Workflow
高数值孔径极紫外光刻设备(HighNA EUV)
icon
Search documents
阿斯麦(ASML.O)FY25Q1点评及业绩说明会纪要:25Q1业绩符合预期,中国大陆地区收入占比将下降
Huachuang Securities· 2025-04-18 09:12
Group 1: Financial Performance - ASML reported Q1 2025 revenue of €7.742 billion, a decrease of 16.42% QoQ but an increase of 46.35% YoY, aligning with previous guidance of €7.5-8 billion[2] - Gross margin for Q1 2025 was 54.0%, up 2.3 percentage points QoQ and 3.0 percentage points YoY, exceeding the expected range of 52-53%[2] - Equipment sales accounted for €5.7 billion, with Installed Base Management revenue at €2 billion, slightly below the guidance of €2.1 billion[8] Group 2: Revenue Breakdown - Revenue by region: Taiwan 16%, South Korea 40%, Mainland China 27%, USA 16%, Japan 1%[14] - In Q1 2025, equipment orders totaled €3.936 billion, with logic business representing 60% and memory business 40%[11] Group 3: Future Guidance - For Q2 2025, ASML expects revenue between €7.2 billion and €7.7 billion, a QoQ decrease of 7.00% to 0.54% and a YoY increase of 15.33% to 23.34%[19] - Full-year 2025 revenue is projected to be between €30 billion and €35 billion, with a gross margin of 51%-53%[20] Group 4: Market Dynamics - AI remains a key driver for industry growth, with potential for revenue to reach the upper end of guidance if demand continues and clients can scale production[3] - The company anticipates a slight decline in the revenue share from Mainland China, projected to be just above 25% in 2025[4]