KLA(US:KLAC) 招商电子·2025-05-19 14:05Core Viewpoint - KLA Corporation reported strong Q1 FY25 results, with revenue of $3.06 billion, reflecting a year-over-year growth of 30% and a slight quarter-over-quarter decline of 0.4%, driven by advanced logic processes and HBM investments [1][2][6] Financial Performance - Revenue for Q1 FY25 was $3.06 billion, exceeding guidance midpoint, with a gross margin of 63%, also above guidance [1][6] - Non-GAAP diluted EPS was $8.41, while GAAP diluted EPS was $8.16, both near the upper limit of guidance [6][8] - Operating expenses were $575 million, lower than guidance by approximately $10 million, with an operating margin of 44.2% [9] Revenue Breakdown - Semiconductor process control revenue was $2.739 billion, up 31% year-over-year, accounting for 89% of total revenue [2][5] - Revenue from wafer inspection was $1.496 billion, a 51% increase year-over-year, representing 49% of total revenue [5][6] - Revenue from the service business was $669 million, reflecting a 13% year-over-year growth [8] Regional Performance - Revenue from mainland China was $793 million, down 20% year-over-year, while Taiwan's revenue surged by 128% to $988 million [2][6] - North America revenue was $294 million, up 19% year-over-year, indicating a stable performance in the region [2][6] Market Outlook - The company expects the WFE market to reach approximately $100 billion in 2025, with a projected revenue for Q2 FY25 between $2.925 billion and $3.225 billion [3][12] - Gross margin is anticipated to be around 62%-64% for Q2 FY25, with a quarterly impact of tariffs estimated at 1 percentage point [3][12] Strategic Insights - KLA's advanced packaging business is expected to grow significantly, with revenue projected to exceed $850 million in 2025 [7][12] - The company maintains a strong cash flow position, with free cash flow of $999 million for the quarter and a total of $3.5 billion over the past 12 months [8][10] Capital Return Strategy - KLA announced a 12% increase in quarterly dividends to $1.90 per share and authorized an additional $5 billion for stock repurchase, bringing the total authorization to $5.46 billion [11][12] Industry Position - KLA continues to lead in the WFE and process control markets, with a market share increase of nearly 250 basis points over the past five years [6][14] - The company is well-positioned to capitalize on the growing demand for AI infrastructure and advanced semiconductor technologies [7][20]