证 券 研 究 报 告 Lam Research（LRCX）FY26Q2 业绩点评及业绩说明会纪要 CY25Q4 营收创新高，2026 年 WFE 预期上修 至 1350 亿美元 ❖ 事项： 2026 年 1 月 29 日 Lam Research 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 28 日，即自然季度 CY2025Q4。 CY25Q4，公司实现营收 53.4 亿美元，环比增长 0.40%，同比增长 22.14%； Non-GAAP 毛利率 49.7%，环比下滑 0.9pct，同比增长 2.2pct。2025 年全年， 公司营收达 206 亿美元，同比增长 27%，Non-GAAP 毛利率 49.9%。 ❖ 评论： 1. 业绩总览：CY25Q4，公司实现营收53.4亿美元（QoQ+0.40%，YoY+22.14%）， 连续 10 个季度增长，高于业绩指引中值（52±3 亿美元），创季度纪录；Non- GAAP 毛利率 49.7%（QoQ-0.9pct，YoY+2.2pct），超出指引区间上限。 2025 年全年，公司营收达 206 亿美元（ ...

点击招商研究小程序查看PDF报告原文 事件： 泛林集团（NASDAQ:LRCX）于2026年1月28日发布CY25Q4（即FY26Q2）财报，25Q4收入 53.45亿美元，同比+22.14%/环比+0.39%，毛利率49.70%，同比+2.2pcts/环比-0.9pct，代工 收入31.54亿元，环比-1.28%，占比降低一个百分点至59%。综合财报及交流会议信息，总结要 点如下： 评论： 1、公司毛利率超预期，CSBG业务持续稳健增长。 25Q4公司营收53.45亿美元，同比+22.14%/环比+0.39%，超指引中值（52亿美元），其中 CSBG 收 入 19.87 亿 美 元 ， 同 比 +13.54%/ 环 比 +11.82%； 毛 利 率 49.70% ， 略 超 指 引 上 限 （47.5%-49.5%），较有利的客户结构使得毛利率表现优于预期，同比+2.2pcts/环比-0.9pct， 环比下降主要系客户结构不及三季度。 2、四季度DRAM营收环比高增，中国大陆地区收入下滑。 1）按类别拆分： ①代工： 25Q4收入占比59%，环比-1pct，连续数个季度维持较高占比，主要 系先进制程领域投资 ...

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 - The GMO U.S. Quality ETF (QLTY) has seen significant inflows and strong performance, but its heavy allocation to technology may pose risks as market conditions change [1] Group 1: Performance and Inflows - QLTY attracted $3 billion since its launch in November 2023, focusing on companies with exceptional returns on capital [1] - The ETF returned 20.5% over the past year, outperforming the S&P 500 by approximately 500 basis points [1] Group 2: Technology Allocation Risks - QLTY has a 37% allocation to Information Technology, which exposes it to valuation risks as tech multiples may compress [1] - The top holdings in QLTY have an average forward price-to-earnings ratio near 25x, which is reasonable for companies with double-digit revenue growth [1] - Quality premiums can diminish quickly with shifts in interest rate expectations or disappointing growth [1] Group 3: Earnings Quality and Company Performance - Meta Platforms, a significant holding in QLTY, has a profit margin of 30.9% but experienced an 82.6% year-over-year earnings decline due to investments in Reality Labs [1] - The uncertainty surrounding Meta's earnings raises questions about the sustainability of QLTY's performance [1] - Johnson & Johnson, with a 4.4% weight in QLTY, offers some defensive balance, but the portfolio remains heavily influenced by tech giants like Microsoft and Lam Research [1]

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 28, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12933 ___________________________________________________________ LAM RESEARCH CORPORATION (Exact name of registrant as specifi ...

Core Insights - Lam Research Corporation (NASDAQ:LRCX) has experienced a significant stock rally, with a 137% increase last year and an additional 39% gain in January 2026, primarily driven by demand for CPUs that Intel is unable to produce in sufficient quantities [1] - The company is a leading provider of equipment for both CPU and memory chip manufacturing, positioning it to benefit from increased production efforts in the semiconductor industry [1] - Upcoming earnings reports from semiconductor capital equipment companies are anticipated to be strong, but the high stock valuations may lead to uncertain market reactions [1] Company Overview - Lam Research Corporation specializes in developing equipment for depositing, etching, and cleaning semiconductor materials, including systems for tungsten and copper metallization, plasma and atomic-layer deposition, dielectric and conductor etch, and wafer cleaning [2]

Key Takeaways LRCX posted Q2 non-GAAP EPS of $1.27, beating estimates by 8.5%, with earnings up 39.6% year over year.Lam Research's revenues climbed 22% Y/Y to $5.34B, driven by growth in Customer Support revenues.LRCX guided Q3 revenues of approximately $5.7B, with EPS projected at approximately $1.35.Lam Research (LRCX) reported second-quarter fiscal 2026 results, wherein both top and bottom lines surpassed the Zacks Consensus Estimate.LRCX reported second-quarter non-GAAP earnings of $1.27 per share, whi ...

Core Insights - Lam Research reported revenue of $5.34 billion for the quarter ended December 2025, reflecting a 22.1% increase year-over-year and a surprise of +2.11% over the Zacks Consensus Estimate of $5.23 billion [1] - The earnings per share (EPS) for the quarter was $1.27, up from $0.91 in the same quarter last year, with an EPS surprise of +8.99% compared to the consensus estimate of $1.17 [1] Financial Performance Metrics - Lam Research's stock has returned +40% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.8% change, and currently holds a Zacks Rank 1 (Strong Buy) [3] - Revenue from Foundry equipment and upgrades was 59%, exceeding the estimated 50.9% by analysts [4] - Revenue from Logic/integrated device manufacturing equipment and upgrades was 7%, slightly above the estimated 6.4% [4] - Memory-related revenue was 34%, below the average estimate of 42.7% [4] - Customer support-related revenue and other totaled $1.99 billion, surpassing the average estimate of $1.78 billion, representing a year-over-year increase of +13.5% [4] - Revenue from Systems was $3.36 billion, slightly below the estimated $3.44 billion, but showed a +27.9% increase compared to the year-ago quarter [4]

Lam Research Corp. (NASDAQ:LRCX) posted upbeat second-quarter earnings on Wednesday.Lam Research reported quarterly earnings of $1.27 per share, which beat the Street estimate of $1.17 by 8.45%, according to Benzinga Pro. Quarterly revenue of $5.35 billion beat the analyst consensus estimate of $5.24 billion and was up from $4.38 billion from the same period last year."Lam delivered another strong quarter to cap a record year," said Tim Archer, Lam Research CEO.Lam Research is looking for third-quarter adju ...

Lam Research Corp. (NASDAQ:LRCX) posted upbeat second-quarter earnings on Wednesday.Lam Research reported quarterly earnings of $1.27 per share, which beat the Street estimate of $1.17 by 8.45%, according to Benzinga Pro. Quarterly revenue of $5.35 billion beat the analyst consensus estimate of $5.24 billion and was up from $4.38 billion from the same period last year."Lam delivered another strong quarter to cap a record year," said Tim Archer, Lam Research CEO.Lam Research is looking for third-quarter adju ...