花旗集团将科磊目标价从1450美元上调至1800美元。 ...

来源：滚动播报 花旗集团将科磊目标价从1450美元上调至1800美元。 ...

| KLAC 科磊 | | | --- | --- | | 1427.940 ↓ -256.770 -15.24% 收盘价 01/30 16:00 美东 | | | 1403.670 + -24.270 -1.70% | 盘前价 02/02 04:35 美东 | | 三 2 24 号 S 9 0 一 2 2 | ● 快捷交易 | | 最高价 1585.000 开盘价 1540.000 成交量 278.81万 | | | 最低价 1416.840 昨收价 1684.710 成交额 41.05亿 | | | 平均价 1472.461 市空率 M 41.57 | 总市值 1871.7亿 (... ) | | 振 幅 9.98% 市盈率(静) 47.02 | 总股本 1.31亿 | | 换手率 2.13% 市净率 34.243 | 流通值 1871.68亿 | | 52周最高 1693.350委 比 87.50% 流通股 1.31亿 | | | 52周最低 547.892 量 比 2.30 每 手 1股 | | | 历史最高 1693.350 股息TTM 7.400 | | | 历史最低 4.690 股息率TM 0. ...

❖ 评论： 证 券 研 究 报 告 KLA（KLAC）FY26Q2 业绩点评及业绩说明会纪要 CY2025 营收创新高，2026 年锁定 WFE 份额 提升+先进封装双轮驱动 ❖ 事项： 2026 年 1 月 30 日 KLA 发布 FY26Q2 报告，并召开业绩说明会。公司财务季 度 FY26Q2 截至 2025 年 12 月 31 日，即自然季度 CY2025Q4。CY25Q4，公司 实现营收 32.97 亿美元，同比增长 7%，环比增长 3%；Non-GAAP 毛利率 62.6%。 CY 2025 全年，公司实现营收 127.4 亿美元，同比增长 17%。Non-GAAP 毛利 率 62.8%。 1. 业绩情况：CY2025Q4（FY2026Q2），KLA 实现营收 32.97 亿美元，同比增 长 7%，环比增长 3%，高于指导范围中值（32.25±1.5 亿美元）。Non-GAAP 毛 利率 62.6%，高于指导范围中值（62%±1pct），主要受益于服务业务表现超预 期及制造效率提升。 CY2025 全年，KLA 实现营收 127.4 亿美元，同比增长 17%。Non-GAAP 毛利 率 62.8% ...

点击蓝字，关注我们 今日上午港股 1 . 芯片股早盘走低，截至发稿， 华虹半导体(01347)跌10.04%，兆易创新(03986)跌8.72%，上海复旦 (01385)跌5.46%，中芯国际(00981)跌4.77% 。 消息面上，周一，韩国首尔综指日内大跌4%，三星、 SK海力士下跌。据媒体报道，三星、SK 海力士与美光三大原厂已纷纷收紧订单审核，对客户进行更 严格的尽职调查——包括核实终端用户身份、确认实际需求数量，甚至质疑订单真实性，以应对因部 分客户超额下单或囤货而可能引发的后续市场波动。 2 . 复旦张江(01349)盘中跌超4.6% 。消息面上，复旦张江公布，集团预计截至2025年12月31日止年度 将取得未经审核的归属于母公司所有者的净亏损约为人民币1.2亿元至1.8亿元，2024年同期净利润为 人民币3973.39万元；未经审核的归属于母公司所有者的扣除非经常性损益的净亏损约为人民币1.4亿 元至2亿元，2024年扣除非经常性损益的净利润为人民币514.52万元。 3 . 长城汽车(02333)跌超4.9% 。消息面上，1月30日，长城汽车发布2025年年度业绩快报，于2025年1 月1日至 ...

Core Viewpoint - KLA Corporation (NASDAQ: KLAC) reported strong financial results for FY26Q2 (CY25Q4), with revenue of $3.297 billion, a year-over-year increase of 7.15% and a quarter-over-quarter increase of 2.71%, indicating a solid performance in the semiconductor process control market [2][11]. Financial Performance - The company achieved a record annual revenue of $12.745 billion for 2025, representing a 17% growth compared to 2024, with 70% of this growth driven by investments in advanced logic, high bandwidth memory (HBM), and DRAM [2][12]. - The gross margin for Q4 was 62.6%, up 0.9 percentage points year-over-year and 0.1 percentage points quarter-over-quarter, exceeding the guidance midpoint of 62% [2][11]. - Free cash flow reached $4.4 billion for 2025, a 30% increase year-over-year, with $3 billion returned to shareholders through dividends and stock buybacks [11]. Segment Performance - Semiconductor process control revenue was $3.005 billion in Q4, up 9.07% year-over-year and 3.62% quarter-over-quarter, accounting for 91.1% of total revenue [3][8]. - Revenue from specialty semiconductor process decreased by 12.5% year-over-year but increased by 16.67% quarter-over-quarter, contributing 4.2% to total revenue [3][8]. - PCB and component inspection revenue was $152 million, down 5.59% year-over-year and down 20% quarter-over-quarter, representing 4.6% of total revenue [3][8]. Product Breakdown - Wafer inspection revenue was $1.573 billion, a slight increase of 1% year-over-year and 2% quarter-over-quarter, making up 47.7% of total revenue [9]. - Service revenue reached $786 million, up 18% year-over-year and 6% quarter-over-quarter, contributing 24% to total revenue [9]. - Revenue from advanced packaging grew significantly, with total system revenue for 2025 estimated at $950 million, reflecting over 70% year-over-year growth [12]. Market Outlook - For Q1 2026, KLA expects revenue of $3.35 billion, with a gross margin guidance of 60.75%-62.75%, indicating a slight decrease compared to the previous year due to rising DRAM costs [4][15]. - The WFE market is projected to grow at a high single-digit to low double-digit percentage, reaching approximately $120 billion, with the Chinese market expected to see moderate growth [5][14]. - The advanced packaging market is anticipated to grow to around $12 billion, with a similar growth rate, contributing to an overall market size of approximately $135 billion [5][14]. Regional Performance - Revenue from mainland China was $989 million, down 10.7% year-over-year and 21% quarter-over-quarter, accounting for 30% of total revenue [3][9]. - Taiwan's revenue was $857 million, down 3.9% year-over-year but up 6.8% quarter-over-quarter, representing 26% of total revenue [3][9]. - South Korea saw a revenue increase of 25% year-over-year and 59.8% quarter-over-quarter, contributing 14% to total revenue [3][9].

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 ...