ASML Holding(US:ASML) 智通财经网·2025-09-05 03:21Core Viewpoint - UBS maintains a bullish rating on ASML, raising the 12-month target price from €660 to €750, driven by strong demand for High-NA EUV lithography machines from major chip manufacturers [1][4]. Group 1: Company Performance and Financials - ASML's market capitalization is approximately $290 billion, with a current P/E ratio of 27x and a history of 19 consecutive years of dividend payments [1]. - The company reported a revenue growth of 26.4% over the past 12 months, with a healthy gross margin of 52.5% [4]. - ASML's second-quarter orders reached €5.5 billion, a 41% increase quarter-over-quarter, exceeding market expectations [6]. Group 2: Market Trends and Future Outlook - The demand for High-NA EUV lithography machines is expected to transition from the validation phase to deployment in chip manufacturing, with significant growth anticipated in 2027 and 2028 [5][8]. - UBS forecasts a compound annual growth rate (CAGR) of 20% in earnings per share from 2026 to 2030, supported by strong financial fundamentals [4]. - Major chip manufacturers like TSMC, Samsung, and SK Hynix are expected to drive demand for High-NA technology, with ASML's shipments projected to be 6 units in 2027 and 10 units in 2028, contributing approximately 30% to ASML's revenue growth in those years [5]. Group 3: Competitive Landscape and Industry Position - ASML is the sole supplier of advanced EUV lithography machines necessary for producing cutting-edge chips, making it a critical player in the semiconductor industry [9][10]. - The transition to High-NA technology is seen as a long-term positive catalyst for ASML's performance, with significant implications for the production of 2nm and below nodes [10]. - Competitors like Deutsche Bank and Wolfe Research have varying outlooks on ASML, with target prices adjusted based on concerns over EUV shipment growth and macroeconomic uncertainties [7].