Group 1 - South Korea faces potential U.S. tariff hikes due to future disagreements over investment and frustration with the slow pace of parliamentary review [2][9] - Discussions between the U.S. and South Korea are expected to commence in February to select projects for a $350 billion investment package [3][9] - The Alaska LNG project has not yet been discussed between the two nations and will be reviewed for commercial feasibility only after an investment fund is launched [4][9] Group 2 - ASML Holding N.V. (ASML) shares surged 7.2% to a record high following robust order figures that significantly exceeded estimates [5][9] - LVMH Moët Hennessy Louis Vuitton SE (LVMH) experienced a 6.2% decline in its shares after reporting sluggish sales and offering a cautious outlook for 2026 [5][9]

证券研究报告 Disco Corporation (6146 JP) AI 新周期核心"卖铲人"， 充分受益 HBM4 与 CoWoS 升级 | 华泰研究 | | | 首次覆盖 | 投资评级(首评): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 28 日│日本 | 半导体 | 目标价(日元): | 79,000.00 | DISCO 是全球半导体晶圆切割与减薄设备的龙头，长期保持 70%-80%的份 额。公司围绕"切、磨、抛"三大核心技术构建了完整的产品谱系，凭借"设 备+耗材+服务"的一体化商业模式，持续保持行业领先的盈利能力。2026 年，随着 AI 芯片迈入以 HBM4E 和 3nm 制程为代表的新世代，我们看好公 司收入利润进入新的加速增长周期。首次覆盖 DISCO，给予"买入"评级， 目标价 79,000 日元，对应 48 倍 FY26E PE。 观点#1：AI 芯片升级有望带动高端减薄和抛光设备需求快速增长 2026 年，全球 AI 芯片进入以英伟达 Rubin 系列为代表的新周期，驱动存储 从 HBM3E 向 HBM ...

ASML's latest results underline how deeply artificial intelligence spending is reshaping the semiconductor supply chain. The Dutch chip equipment maker reported a sharp jump in orders and issued stronger-than-expected guidance for 2026, signalling that demand from chipmakers building AI capacity remains resilient. ...

Financial Data and Key Metrics Changes - In Q4 2025, net revenue was EUR 9.7 billion, and for the full year, it reached EUR 32.7 billion, marking a 16% increase compared to 2024 [2] - Gross margin for Q4 was 52.2%, and for the full year, it was 52.8% [3] - Net income for Q4 was EUR 2.8 billion, while for the full year, it totaled EUR 9.6 billion [3] - Net bookings amounted to EUR 13.2 billion, with EUR 7.4 billion attributed to EUV [3] - Total backlog at the end of 2025 was EUR 38.8 billion, with EUR 25.5 billion for EUV [3] Business Line Data and Key Metrics Changes - Installed base business revenue for Q4 was EUR 2.1 billion, and for the full year, it was EUR 8.2 billion, driven by service revenue from EUV and strong demand for upgrades [2] - The EUV business is expected to see significant revenue growth compared to 2025, while the non-EUV system business is anticipated to remain flat [13] Market Data and Key Metrics Changes - The market outlook has improved, particularly regarding AI application capacity build-up, which is translating into increased orders for advanced technology, especially EUV [10][12] - Demand for DRAM and logic is strong, with customers accelerating capacity planning and transitioning to more advanced technologies [11] Company Strategy and Development Direction - The company is focusing on meeting the growing demand for advanced technology driven by AI applications, which is expected to require more advanced products in DRAM and logic [26] - A new share buyback program has been announced for up to EUR 12 billion, indicating a commitment to returning value to shareholders [24] Management's Comments on Operating Environment and Future Outlook - Management noted a strong quarter with record revenue, order intake, and free cash flow generation, reflecting a positive shift in customer sentiment regarding medium-term market perspectives [4][5] - For Q1 2026, the company expects net revenue between EUR 8.2 billion and EUR 8.9 billion, with a gross margin of 51%-53% [9] - Long-term revenue expectations for 2030 are projected to be between EUR 44 billion and EUR 60 billion, with a gross margin of 56%-60% [26] Other Important Information - The company plans to pay an interim dividend of EUR 1.60 per ordinary share and propose a final payment of EUR 2.70 per ordinary share, totaling EUR 7.50 per share for 2025, a 17% increase over 2024 [22][23] Q&A Session Summary Question: Can you provide insights on Q4 business performance? - Management highlighted Q4 as a record quarter in terms of revenue, order intake, and free cash flow generation, with customers becoming more positive about medium-term market perspectives [4] Question: What is the outlook for the EUV business? - The EUV business is expected to see significant revenue growth compared to 2025, driven by strong demand from customers [13] Question: How is the company addressing technology roadmap developments? - The company is focused on advancing its technology offerings, with high demand for products in both optical and metrology, and expects continued growth in these areas [19]

Financial Data and Key Metrics Changes - In Q4 2025, net revenue was EUR 9.7 billion, with a full-year revenue of EUR 32.7 billion, representing a 16% increase compared to 2024 [2] - Gross margin for Q4 was 52.2%, and for the full year, it was 52.8% [3] - Net income for Q4 was EUR 2.8 billion, and for the full year, it was EUR 9.6 billion [3] - Net bookings for the quarter were EUR 13.2 billion, including EUR 7.4 billion for EUV, with a total backlog of EUR 38.8 billion at the end of 2025, of which EUR 25.5 billion was for EUV [3] Business Line Data and Key Metrics Changes - Installed base business revenue for Q4 was EUR 2.1 billion, and for the full year, it was EUR 8.2 billion, driven by service revenue for EUV and strong demand for upgrades [2] - The EUV business is expected to see significant revenue growth compared to 2025, while the non-EUV system business is anticipated to remain flattish [12] Market Data and Key Metrics Changes - The market outlook has improved, particularly regarding capacity build-up for AI applications, leading to increased orders for advanced technology, especially EUV [9] - Customers in logic and DRAM sectors are accelerating their capacity planning, indicating strong demand for advanced nodes [10] Company Strategy and Development Direction - The company aims to increase EUV revenue significantly in 2026, while the non-EUV business is expected to remain stable with growth in advanced logic and memory sectors [12] - The installed base business is projected to grow, supported by the expansion of the EUV installed base and customer appetite for upgrades [14] Management's Comments on Operating Environment and Future Outlook - Management noted that customers have become more positive about medium-term market perspectives, particularly due to sustainable demand for AI [4] - The company expects net revenue for Q1 2026 to be between EUR 8.2 billion and EUR 8.9 billion, with a full-year revenue expectation of EUR 34 billion to EUR 39 billion [8] Other Important Information - The company announced an interim dividend of EUR 1.60 per share and proposed a final payment of EUR 2.70 per share, totaling EUR 7.50 per share for 2025, a 17% increase over 2024 [22] - A new share buyback program was announced for up to EUR 12 billion over three years [23] Q&A Session Summary Question: How is the technology roadmap developing for ASML? - The appetite for advanced technology from customers is very high, with significant progress in the qualification of new tools and increased utilization expected [16][18] Question: What is the long-term demand outlook for ASML? - Long-term demand is expected to be driven by AI applications requiring advanced technology in DRAM and logic, with projected revenue between EUR 44 billion and EUR 60 billion by 2030 [25]

Core Insights - The company reported record quarterly orders for its semiconductor-making equipment, indicating strong demand in the industry [1] - The company anticipates healthy sales growth for the current year, reflecting positive market conditions [1] Summary by Category Company Performance - The company achieved record quarterly orders, showcasing its competitive position in the semiconductor equipment market [1] - Expectations for healthy sales growth this year suggest a robust outlook for the company's financial performance [1] Industry Trends - The semiconductor-making equipment sector is experiencing increased demand, as evidenced by the company's record orders [1] - Positive sales growth projections indicate a favorable environment for the semiconductor industry overall [1]

Core Insights - ASML reported stronger-than-expected bookings due to increased orders driven by larger investments in artificial intelligence chipmaking capacity [1] Company Summary - ASML is the world's largest supplier of computer chip equipment [1] - The company is benefiting from a surge in demand for AI-related chip manufacturing [1]

Core Insights - ASML reported total net sales of €32.7 billion and net income of €9.6 billion for the year 2025, with a gross margin of 52.8% [1][5][6] - The company anticipates total net sales for 2026 to be between €34 billion and €39 billion, maintaining a gross margin between 51% and 53% [1][9] Financial Performance - Q4 2025 total net sales reached €9.7 billion, with a gross margin of 52.2% and net income of €2.8 billion [6] - For the full year 2025, total net sales were €32.7 billion, with a gross profit of €17.3 billion and a gross margin of 52.8% [2][5] - The company sold 300 new lithography systems in 2025, a decrease from 380 units sold in 2024, while used lithography systems sold increased to 27 units from 38 units in 2024 [2] Order and Backlog - Q4 2025 net bookings amounted to €13.2 billion, with €7.4 billion attributed to EUV systems [6] - The backlog at the end of 2025 was €38.8 billion, indicating strong future demand [6] Shareholder Returns - ASML plans to declare a total dividend of €7.50 per ordinary share for 2025, reflecting a 17% increase compared to 2024 [10] - A new share buyback program has been announced, allowing for the repurchase of up to €12 billion in shares by December 31, 2028 [12][13] Strategic Focus - The company aims to enhance its focus on engineering and innovation by streamlining its Technology and IT organizations to better position itself for future growth [14] - ASML is responding to positive market assessments from customers regarding AI-related demand, which is expected to drive growth in 2026 [7][8]

Core Insights - ASML has emerged as Europe's most valuable company due to its leading position in the production of lithography systems, which are essential for semiconductor manufacturing [1] Company Overview - ASML specializes in manufacturing lithography systems, which are large "chip printing" machines that cost approximately $250 million each [1] - The company's technology is critical for firms involved in the semiconductor industry, driving advancements in chip production [1]

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