ASML Holding(US:ASML) Shanghai Aijian Securities·2025-10-17 08:53Investment Rating - The report rates the industry as "Outperform" [2][25]. Core Insights - ASML's Q3 2025 performance met expectations with revenue of €7.5 billion, a QoQ decrease of 2.3% and a YoY increase of 0.7%, while the gross margin remained stable at 51.6% [2][5]. - New orders in Q3 2025 exceeded expectations at €5.4 billion, with EUV orders accounting for €3.6 billion, representing 66.7% of total new orders [2][5]. - The demand for advanced lithography equipment is driven by AI infrastructure investments, leading to an increase in EUV layer counts and the introduction of High NA systems [5][21]. Summary by Sections Financial Performance - ASML reported Q3 2025 revenue of €7.5 billion, with a gross margin of 51.6% and a stable profitability outlook [2][5]. - The company expects Q4 2025 revenue to be between €9.2 billion and €9.8 billion, with a gross margin of 51% to 53% [2][5]. Product and Market Trends - The trend of "front-end" processes in back-end equipment is becoming evident, with increasing wafer thickness and packaging layers [3][21]. - ASML's XT:260 lithography machine, designed for advanced packaging, was shipped for the first time in Q3 2025, significantly improving throughput [16][21]. Regional Insights - In Q3 2025, net system sales in mainland China accounted for 42% of total sales, although a decline is expected in 2026 due to U.S. export restrictions affecting major clients [8][21]. - The report highlights ongoing investments in advanced packaging lines globally, with approximately $100 billion currently under construction or planning [22][21].