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光刻机巨头阿斯麦股价暴跌 管理层警告2026年增长或无法实现

Core Viewpoint - ASML's stock price plummeted following the release of its Q2 2025 earnings report, despite exceeding revenue and profit expectations, due to a cautious outlook for future growth and narrowed annual guidance [2][3][7]. Financial Performance - Q2 net sales reached €7.7 billion (approximately $8.95 billion), surpassing the expected €7.52 billion [3]. - Q2 net profit was €2.29 billion, exceeding the forecast of €2.04 billion [3]. - The actual net new orders for Q2 were €5.5 billion, significantly higher than the anticipated €4.19 billion [3]. Future Guidance - For Q3, ASML expects revenue between €7.4 billion and €7.9 billion, below the market expectation of €8.3 billion [7]. - The company has narrowed its full-year revenue growth forecast for 2025 to approximately €32.5 billion, down from a previous range of €30 billion to €35 billion [7]. - ASML expressed uncertainty about achieving growth in 2026 due to macroeconomic and geopolitical factors [8]. Market Context - ASML is a critical player in the semiconductor supply chain, producing extreme ultraviolet (EUV) lithography equipment essential for advanced chip manufacturing [9]. - The demand for AI-related chips is a significant growth driver for ASML, with the company recently delivering a next-generation High NA EUV machine [9]. Regulatory Environment - The company faces uncertainties related to U.S. tariff policies affecting the shipment of new equipment and components, which could impact profit margins [11]. - Current semiconductor products are exempt from tariffs in the U.S., but future implications for chip manufacturing equipment remain uncertain [11]. - The potential lifting of export restrictions on AI processors could positively influence chip demand [11].