Share prices of Lam Research (LRCX 1.23%) shot up more than 6% following the April 23 release of its fiscal 2025 third-quarter earnings (for the three months ended March 30), driven by the company's stronger-than-expected results and guidance that point toward strong demand for its semiconductor manufacturing equipment.So far this year, the stock has been under pressure due to its reliance on China for a large chunk of sales and the turmoil caused by the ongoing tariff war. However, Lam's results and outloo ...

Core Viewpoint - Lam Research Corporation (LRCX) reported strong third-quarter fiscal 2025 results, exceeding market expectations and reinforcing its position in the semiconductor fabrication equipment industry, leading to a 7% increase in share price since the earnings release on April 23 [1][6]. Financial Performance - Total revenues for Q3 reached $4.72 billion, marking a 24.5% year-over-year increase, driven by demand in memory and logic segments [6]. - Non-GAAP EPS was $1.04, surpassing analyst forecasts and reflecting a 33.5% improvement from the previous year [6][7]. - The non-GAAP operating margin improved by 210 basis points year-over-year to 32.8% in Q3 [13]. Market Position and Demand Drivers - Lam Research is benefiting from the increasing demand for AI and datacenter chips, which require advanced fabrication technologies [8]. - Shipments for gate-all-around nodes and advanced packaging exceeded $1 billion in 2024, with expectations to triple to over $3 billion by 2025 [9]. - The company is well-positioned to capitalize on the semiconductor spending cycle driven by AI investments [10]. Strategic Investments - Continued investment in R&D and product innovation, including the Cryo 3.0 technology, is enhancing Lam's competitive edge in semiconductor manufacturing [11]. - The Aether dry-resist solution has been adopted by multiple customers, indicating growing influence in the memory fabrication market [12]. - Expansion of manufacturing capabilities in Asia has improved cost efficiencies and responsiveness to customer demand [13]. NAND Market Recovery - Lam Research is poised to benefit from the recovery in the NAND flash market, with management expecting significant revenues from molybdenum and carbon gap fill solutions in 2025 [14][15]. Valuation - The stock trades at a forward P/E ratio of 18.1, lower than the sector average of 23.43 and major semiconductor peers like Broadcom, NVIDIA, and Marvell Technology [16][19]. - This discounted valuation aligns with the company's long-term growth potential [16]. Investment Recommendation - Given the solid financial performance, strategic focus on AI-driven growth, and attractive valuation, Lam Research is considered a compelling investment option at this time [20].

Core Insights - Consistent earnings growth is important for company profitability, but earnings acceleration is more effective in driving stock prices higher [1] - Companies like The Kroger Co. (KR), Lam Research Corporation (LRCX), and Limbach Holdings, Inc. (LMB) are currently showing strong earnings acceleration [1] Earnings Acceleration Definition - Earnings acceleration refers to the incremental growth in a company's earnings per share (EPS), specifically when quarter-over-quarter growth rates increase over time [2] Importance of Earnings Acceleration - Unlike earnings growth, which may already be priced into stocks, earnings acceleration can identify stocks that have not yet attracted investor attention, leading to potential price rallies [3] Earnings Growth Trends - An increasing percentage of earnings growth indicates a fundamentally sound company, while stagnant or decelerating growth can signal consolidation or potential price declines [4] Screening Parameters for Earnings Acceleration - The screening process involves identifying stocks where the last two quarter-over-quarter EPS growth rates exceed previous periods' growth rates, with projected growth rates for the upcoming quarter also expected to exceed prior periods [5][6][7] Top Stocks Identified - The screening narrowed down to five stocks, with the top three being: - **Kroger**: A food and drug retailer in the U.S. with an expected earnings growth rate of 6% for the current year [8] - **Lam Research**: A company that designs and manufactures semiconductor processing equipment, with an expected earnings growth rate of 32.8% for the current year [10] - **Limbach Holdings**: A building systems solution company with an expected earnings growth rate of 12% over the next five years [11]

编译 | 华尔街大事件 基于对NAND市场复苏的预期，分析师于2024年10月给予 Lam Research ( NASDAQ: LRCX ) "强力买入" 评级。相信技术升级周期将继续推动 该公司未来的增长。然而，由于 风险逐渐上升，分析师将其评级下调至"持有"，其合理价值为73美元。 4月23日，Lam Research公布了其 2025财年第三季度 业绩，如下图所示，营收增长24.2%，营业利润增长34.7%。强劲增长的动力源于市场对 其系统（包括用于沉积、蚀刻、清洗和其他晶圆制造的设备）的强劲需求。整体系统收入同比增长26.7%，值得关注。 强劲的系统增长反映了市场对NAND技术驱动的系统升级的强劲需求。正如 财报电话会议 中所强调的，DRAM和代工逻辑客户正在积极升级其 现有系统，以适应更先进的NAND技术，并满足对AI计算和GPU的强劲需求。管理层指出，鉴于Lam Research在先进NAND技术领域的强大市 场地位，系统升级可能会推动其未来的增长。 本季度的另一大亮点是管理层对全球晶圆厂设备 (WFE) 支出充满信心，预计2025财年支出约为1000亿美元。尽管地缘政治风险和关税战不断升 级， ...

Group 1 - The analyst had a 'Strong Buy' rating on Lam Research (NASDAQ: LRCX) in October 2024, anticipating a recovery in the NAND market driven by a technology upgrade cycle [1] - The investment strategy focuses on companies in niche markets with strong growth potential, solid management, sound capital allocation, and reasonable valuation [1] - The target annual return for the portfolio is set at 15%, with a diversified holding of 15-20 stocks emphasizing risk management and disciplined trading [1]

Core Viewpoint - Lam Research Corp. has reported strong earnings, indicating potential growth for the company and the semiconductor sector despite recent challenges in the industry [1][2][4]. Financial Performance - Lam Research's revenue reached $4.72 billion, exceeding the estimate of $4.64 billion, representing a 7% increase from the prior quarter and a 24.5% increase year-over-year [2]. - Earnings per share (EPS) were reported at $1.04, beating estimates by $1, which is a 14% increase from the previous quarter and a 35% increase year-over-year [3]. Future Outlook - Management anticipates continued strong momentum in the upcoming June quarter, projecting revenue of $5 billion at the midpoint, with an EPS of $1.20 and a gross margin of 49.5% [4][5]. - The company expects to see a reduction in revenue from China, which currently accounts for 31% of its total revenue, with a potential drop of about $700 million in 2025 [6]. Market Position and Strategy - Lam Research does not manufacture semiconductor chips but provides essential equipment for chipmakers, making its performance a key indicator for the sector [4]. - The company has a strategy of maintaining manufacturing capabilities close to its customers, which it claims allows for agility in its supply chain [8]. Stock Performance and Analyst Ratings - The current stock price is $71.42, with a 12-month price target of $92.70, indicating a potential upside of 29.79% [7]. - Despite recent declines, analysts maintain a Moderate Buy rating, with a consensus price target of $93.23, suggesting a 31% gain potential [10].

Revenue and Income - Revenue for the three months ended March 30, 2025, was $4,720.2 million, an increase of 8% compared to $4,376.0 million for the three months ended December 29, 2024[77]. - Net income for the March 2025 quarter was $1,330.7 million, compared to $1,191.0 million for the December 2024 quarter, reflecting a diluted net income per share increase from $0.92 to $1.03[77]. Gross Margin and Expenses - Gross margin as a percentage of total revenue increased to 49.0% in the March 2025 quarter from 47.4% in the December 2024 quarter, primarily due to favorable changes in customer and product mix[79]. - Gross margin for the quarter ended March 30, 2025, was $2,313.7 million, representing 49.0% of revenue, an increase from 47.4% in the previous quarter[85]. - Research and Development (R&D) expenses for the quarter ended March 30, 2025, were $525.9 million, accounting for 11.1% of revenue, slightly down from 11.3% in the previous quarter[87]. - Selling, General, and Administrative (SG&A) expenses decreased to $226.0 million in the March 2025 quarter, representing 4.8% of revenue, down from 5.6% in the previous quarter[89]. Revenue Breakdown - Systems revenue for the March 2025 quarter was $3,035.3 million, up from $2,625.6 million in the December 2024 quarter, driven by strengthened investments in the Foundry market segment[83]. - Customer support-related revenue for the March 2025 quarter was $1,684.9 million, slightly down from $1,750.4 million in the December 2024 quarter[83]. Cash and Deferred Revenue - Cash, cash equivalents, and restricted cash decreased to $5.5 billion at the end of the March 2025 quarter from $5.7 billion at the end of the December 2024 quarter, primarily due to $504.0 million in principal payments on debt instruments[80]. - The deferred revenue balance at the end of the March 2025 quarter was $2,010.9 million, a slight decrease from $2,031.6 million at the end of the December 2024 quarter[77]. - Total gross cash, cash equivalents, and restricted cash balances were $5.5 billion as of March 30, 2025, down from $5.9 billion as of June 30, 2024[102]. Tax and Financial Agreements - The effective tax rate for the quarter ended March 30, 2025, was 13.4%, up from 11.7% in the previous quarter[96]. - The company entered into a Third Amended and Restated Credit Agreement in January 2025, increasing the unsecured revolving credit facility from $1.5 billion to $2.0 billion[109]. Share Repurchases and Cash Flow - The company incurred $2,130.0 million in share repurchases during the nine months ended March 30, 2025[102]. - Net cash provided by operating activities for the nine months ended March 30, 2025, was $3,619.1 million, with net income of $3,638.1 million[103]. - Anticipated cash flows from operations are expected to support operations, investments, and dividends for at least the next twelve months[107]. Employee and Market Outlook - Employee headcount as of March 30, 2025, was approximately 18,600, reflecting an increase in employee-related costs due to seasonality and higher headcount[80]. - The company anticipates strong wafer fabrication equipment spending levels in fiscal year 2025, driven by increases in both memory and non-memory market segments[74]. - The company is positioned to leverage technology inflections in the semiconductor industry, including 3D device scaling and advanced packaging chip integration, to drive sustainable growth[74]. Restructuring Charges - No restructuring charges were recorded during the nine months ended March 30, 2025, compared to $57.1 million in the same period of the prior year[92].

证 券 研 究 报 告 LAM Research（LRCX.O）2025Q1（FY25Q3）点评及业绩说明会纪要 2025Q1 业绩符合预期，先进逻辑&NAND 技 术升级带动全年 WFE 提升 ❖ 事项： 2025 年 4 月 24 日，LAM Research 发布 2025Q1（FY25Q3）季度报告，并召开 业绩说明会，2025Q1 实现营业收入 47.20 亿美元（QoQ+7.86%，YoY+24.43%）； non-GAAP 毛利率 49.0%（QoQ+1.5pct，YoY+1.5pct）。（注：以下全文为日历 年时间） ❖ 评论： 1. 业绩情况：2025Q1 公司实现营收 47.20 亿美元（QoQ+7.86%，YoY+24.43%）， 高于业绩指引中值（46.5±3 亿美元）；non-GAAP 毛利率 49.0%（QoQ+1.5pct， YoY+1.5pct），处于前期业绩指引上限（48.0±1%），non-GAAP 毛利率增长得 益于产品组合优化以及贴近客户制造战略带来的效率提升。 2. 营收结构（分业务部门)：1.设备部门：1）存储业务：内存占比为 43%，低 于 2024Q4 的 50 ...

Megacap tech stocks are in rally mode today, including semiconductor concern Nvidia (NVDA). The shares of sector peers Lam Research Corp (NASDAQ:LRCX) and Texas Instruments Inc (NASDAQ:TXN) are also higher after the companies bested top- and bottom-line expectations for the fiscal third and first quarter, respectively.LRCX is up 5.7% to trade at $70.50 at last glance, chipping away at its 20.1% year-to-date deficit. Looking to conquer overhead pressure from the 20-day moving average, the stock is headed for ...

Core Insights - Lam Research (LRCX) reported strong third-quarter fiscal 2025 results, with both revenue and earnings exceeding expectations [1][2] - The company provided an optimistic outlook for the fourth quarter of fiscal 2025, despite recent stock price declines due to broader tech market concerns [3] Financial Performance - LRCX's non-GAAP earnings for Q3 fiscal 2025 were $1.04 per share, beating the Zacks Consensus Estimate by 4%, and reflecting a 33.3% year-over-year increase [2] - Revenues for the same quarter reached $4.72 billion, surpassing the consensus estimate by 1.64% and marking a 24.5% increase from $3.79 billion in the previous year [2] Segment Performance - Systems revenues accounted for $3.04 billion, representing 64.3% of total revenues, which is a 15.6% increase from the previous quarter and a 26.6% increase year-over-year, although it fell short of the Zacks Consensus Estimate of $2.69 billion [4] - Customer Support Business Group revenues were $1.68 billion, making up 35.7% of total revenues, which is a 3.7% decrease from the previous quarter but a 20.5% increase year-over-year [4] Geographic Revenue Breakdown - In Q3, revenue contributions came from China (31%), Korea (24%), and Taiwan (24%), with Japan (10%), the United States (4%), Southeast Asia (4%), and Europe (3%) making up the remainder [5] Operating Metrics - Non-GAAP gross margin improved to 49.0%, up 150 basis points from the previous quarter, while non-GAAP operating margin rose to 32.8%, an increase of 210 basis points [6] - Non-GAAP operating expenses increased to $763 million, a 3.8% rise from $735 million in the prior quarter [6] Balance Sheet and Cash Flow - As of March 30, 2025, Lam Research held $5.46 billion in cash and cash equivalents, down from $5.67 billion [7] - Cash flow from operating activities significantly increased to $1.31 billion, up from $742 million in the previous quarter [7] - The company paid dividends totaling $295.7 million and repurchased shares worth $347 million during the quarter [7] Future Guidance - For Q4 fiscal 2025, Lam Research projects revenues of $5 billion (+/- $300 million), indicating a year-over-year growth of 17.23% compared to the Zacks Consensus Estimate of $4.54 billion [8] - The company expects a non-GAAP gross margin of 49.5% (+/-1%) and a non-GAAP operating margin of 33.5% (+/-1%) [9] - Projected non-GAAP earnings per share for Q4 are $1.20 (+/- $0.10), with a diluted share count of 1.28 billion, compared to the Zacks Consensus Estimate of 96 cents, reflecting an 18.5% year-over-year growth [9]