Q1FY25业绩点评：收入增长不及预期，短期波动不改长期增长动力

Core Insights - The report indicates that Lasertec's Q1 FY25 revenue was 36.7 billion yen, a year-on-year decrease of 22.3%, while operating profit increased by 54.9% to 15.9 billion yen, and net profit attributable to the parent company rose by 16.0% to 8.9 billion yen [2] - The slowdown in investment from core downstream customers due to geopolitical risks and monetary tightening has led to revenue falling short of expectations, particularly in the semiconductor sector [2][3] - Despite short-term fluctuations, the company maintains confidence in its long-term growth trajectory and has not adjusted its annual sales target, reflecting a strong belief in its mid-to-long-term business plan [3] Financial Performance - For FY2024, total revenue is projected at 213.5 billion yen, with a year-on-year growth of 39.7%, and net profit expected to reach 59.1 billion yen, reflecting a growth of 28.0% [1] - The company forecasts net profits of 81.4 billion yen for FY2025, 109.8 billion yen for FY2026, and 140.2 billion yen for FY2027, with corresponding P/E ratios of 22.7, 16.8, and 13.2 respectively [1][3] - The company is positioned as a leader in semiconductor testing equipment, particularly in EUV mask testing, which is expected to benefit significantly from AI-driven demand [3] Market Position and Valuation - Lasertec's current stock price corresponds to a P/E ratio of 31.3, with a target price set at 43,267 yen based on a projected P/E of 50 for FY2025 [3] - The company has a strong market capitalization of 1,849.4 billion yen, with a price-to-book ratio of 12.22 [4] - The report emphasizes the company's monopolistic position in EUV mask testing equipment, which provides a significant competitive advantage [3]