ASML Holding(US:ASML) 智通财经网·2025-07-17 09:38Core Viewpoint - ASML reported a significant increase in Q2 orders, reaching €5.5 billion, a 41% increase quarter-over-quarter, and stable year-over-year, exceeding market consensus [1] - The company has decided not to provide guidance for 2026 due to high order volatility, indicating that orders may not accurately reflect business momentum [1][7] Group 1: EUV Business - The EUV business is expected to grow approximately 30% this year, with a high average selling price (ASP) due to the predominance of 3800 models in the second half of the year [1][2] - The ASP for EUV is notably high, allowing customers to meet capacity demands with fewer machines, which is beneficial from a gross margin perspective [2] - The company confirmed that the mix of Low NA and High NA EUV orders is ongoing, with clients currently validating tools for potential mass production in 2026 or 2027 [5][13] Group 2: DUV Business and Market Insights - DUV expectations remain consistent with earlier forecasts, but the contribution from the Chinese market is now anticipated to exceed 25%, up from slightly above 20% [1][2][4] - There has been a notable adjustment in the backlog orders, with €1.4 billion related to DUV and some application businesses being canceled due to last year's export restrictions [11] Group 3: Financial Guidance and Market Conditions - The company has lowered its Q3 revenue guidance to €7.4 - 7.9 billion, below the market expectation of €8.26 billion, and has adjusted the FY25 revenue guidance to a 15% growth, projecting €32.5 billion, compared to market expectations of €37.39 billion [1] - There is a cautious outlook regarding customer capital expenditure plans, influenced by ongoing discussions and uncertainties surrounding tariffs and economic impacts [6] Group 4: Storage and Advanced Technologies - Advanced storage demand remains strong, driven by HBM, although storage orders represented only 16% of Q2 due to high previous quarter orders [9] - The adoption rate of EUV in high-end storage is increasing, particularly among DRAM customers, with expectations for continued growth in this area [10]