订单几乎翻倍、上调2026年增长指引，阿斯麦四季度业绩炸裂，股价夜盘一度飙涨10%

Core Viewpoint - ASML's fourth-quarter performance exceeded expectations, driven by strong demand for AI infrastructure and a significant increase in orders, indicating a positive outlook for future growth [2][3][12]. Group 1: Financial Performance - The fourth-quarter order amount reached €13.2 billion, nearly double the analyst average expectation of €6.85 billion, and a substantial increase from €5.4 billion in the previous quarter [9][17]. - The fourth-quarter net sales reached a record high of €9.7 billion, contributing to a full-year net sales of €32.7 billion, both marking historical highs [6][17]. - The gross margin for the fourth quarter was reported at 52.2%, with a net profit of €2.8 billion [17]. Group 2: Future Growth Expectations - ASML's CEO expressed optimism for 2026, predicting net sales between €34 billion and €39 billion, with a gross margin maintained between 51% and 53% [12][19]. - The company anticipates first-quarter net sales to be between €8.2 billion and €8.9 billion, slightly above market expectations [12][19]. - The significant increase in orders reflects clients' upgraded mid-term capacity plans, driven by sustained demand for AI-related products [19]. Group 3: Stock Buyback and Dividend Plans - ASML announced a new stock buyback program of up to €12 billion, effective until December 31, 2028, with plans to increase the annual dividend to €7.50 per share, a 17% increase from 2024 [12][23]. - The company had previously repurchased approximately €1.7 billion in stock under its 2022-2025 buyback plan, with a total of €7.6 billion repurchased to date [23]. Group 4: Market Position and Industry Context - ASML is the only company capable of producing advanced lithography machines, essential for manufacturing cutting-edge semiconductors, and is a key supplier for major chip manufacturers like TSMC and Intel [15][25]. - The surge in EUV (Extreme Ultraviolet) orders, amounting to €7.4 billion in the fourth quarter, indicates robust demand for advanced process capacity expansion [9][17].