ASML Holding(US:ASML) Xin Lang Cai Jing·2025-10-19 02:15Core Viewpoint - ASML's growth concerns persist, with management previously indicating that 2026 performance may not grow, but has now adjusted to suggest growth is achievable [3][16] Financial Performance - Q3 revenue reached €7.52 billion, a 1% year-on-year increase but a 2% quarter-on-quarter decline, falling short of market expectations of €7.71 billion [3] - Gross margin was 51.6%, up 0.8 percentage points year-on-year but down 1.1 percentage points quarter-on-quarter, exceeding market expectations of 51.4% [3] - Net profit for Q3 was €2.13 billion, a 2% year-on-year increase but a 7% quarter-on-quarter decline, with a net profit margin of 28.3% [3] Product Shipment and Revenue Breakdown - A total of 72 lithography machines were shipped in Q3, a 38% year-on-year decline [5] - EUV machines accounted for 9 units with revenue of €2.11 billion, representing 38% of lithography revenue [5] - ArFi machines accounted for 38 units with revenue of €2.89 billion, representing 52% of lithography revenue [5] - Other machine types contributed smaller amounts, with ArFdry at €0.11 billion, KrF at €0.17 billion, and I-Line at €0.056 billion [5] Regional Performance - Lithography revenue from mainland China was €2 billion in Q3, an 18% year-on-year decline, making it ASML's largest customer region [10] Order Book and Future Outlook - Net bookings for Q3 were €5.4 billion, a 105% year-on-year increase, with EUV bookings at €3.6 billion, up 157% [11] - Q4 revenue is expected to be between €9.2 billion and €9.8 billion, with a projected year-on-year decline of 1% to a growth of 6% [15] - Management maintains a long-term revenue target of €44-60 billion by 2030, with a gross margin of 56%-60% [17]