点击招商研究小程序查看PDF报告原文 事件： 泛林集团（NASDAQ:LRCX）于2026年1月28日发布CY25Q4（即FY26Q2）财报，25Q4收入 53.45亿美元，同比+22.14%/环比+0.39%，毛利率49.70%，同比+2.2pcts/环比-0.9pct，代工 收入31.54亿元，环比-1.28%，占比降低一个百分点至59%。综合财报及交流会议信息，总结要 点如下： 评论： 1、公司毛利率超预期，CSBG业务持续稳健增长。 25Q4公司营收53.45亿美元，同比+22.14%/环比+0.39%，超指引中值（52亿美元），其中 CSBG 收 入 19.87 亿 美 元 ， 同 比 +13.54%/ 环 比 +11.82%； 毛 利 率 49.70% ， 略 超 指 引 上 限 （47.5%-49.5%），较有利的客户结构使得毛利率表现优于预期，同比+2.2pcts/环比-0.9pct， 环比下降主要系客户结构不及三季度。 2、四季度DRAM营收环比高增，中国大陆地区收入下滑。 1）按类别拆分： ①代工： 25Q4收入占比59%，环比-1pct，连续数个季度维持较高占比，主要 系先进制程领域投资 ...

Core 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]