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][8][11]. Financial Performance - ASML reported a fourth-quarter revenue of €9.718 billion, slightly above expectations, with a gross profit of €5.069 billion and a gross margin of 52.2%, also surpassing forecasts [6][11]. - The company provided optimistic revenue guidance for Q1 2026, estimating between €8.2 billion and €8.9 billion, and for the full year 2026, a range of €34 billion to €39 billion, indicating a projected growth rate of approximately 12% [13][14]. New Orders and Market Trends - New orders for ASML reached €13.158 billion in Q4, significantly higher than the market expectation of €7.27 billion, reflecting robust demand from major clients like TSMC and Samsung [8][14]. - The structure of new orders shifted, with the share of storage-related orders increasing from 47% to 56%, indicating a growing focus on memory chips [16][20]. Profitability and Cost Management - ASML's gross margin improved to 52.2%, exceeding analyst expectations, while net profit margin reached 29.2%, reflecting effective cost management despite rising expenses [25][29]. - The company maintained a low sales and management expense ratio of 3.9% and a research and development expense ratio of 13%, indicating efficient operational management [25][29]. Industry Dynamics - The semiconductor industry is experiencing price increases across the entire supply chain, with ASML's product revenue from lithography machines reaching €7.584 billion, highlighting strong demand [29][32]. - The trend of rising capital expenditures in the semiconductor sector is expected to continue, particularly in the U.S. market, where ASML's revenue share increased from 6% to 17% [20][26]. Long-term Considerations - While ASML is currently in a strong position, there are concerns about potential cost reductions in AI infrastructure by 2027, which could impact future demand for ASML's products [34][35]. - The company's valuation has surged, with a price-to-earnings ratio reaching 60x, prompting a need for cautious evaluation of long-term growth sustainability [22][34].

北京时间 1 月 28 日中午， ASML（阿斯麦）） 披露了第四季度财报，营业收入录得 97.18 亿欧元，处于三季度指 引的高位，略高于大摩预期。毛利录得 50.69 亿欧元，对应毛利率达到了 52.2% ，也高于大摩预期。 图： ASML 财报汇总，来源：企业财报，锦缎整理 以下文章来源于锦缎 ，作者耀华 锦缎 . 上市公司研究平台，专注价值发现、创造与传播 来源丨 锦缎（ID：jinduan006） 作者丨耀华 图源丨Midjourney | | | | 阿斯麦 | (ASML) | | 财报一图流(单位:亿欧元) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2023Q1 2023Q2 2023Q3 2023Q4 | | | 2024Q1 2024Q2 | | 2024Q3 | | | 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 | | | | 整体收入 | 67.46 | 69.02 | 66.73 | 72.37 | ...

Core Insights - ASML reported Q3 2025 revenue of €7.5 billion, a year-on-year increase of 0.7%, but below market expectations of €7.7 billion, primarily driven by contributions from TSMC and customers in mainland China [1][10] - The gross margin for the quarter was 51.6%, slightly above the company's guidance range of 50-52%, supported by an increase in service revenue [1][12] - Net income for the quarter was €2.13 billion, a 2.3% year-on-year increase, with a net profit margin of 28.3% [1][16] Revenue and Profitability - Total revenue for Q3 2025 was €7.5 billion, with a gross profit of €3.88 billion, reflecting a gross margin of 51.6% [1][12] - The company maintained stable R&D and selling expenses, with net income reaching €2.13 billion, resulting in a net profit margin of 28.3% [1][16][14] Business Segments - Lithography system revenue was €5.55 billion, down 6.3% year-on-year, while service revenue increased by 27.3% to €1.96 billion, indicating a shift in revenue composition [1][25][20] - EUV and ArFi systems accounted for nearly 66% of lithography system revenue, with EUV revenue at approximately €2.11 billion and ArFi at €2.89 billion [3][22] Orders and Guidance - The net order intake for the quarter was €5.4 billion, exceeding market expectations of €4.9 billion, indicating a recovery in customer confidence [3][5] - For Q4 2025, ASML expects revenue between €9.2 billion and €9.8 billion, above market expectations of €9.2 billion, signaling a strong demand outlook [2][5] Regional Performance - Revenue from mainland China was the largest contributor at 42%, significantly higher than the previously expected 25%, driven by accelerated orders for ArFi equipment [3][27] - Taiwan contributed approximately €2.26 billion, accounting for 30% of total revenue, primarily due to TSMC's strong demand [3][28] Market Outlook - The company is positioned to benefit from the ongoing AI capital expenditure cycle, with expectations of increased investments from major clients like TSMC, Samsung, and Intel [9][10] - The overall sentiment indicates that the "worst period" for ASML is over, with positive developments in the semiconductor industry expected to drive future growth [10][16]

Core Viewpoint - ASML reported strong Q2 2025 results with revenue and gross margin exceeding market expectations, but concerns remain regarding future orders and guidance adjustments [1][7][9]. Financial Performance - Revenue for Q2 2025 was €7.7 billion, a 23.2% year-over-year increase, surpassing market expectations of €7.5 billion [1]. - Gross margin reached 53.7%, exceeding the company's guidance of 50-52%, driven by an increase in service revenue and lower-than-expected tariff impacts [1]. - Net profit for the quarter was €2.3 billion, a 45% year-over-year increase, resulting in a net profit margin of 30% [1][6]. Business Segments - Lithography system revenue was €5.6 billion, up 17.5% year-over-year, while service revenue was €2.1 billion, up 41.4% [1]. - EUV and ArFi systems accounted for nearly 91% of lithography system revenue, with EUV revenue around €2.5 billion and ArFi revenue approximately €2.3 billion [2][3]. Regional Performance - Taiwan was the largest revenue contributor, accounting for 35% of total revenue, approximately €2.7 billion, followed by mainland China at 27%, contributing around €2.1 billion [4]. Order Metrics - Net order intake rose to €5.54 billion, a 41% quarter-over-quarter increase, indicating a recovery in customer sentiment [4][7]. - The company’s order performance exceeded market expectations, which were set between €4.5 billion and €4.8 billion [7]. Future Guidance - For Q3 2025, ASML expects revenue between €7.4 billion and €7.9 billion, below market expectations of €8.2 billion [5][9]. - The full-year revenue guidance was adjusted to approximately €32.5 billion, reflecting a year-over-year growth of around 15%, indicating potential revenue decline in Q4 [9][10]. Market Concerns - Despite positive quarterly results, market concerns persist regarding tariff uncertainties, budget constraints from major clients like Samsung and Intel, and potential risks in the Chinese market [10][11]. - The overall sentiment suggests that while ASML remains a leader in the EUV market, short-term challenges could impact stock performance [10].