analyst James Schneider maintained a Neutral rating on KLA, raising the price target from $1,280 to $1,450 [3] - The stock may experience downward pressure as results and guidance met estimates but fell short of heightened investor expectations [3] - Schneider highlighted KLA's strong position in process control products and potential long-term market share gains, yet preferred companies with better exposure to etch and deposition tools [3] Industry Outlook - Near-term industry spending is shifting towards DRAM rather than process control, with KLA's stock valuation considered relatively full at current levels [4] - KLA's quarterly revenue met Wall Street expectations, with gross margin slightly above consensus; however, non-GAAP earnings were slightly below Schneider's firm's forecast [4] - Management anticipates total wafer fab equipment spending to reach approximately $135 billion by 2026, with core WFE spending projected to grow in the high-single to low-double digits, reaching around $120 billion [5] - KLA expects moderate revenue growth in early 2026, with acceleration later in the year, and anticipates a recovery in China's WFE market in 2026 after a modest decline in 2025 [5] Recent Performance - KLA shares were down 12.33% at $1,477.00 at the time of publication [6]

Core Viewpoint - KLA Corporation's stock fell 11.5% despite reporting second-quarter earnings that exceeded Wall Street's expectations, indicating investor concerns over the company's challenges rather than its financial performance [1][3]. Financial Performance - KLA reported adjusted earnings of $8.85 per diluted share, surpassing the expected $8.80, with revenue reaching $3.30 billion, a 7.1% increase year-over-year [2]. - The company's earnings jumped 41% compared to the previous year, while sales exceeded analyst expectations [2]. Challenges and Market Reaction - CFO Bren Higgins highlighted longer equipment delivery lead times due to component shortages and tariff expenses impacting profitability, which contributed to investor concerns [3]. - The stock had previously gained 140% over the past year, leading to a sell-off as investors reacted to the earnings report, viewing it as a profit-taking retreat rather than a disappointing outcome [4][7]. Competitive Position - KLA's market position remains strong, as it offers essential products with no serious alternatives, particularly in the high-end semiconductor manufacturing sector [6]. - The company is expected to continue experiencing robust business growth as demand for leading-edge tools in chip foundries persists [6].

Group 1 - Deep-pocketed investors have adopted a bearish approach towards KLA, indicating that significant market movements may be imminent [1] - The options activity for KLA has been extraordinary, with 36% of heavyweight investors leaning bullish and 43% bearish, including 35 puts totaling $3,061,187 and 88 calls amounting to $16,155,840 [2] - The major market movers are focusing on a price band between $590.0 and $2180.0 for KLA over the last three months [3] Group 2 - Analyzing volume and open interest is crucial for tracking liquidity and interest in KLA's options, particularly within the strike price range of $590.0 to $2180.0 over the last 30 days [4] - KLA's current trading volume stands at 1,271,317, with the stock price down by -12.13% at $1540.0, and RSI indicators suggest it may be approaching overbought conditions [7] - Market experts have issued ratings for KLA, with a consensus target price of $1642.0, highlighting the potential for higher profits through strategic trading despite the associated risks [6]