Core Viewpoint - ASML's Q3 orders reached €5.4 billion, exceeding market expectations, driven by strong AI infrastructure investments in high-end chip manufacturing equipment [1][7][10] Financial Performance - Q3 revenue was €7.52 billion, slightly below the market expectation of €7.71 billion [4] - Q3 net profit was €2.13 billion, surpassing the market expectation of €2.08 billion [4] - Q3 orders amounted to €5.4 billion, significantly higher than the expected €4.89 billion [4] - The company expects Q4 net sales to be between €9.2 billion and €9.8 billion, with a gross margin forecast of 51% to 53% [4] Future Outlook - ASML anticipates a 15% year-on-year growth in net sales for 2025, reaching approximately €32.5 billion [3][13] - The company projects that sales in 2026 will not be lower than those in 2025 [3][13] - CEO Christophe Fouquet indicated that AI-related investments are expanding to more customers, enhancing order visibility [10] Market Dynamics - The Chinese market presents challenges, with ASML expecting a decline in net sales in 2026 compared to the high base levels of 2024 and 2025 [10][11] - In Q3, sales from the Chinese market accounted for 42% of total sales, up from 27% in Q2 [10] - Despite concerns regarding the Chinese market, Wall Street remains optimistic about ASML's performance, with firms like Morgan Stanley and UBS raising target prices [10] Industry Trends - The demand for AI infrastructure is driving significant capital expenditures, benefiting ASML as the sole producer of extreme ultraviolet lithography (EUV) machines [7][10] - Major tech companies, including OpenAI and NVIDIA, are investing in AI infrastructure, which is expected to positively influence ASML's order growth [11][12] - ASML is integrating AI into its lithography solutions to enhance system performance and production efficiency [12]
盘前上涨超3%！AI军备竞赛提升需求， 阿斯麦Q3订单额超预期，但预计明年中国市场净销售额回落
美股IPO·2025-10-15 07:39