证 券 研 究 报 告 ASML（ASML）2025Q4 业绩点评及业绩说明会纪要 AI 驱动需求高增，积压在手订单达 388 亿欧元 会议地点：线上 ❖ 事项： 2026 年 1 月 28 日 ASML 发布 2025 年 Q4 季度报告，并召开业绩说明会。公 司财务季度 FY2025Q4 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 2025Q4，公司实现营收 97.18 亿欧元，同比增长 4.9%，环比增长 29.3%；毛利 率 52.2%，同比提升 0.5pct，环比提升 0.6pct。2025 全年，公司实现营业收入 326.67 亿欧元，同比增长 15.6%；全年毛利率为 52.8%；全年净利润为 96 亿 欧元。 ❖ 评论： 1. 业绩总览：1）25Q4，公司实现营业收入 97.18 亿欧元（QoQ+29.3%， YoY+4.9%），高于指引中值（指引范围 92-98 亿欧元）；季度毛利率 52.2% （QoQ+0.6pct，YoY+0.5pct），位于指引(51-53%)中位；季度净利润 28.4 亿欧 元，净利率 29.2%。2）2025 年，全年公司实现营业收入 ...

精测电子公告，预计2025年度净利润为8000万元—9000万元，上年同期亏损9759.85万元。预计扣除非 经常性损益后的净利润为2165.7万元—3165.7万元，上年同期亏损1.59亿元。报告期内，公司紧抓半导 体设备国产化替代的关键窗口期，持续巩固并提升在半导体量检测领域的国内领先地位，进一步加大了 对先进制程领域（14nm及以下）的研发投入和产品布局。 ...

南财智讯1月30日电，中微公司公告，公司于2025年10月30日披露回购股份集中竞价减持计划，拟通过 集中竞价交易方式减持不超过2,096,273股已回购股份，占公司总股本的0.33%。截至2026年1月30日， 公司回购专用证券账户累计减持2,096,273股，减持均价304.92元/股，减持总金额6.39亿元，减持计划已 实施完毕。本次减持后，该回购专用证券账户持股数量为0股，持股比例为0%。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company's performance in the first three quarters of 2025 faced short-term pressure, but the revenue in the third quarter showed a significant increase, indicating signs of recovery. The company achieved a revenue of 289 million yuan, a year-on-year decrease of 20.54%, and a net profit attributable to shareholders of 25 million yuan, down 61.30% [3]. In the third quarter alone, the revenue reached 107 million yuan, reflecting a year-on-year increase of 41.51% [3]. - The product matrix continues to optimize, with a wide range of applications. The company is a leading manufacturer of probe testing technology equipment in China, successfully integrating into the supply chains of major industry players such as Huada Semiconductor and BYD Semiconductor [4]. The product range includes manual to fully automatic probe stations, compatible with 4-inch to 12-inch wafers, serving critical semiconductor manufacturing fields [4]. - The company has established deep collaborations with several leading semiconductor manufacturers, maintaining the highest market share among domestic probe station manufacturers in mainland China. Its probe testing technology has received high recognition from downstream customers, and the company is continuously enhancing its competitive advantages through intellectual property development and talent acquisition [5]. Financial Projections - The company is expected to achieve revenues of 460 million yuan, 550 million yuan, and 690 million yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 40 million yuan, 80 million yuan, and 130 million yuan for the same years [6].

Core Viewpoint - The semiconductor materials and equipment sector is experiencing mixed performance, with notable fluctuations in stock prices and significant growth in the ETF tracking this sector. Group 1: Index Performance - As of January 30, 2026, the CSI Semiconductor Materials and Equipment Theme Index (931743) decreased by 0.02% [1] - Notable gainers include Huafeng Measurement Control, which rose by 12.25%, and Huahai Chengke, which increased by 5.53% [1] - Major decliners include Yuyuan New Materials, down 3.68%, and Hushi Silicon Industry, which fell by 2.99% [1] Group 2: ETF Performance - The E Fund Semiconductor Equipment ETF (159558) decreased by 0.28%, with the latest price at 2.15 yuan [1] - Year-to-date, the ETF has seen a cumulative increase of 2.08% as of January 29, 2026 [1] Group 3: Liquidity and Trading Volume - The E Fund Semiconductor Equipment ETF had a turnover rate of 5.4% during the trading session, with a transaction volume of 253 million yuan [1] - Over the past week, the ETF averaged a daily trading volume of 334 million yuan, ranking it among the top two comparable funds [1] Group 4: Fund Size and Share Growth - The E Fund Semiconductor Equipment ETF experienced a significant growth of 3.186 billion yuan in size over the past month, ranking second among comparable funds [1] - The latest share count for the ETF reached 2.18 billion, marking a one-year high and also ranking second among comparable funds [1] Group 5: Capital Inflows - The ETF recorded a net inflow of 162 million yuan, with four out of the last five trading days showing positive net inflows totaling 377 million yuan, averaging 75.448 million yuan per day [1] Group 6: Index Composition - The CSI Semiconductor Materials and Equipment Theme Index comprises 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of this sector [1]

Core Viewpoint - ASML's fourth-quarter financial results exceeded expectations, driven by a significant increase in new orders, particularly in the AI infrastructure sector, indicating strong growth potential for the company in the coming years [6][7][8]. Financial Performance - ASML reported a fourth-quarter revenue of €97.18 billion, reflecting a year-on-year growth of 4.9% [8]. - The gross profit reached €50.69 billion, with a gross margin of 52.2%, surpassing market expectations [6][8]. - The company provided optimistic revenue guidance for Q1 2026, estimating between €82-89 billion, which translates to an expected growth rate of approximately 11% [9]. New Orders and Market Trends - New orders for ASML in Q4 amounted to €131.58 billion, significantly higher than the market expectation of €72.7 billion, indicating robust demand from major clients like TSMC and Samsung [7][10]. - The structure of new orders shifted, with the share of storage-related orders increasing from 47% to 56%, highlighting a trend towards storage chips as a primary focus for capital expenditure [13][10]. Profitability and Cost Management - ASML's net profit margin for Q4 reached 29.2%, showing an increase of 95 basis points quarter-on-quarter and 15 basis points year-on-year [22]. - The company managed to reduce its sales and management expense ratio to 3.9% and R&D expense ratio to 13%, indicating effective cost control [22][20]. Product and Revenue Structure - The revenue from lithography machines was €75.84 billion, while service revenue stood at €21.34 billion, demonstrating a strong performance in product sales [24]. - The average selling price for EUV machines reached approximately €3.33 billion, reflecting a 5% increase quarter-on-quarter, indicating strong pricing power in the market [28]. Long-term Considerations - While ASML is currently experiencing strong growth, there are concerns about potential cost reductions in the AI sector that could impact future demand for its products [30][31]. - The semiconductor industry is subject to cyclical fluctuations and technological shifts, which may affect the sustainability of ASML's growth trajectory in the long run [31].

Core Viewpoint - KLA Corporation's Q2 performance exceeded expectations, but the guidance for the next quarter indicates a slowdown in growth, leading to a decline in stock price post-earnings announcement [1][3][4]. Financial Performance - For Q2 of fiscal year 2026, KLA reported revenue of $3.297 billion, a 7.2% increase from $3.077 billion in the same period last year [5]. - Product revenue was $2.511 billion, and service revenue was $786 million. GAAP diluted EPS was $8.68, while non-GAAP diluted EPS was $8.85, both surpassing market expectations [5]. - CEO Rick Wallace noted that KLA achieved record highs in revenue, non-GAAP operating profit, and free cash flow for the full year, driven by a differentiated product portfolio and advancements in wafer fabrication and memory sectors [5]. Future Guidance - The guidance for Q3 indicates expected revenue of $3.35 billion, with a fluctuation of $150 million, and non-GAAP diluted EPS expected to be $9.08, with a fluctuation of $0.78 [6][4]. - This guidance did not meet market expectations for accelerated growth, as the growth rate was perceived as moderate and did not reflect the strong acceleration driven by artificial intelligence [6][7]. Market Reaction - The guidance was viewed as a "mixed outlook" by the market, with discrepancies in some indicators making it difficult to form a consensus for upward revisions [7]. - Given the crowded valuation and expectations prior to the earnings release, any signals of "not significantly raised" guidance could trigger short-term rebalancing of funds, resulting in a post-earnings stock price decline [8]. Industry Context - KLA's performance reflects the overall state of the semiconductor equipment industry, with strong demand for chip manufacturing tools contributing to the company's outperformance this quarter [9]. - Despite ongoing demand driven by artificial intelligence and high-performance computing applications, the pace of equipment procurement may experience fluctuations, which is a primary concern for investors regarding stock price outlook [9].

然而，科磊对第三财季的业绩指引未能满足市场预期。公司第三财季指引显示，预计收入为33.5亿美元 上下浮动1.5亿美元。非GAAP稀释后每股收益预计为9.08美元上下浮动0.78美元。 这一指引未能满足市场对加速增长的期待。增长幅度相对温和，未能体现出人工智能驱动下的强劲加速 态势，受此影响，科磊股价在盘后交易中下跌。 第二财季业绩全面超预期 科磊在截至2025年12月31日的2026财年第二季度中，总收入达32.97亿美元，较上年同期的30.77亿美元 增长7.2%。 其中产品收入为25.11亿美元，服务收入为7.86亿美元。GAAP稀释后每股收益为8.68美元，非GAAP稀 释后每股收益为8.85美元，均超出市场预期。 科磊首席执行官Rick Wallace表示，"科磊在2025年全年营收、非GAAP营业利润和自由现金流方面均创 下历史新高。这得益于我们差异化的产品组合以及公司在晶圆代工和存储器领域的前沿工艺。" 未来指引引发市场担忧 芯片设备制造商科磊公司(KLA Corporation)第二财季业绩全面超出预期，但股价却在财报发布后下跌， 市场对公司给出的未来业绩指引感到失望。 科磊1月29日公布，截至 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 1.85%, with mixed performance among constituent stocks [1] - The semiconductor equipment ETF Huaxia fell by 1.6%, with a latest price of 1.91 yuan and a trading volume of 141 million yuan [1] - The semiconductor materials and equipment index from Zhongzheng dropped by 1.64%, with leading stocks like Xidian Co. and Kangqiang Electronics showing gains, while Yuyuan New Materials and Hu Silicon Industry faced declines [1] Group 2 - FPT Group of Vietnam announced the establishment of the first domestically owned semiconductor chip packaging and testing factory, with phase one expected to be completed by April 30, 2026 [2] - The factory's phase one will cover 1,600 square meters and include six functional testing lines, with plans for expansion in phase two to increase production capacity significantly [2] - Analysts believe that the demand for AI chips and storage will positively impact the upstream packaging and testing sector, leading to price increases and capacity expansions among leading manufacturers [2] Group 3 - The Sci-Tech Innovation Board semiconductor ETF tracks the semiconductor materials and equipment index, focusing on companies in semiconductor equipment (60%) and materials (25%) [3] - The semiconductor equipment ETF Huaxia also emphasizes the upstream semiconductor sector, with a significant focus on domestic substitution opportunities [3] - The semiconductor industry is seen as a critical area for domestic replacement, benefiting from low domestic substitution rates and high ceilings for domestic alternatives [3]

本次发行的定价基准日为发行期首日。本次向特定对象发行股票的价格不低于定价基准日前20个交易日 公司股票交易均价的80%(定价基准日前20个交易日股票交易均价=定价基准日前20个交易日股票交易总 额/定价基准日前20个交易日股票交易总量)。若公司股票在本次发行的定价基准日至发行日期间发生派 息、送股、资本公积金转增股本等除权除息事项，发行价格将进行相应调整。 本次向特定对象发行股票的数量按照募集资金总额除以发行价格确定，同时本次向特定对象发行股票的 数量不超过本次发行前公司总股本的30%，即不超过189,829,143股(含本数)，并以中国证监会关于本次 发行的注册批复文件为准。在前述范围内，最终发行数量将在本次发行经过深交所审核通过并获得中国 证监会同意注册的批复后，由公司董事会根据公司股东大会的授权及发行时的实际情况，与本次发行的 保荐机构(主承销商)协商确定。 发行完成后，发行对象所认购的股票自本次发行结束之日起六个月内不得转让。法律法规、规范性文件 对限售期另有规定的，依其规定。限售期结束后，发行对象减持本次认购的向特定对象发行的股票按中 国证监会及深交所的有关规定执行。 截至募集说明书签署日，公司尚未 ...