ASML发布财报，EUV扮演重要角色

Core Viewpoint - ASML reported strong financial results for Q2 2025, with net sales of €7.7 billion and a gross margin of 53.7%, driven by increased demand for EUV lithography machines and a robust outlook for the semiconductor market, particularly in AI applications [1][5][12]. Financial Performance - Q2 2025 net sales reached €7.7 billion, with a gross margin of 53.7% and net income of €2.3 billion, representing 29.8% of total net sales [2][5]. - The company expects Q3 2025 net sales to be between €7.4 billion and €7.9 billion, with a gross margin between 50% and 52% [1]. - Full-year 2025 net sales are projected to grow approximately 15% year-over-year, with a gross margin around 52% [1]. Order and Sales Breakdown - New orders in Q2 2025 amounted to €5.5 billion, including €2.3 billion from EUV lithography machines [2][5]. - The largest revenue contribution came from EUV machines, with 11 units shipped during the quarter [2][5]. - Revenue distribution showed 69% from logic applications and the remainder from memory applications, with Taiwan contributing 33% and mainland China 27% to total revenue [2][5]. Market Trends and Growth Drivers - The EUV business is expected to grow approximately 30% year-over-year, primarily driven by demand in AI [2][5]. - The installed base management services are anticipated to grow by about 20%, supported by significant growth in the first half of the year and upcoming service needs as systems exceed warranty periods [6][12]. - The logic chip market is expected to grow as customers increase production capacity for advanced process chips, while the memory chip market remains strong with ongoing investments in high-bandwidth memory (HBM) and DDR5 products [5][12]. New Product Launch - ASML launched the first TWINSCAN EXE:5200B system, which features improved imaging contrast and resolution, allowing for higher transistor density in chip manufacturing [7][9]. Impact of Tariffs - ASML is actively working to mitigate the impact of tariffs on its operations and is exploring free trade zones to alleviate adverse dynamics [10][11]. - The company identified four categories of tariffs affecting its business, including those on complete systems and components used for service operations [11][12].