Lam Research(US:LRCX) 招商电子·2025-05-19 14:05Core Viewpoint - Lam Research Corporation (NASDAQ:LRCX) reported Q1 FY25 earnings with revenue of $4.72 billion, a year-over-year increase of 24.4% and a quarter-over-quarter increase of 7.9%, achieving a gross margin of 49.0%, the highest since the Novellus merger [1][3][9] Revenue Breakdown - Revenue from the storage segment accounted for 43% of total revenue, down 7 percentage points quarter-over-quarter, with NAND revenue at 20% and DRAM at 23% [2][14] - Foundry revenue increased to 48% of total revenue, up 13 percentage points quarter-over-quarter, driven by strong shipments in GAA and advanced packaging [2][14] - Revenue from mainland China was $1.47 billion, down 9% year-over-year but stable quarter-over-quarter, while Taiwan's revenue reached a record high of $1.13 billion, up 236% year-over-year [2][14] Guidance for Q2 FY25 - The company expects Q2 revenue to be between $4.7 billion and $5.3 billion, with a midpoint year-over-year increase of 29% and a quarter-over-quarter increase of 6% [3][18] - Gross margin is projected to be between 48.5% and 50.5%, with an operating margin of 32.5% to 34.5%, indicating record profitability levels [3][18] Market Conditions and Strategic Focus - The company maintains its guidance for global wafer fabrication equipment (WFE) spending at approximately $100 billion for 2025, with no significant changes in customer order patterns observed [3][9] - Strategic focus remains on innovation, advanced services, and digital transformation to achieve growth and profitability goals [10][13] Technological Innovations - The company is leveraging its advanced products, such as the Striker Spark ALD equipment and Akara etching systems, to enhance its competitive position in the market [11][12] - The growth in the customer support business (CSBG) is driven by upgrades in NAND technology and increased demand for automation and intelligent equipment [12][35] Financial Performance - Q1 FY25 revenue was $4.72 billion, with deferred revenue remaining stable at $2 billion [13][15] - Operating expenses increased to $763 million, primarily due to R&D activities, which accounted for 70% of total operating expenses [15][17] - The company returned 63% of free cash flow to shareholders through stock buybacks and dividends [16][17] Capital Expenditures and Workforce - Capital expenditures for Q1 FY25 were $288 million, reflecting investments in laboratory expansions and global manufacturing growth [17] - The workforce increased to approximately 18,600 employees, with growth primarily in manufacturing and R&D to support installation and production activities [17]