ASML Holding(US:ASML) HTSC·2025-07-17 02:12Investment Rating - The industry rating is "Overweight (Maintain)" for both Electronics and Semiconductors [6]. Core Insights - The report indicates that ASML's new orders in Q2 2025 exceeded expectations, driven by strong demand from AI and memory sectors, although uncertainties for 2026 remain due to macroeconomic and geopolitical factors [2][5]. - ASML's Q2 2025 revenue reached €7.692 billion, a year-on-year increase of 23.2%, with a gross margin of 53.7%, surpassing previous guidance [3]. - The company expects Q3 2025 revenue to be between €7.4 billion and €7.9 billion, which is lower than market expectations [3][5]. Summary by Sections Q2 2025 Performance - ASML's Q2 2025 revenue was €7.692 billion, up 23.2% year-on-year, and down 0.6% quarter-on-quarter, close to the upper limit of previous guidance [3]. - The revenue breakdown for Q2 2025 included 48% from EUV, 43% from ArFi, and 2% from ArF Dry, among others [3]. New Orders - ASML secured new orders worth €5.54 billion in Q2 2025, a 41% increase quarter-on-quarter, with EUV orders at €2.3 billion, up 92% [4]. - Logic customers accounted for 84% of the new orders, while storage customers made up 16% [4]. Market Outlook - The report anticipates strong demand for advanced processes and storage expansion in China, with a focus on domestic semiconductor production [5]. - ASML projects a 15% revenue growth for 2025, reaching approximately €32.5 billion, with a gross margin of around 52% [5].