Almere, The NetherlandsJuly 21, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) reports the following transactions, conducted under ASM's current share buyback program. DateRepurchased sharesAverage priceRepurchased valueJuly 16, 20254,942€ 509.82€ 2,519,531July 17, 20254,348€ 518.38<td style="width:144.27px;;text-align: right ; v ...

ASML Holding N.V. (NASDAQ: ASML ) stock recently released its earnings report (ER) for FQ2 2025 , as you can see from the following screenshot. Overall, the company reported strongAs you can tell, our core style is to provide actionable and unambiguous ideas from our independent research. If your share this investment style, check out Envision Early Retirement. It provides at least 1x in-depth articles per week on such ideas.We have helped our members not only to beat S&P 500 but also avoid heavy drawdowns ...

J P M O R G A N Asia Pacific Equity Research 17 July 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Semiconductor/SPE sector Expect WFE market to remain strong We update our WFE model. We forecast a 1% YoY decline in CY2025 followed by 3% growth in CY2 ...

中微公司预计25H1 营收约49.61 亿元，同比增长约43.88%，其中刻蚀设备收入增长约40.12%达37.81 亿 元，LPCVD 薄膜设备收入增长约608.19%达1.99 亿元；归母净利润6.8-7.3 亿元，同比增长 31.61%-41.28%；扣非归母净利润5.1-5.6 亿元，同比增长5.54%-15.89%；毛利率约39.84%。单季度看， 预计25Q2 营收约27.87 亿元，同比增长约51.26%，环比增长约28.24%；归母净利润3.67-4.17 亿元，同 比增长37.14%-55.82%，环比增长17.20%-33.17%；扣非归母净利润2.12-2.62 亿元，同比增 长-3.90%-18.80%，环比减少12.27%-29.03%，主要系对外股权投资产生公允价值变动收益和投资收益同 环比均有所增长。 拓荆科技预计25Q2 营收12.1-12.6 亿元，同比增长52%-58%，环比增长71%-78%；归母净利润2.38-2.47 亿元，同比增长101%-108%，环比增长3.85-3.94 亿元；扣非归母净利润2.15-2.24 亿元，同比增长 235%-249%，环比增长3.9 ...

Core Viewpoint - Palantir Technologies is considered significantly overvalued despite its recent stock price surge, with potential competitors likely to surpass it in market capitalization in the coming years [1][3][8]. Valuation Concerns - Palantir's stock has risen nearly 800% since the start of 2024, while its revenue grew only 39% year-over-year in Q1, indicating a disparity between stock price and business growth [3][6]. - The company's valuation stands at 113 times sales and 244 times forward earnings, which is exceptionally high compared to industry standards [3][7]. - Even under optimistic assumptions of 40% annual growth and a 30% profit margin, Palantir would still be valued at 67 times its hypothetical 2030 earnings, suggesting it remains overvalued [5][6][7]. Share Dilution - Palantir's management has increased the share count by 7.3% since the beginning of 2024, indicating significant dilution for existing shareholders [6]. Competitor Analysis - ASML Holding, valued at $292 billion, is a key player in chip manufacturing with a technological monopoly, expected to grow significantly as AI demand increases [9][11]. - IBM, currently valued at $266 billion, is transitioning towards AI and quantum computing, which could lead to substantial upside if it becomes a leader in these technologies [11]. - Salesforce, a leader in customer relationship management software, is integrating AI into its products and is currently valued lower than the S&P 500, making it a relatively cheaper investment [12][14]. Investment Outlook - The three mentioned companies (ASML, IBM, Salesforce) are trading at significantly lower valuations compared to Palantir's hypothetical future valuation, indicating they may present better investment opportunities [14].

Summary of Conference Call Records Company: Inspur (000977.SZ) Key Points 1. **Upgrade to Buy**: Inspur has been upgraded from Neutral to Buy due to improving GPU supply in the China market, new GPU platforms expected in 2H25, and the growth of local chipset platforms to meet generative AI demand in China. The 12-month price target (TP) has been raised to Rmb77.8 from Rmb55, indicating a potential upside of 39.5% [1][9][10]. 2. **Revenue and Earnings Growth**: Revenue projections for Inspur have been revised upwards by 8% for 2025, 25% for 2026, and 27% for 2027, primarily driven by higher AI training server revenues. The company expects a significant ramp-up in shipments of AI training servers due to better GPU supply and new product cycles [14][18]. 3. **Market Position**: Inspur is positioned as a leading AI server ODM in China, supplying major Chinese cloud service providers (CSPs) and expanding its offerings from global-tier GPU-powered servers to local chipset-powered servers. This transition is expected to enhance its market share and profitability [10][13][14]. 4. **Earnings Revision**: Earnings have been revised upwards by 7% for 2025, 11% for 2026, and 9% for 2027, despite a lower gross margin (GM) and higher operating expenses (Opex) ratio. The expected GM is projected to decline slightly due to the higher contribution from AI training servers, which typically have lower margins [14][18]. 5. **Sensitivity Analysis**: A sensitivity analysis indicates that a 10% increase in AI training server shipments could lead to a 6% increase in total revenues and a 2% increase in gross profit. Conversely, a decrease in shipments would have the opposite effect [17]. 6. **Investment Thesis**: The investment thesis for Inspur is based on the anticipated increase in capital expenditure (Capex) from Chinese CSPs, telecom operators, and government clients focused on AI training and inferencing. The emergence of advanced AI applications is also expected to drive growth [29][32]. 7. **Risks**: Key risks include slower-than-expected ramp-up of AI servers in China, potential GPU supply constraints, and intensified pricing competition among ODM suppliers, which could negatively impact earnings [27][28][32]. Company: Piotech (688072.SS) Key Points 1. **Downgrade to Neutral**: Piotech has been downgraded from Buy to Neutral due to pressures on near-term profitability stemming from new product ramp-up. The revised TP is set at Rmb185, reflecting a 17% upside potential [2][33]. 2. **Profitability Concerns**: The company's gross margin fell to 20% in Q1 2025 from 47% in Q1 2024, attributed to higher delivery and service costs associated with new products. The expectation is that it will take time for margins to recover to the historical average of around 40% for deposition tools [35][37]. 3. **Earnings Revision**: Earnings estimates have been reduced by 3% to 5% for 2025-2027, primarily due to lower margins and adjustments in government subsidies. The target P/E multiple has been reset from 42.5x to 37.7x to reflect these changes [34][38]. 4. **Market Position**: Piotech is recognized as a local leader in deposition tools, expanding into high-end products. However, the company faces challenges due to its exposure to competitive mature nodes and the costs associated with new product delivery [34][39]. 5. **Government Subsidies**: Expected government subsidies have been lowered, reflecting the company's shift towards self-funding for new production facilities. Despite this, there is an ongoing effort to deepen cooperation with government entities [37][39]. Conclusion Inspur is positioned for significant growth in the AI server market, supported by favorable supply conditions and increasing demand. Conversely, Piotech faces challenges that have led to a downgrade, highlighting the importance of managing new product costs and maintaining profitability in a competitive landscape.

18 July 2025 | 5:17PM HKT AMEC (688012.SS): Rev +51% YoY in 2Q; R&D expenses remain elevated on new product expansion; Buy AMEC pre-announced 2Q Rev of Rmb2.8bn (+51% YoY), which is largely in-line with GSe and Bloomberg consensus. 2Q GM was down to 38.5% (vs. 41.5% in 1Q25 and 38.2% in 2Q24). With R&D expenses remaining high at Rmb652mn (+84% YoY) resulting from new product developments, 2Q25 net income came in at Rmb367mn~417mn (+37%~+56% YoY). In 1H25, the company's etching equipment sales were Rmb3.8bn ...

Group 1 - The analyst downgraded ASML Holding N.V. to a Hold rating in April due to technical weakness and a poor macroenvironment despite its undervaluation [1] - The analyst acknowledges that the focus should have been on ASML's undervaluation rather than the negative technical indicators [1] - The analyst emphasizes the importance of core values such as Excellence, Integrity, Transparency, and Respect for long-term success [1] Group 2 - The article does not provide specific financial data or performance metrics related to ASML or the tech sector [2]

Core Insights - ASML reported a net sales of €7.7 billion for Q2 2025, a year-on-year increase of 23.2%, with a gross margin of 53.7% and a net profit of €2.3 billion, up 45.2% year-on-year [1] - The company received new orders totaling €5.5 billion, including €2.3 billion in extreme ultraviolet (EUV) lithography machine orders, indicating strong demand for EUV technology [1] - ASML's CEO highlighted that revenue from the Chinese market is expected to exceed 25%, aligning with the company's backlog of unfulfilled orders [1] Financial Performance - The Q2 net sales of €7.7 billion were at the high end of the previously forecasted range, driven by growth in upgrade services within the installed base and lower-than-expected negative impacts from tariffs [1] - For Q3 2025, ASML anticipates net sales between €7.4 billion and €7.9 billion, with a gross margin between 50% and 52% [1] - The company projects a 15% growth in net sales for the full year 2025, with an expected gross margin of around 52% [1] Business Segments - The EUV business is expected to grow approximately 30% year-on-year, while DUV and application businesses are projected to remain stable compared to 2024 [2] - The installed base service business is anticipated to grow about 20%, continuing the significant growth seen in the first half of the year [2] - However, a slight decline in gross margin is expected in the second half of the year due to reduced upgrade business for the NXE:3800 system and the absence of one-time gains seen in the first half [2] Market Outlook - ASML's management expresses caution regarding the outlook for 2026 due to uncertainties in macroeconomic conditions and geopolitical factors, particularly concerning tariff policies [2] - The company is actively working to mitigate the impact of tariffs on its operations, focusing on four categories of tariff impacts [3] - Despite uncertainties for 2026, ASML remains confident in the long-term growth of the semiconductor market, driven by AI demand, with expectations of total revenue reaching between €44 billion and €60 billion by 2030, and gross margins of 56% to 60% [3]

Core Viewpoint - The recent surge in procurement of etching equipment by universities reflects China's accelerated efforts in semiconductor foundational research, talent cultivation, and domestic substitution [2]. Group 1: Procurement Trends - Recent procurement data from July 1 to July 14 indicates a concentrated purchasing activity of etching equipment by various universities, highlighting a strategic move towards enhancing domestic semiconductor capabilities [2]. - Specific procurement announcements from institutions like Fudan University and Tianjin University explicitly state that only domestic products will be accepted, aiming to support local equipment manufacturers [2]. Group 2: Etching Process Overview - Etching is a critical step in semiconductor manufacturing, involving the selective removal of unwanted materials from the silicon wafer surface using chemical or physical methods [2]. - The etching process is categorized into wet etching and dry etching, each serving distinct purposes in the fabrication of semiconductor devices [2]. Group 3: Procurement Details - A detailed table lists various procurement projects, including: - Shenzhen University purchasing an inductively coupled plasma etching system for approximately 950,000 yuan [3]. - Tianjin University acquiring an inductively coupled plasma etching machine for about 1,180,000 yuan [3]. - Harbin Institute of Technology's procurement of a bias-assisted ion etching system for 1,980,000 yuan [3]. - Fudan University’s purchase of a deep silicon etching machine for 4,795,000 yuan [3]. - The procurement activities indicate a significant investment in advanced etching technologies, which are essential for the development of semiconductor devices [3].