手握74亿欧元EUV订单，光刻机之王ASML业绩又爆表了

Core Insights - ASML reported record quarterly earnings for Q4 2025, with revenue of €9.7 billion, contributing €7.6 billion from lithography machines and other equipment, a gross margin of 52.2%, and a net profit of €2.8 billion. The company also secured €7.4 billion in new EUV orders, bringing the total unfulfilled orders to €38.8 billion by the end of 2025 [1][5][6]. Group 1: Financial Performance - The revenue for Q4 2025 reached €9.7 billion, with €7.6 billion coming from lithography machines and other equipment [1]. - The gross margin was reported at 52.2%, and the net profit for the quarter was €2.8 billion [1]. - ASML anticipates Q1 2026 net sales between €8.2 billion and €8.9 billion, with a gross margin between 51% and 53% [1]. Group 2: Market Trends - ASML is significantly shifting towards the EUV era, with EUV machines contributing 48% (€3.648 billion) of the equipment revenue in Q4 2025, compared to DUV machines which were the main revenue source in Q3 [1][5]. - The total EUV sales for 2025 grew by 39% to €11.6 billion, with 48 units confirmed sold, while DUV sales declined by 6% year-over-year [5]. Group 3: Regional Contributions - In Q4 2025, the revenue contribution by region for the €7.6 billion equipment revenue was 36% from Mainland China, 22% from South Korea, 17% from the USA, 13% from Taiwan, 10% from Japan, and 2% from other Asian regions [6]. - The revenue from the US market surged to €1.292 billion in Q4, up from €0.333 billion in Q3, indicating a significant benefit from the US's push for advanced manufacturing [6]. Group 4: Customer Segmentation - For Q4 2025, the revenue contribution from logic customers and storage customers was approximately 65% and 35%, respectively, indicating that logic chips remain the primary revenue driver [9]. - The new order figures showed a shift, with storage customers accounting for 56% of new orders in Q4, up from 47% in Q3 [10]. Group 5: Future Outlook - ASML's CEO highlighted that the demand driven by AI is accelerating mid-term capacity expansion plans among customers, particularly in advanced process technologies [6][12]. - The company expects continued growth in 2026, driven by EUV sales and after-sales service business [6].