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 ...

1月28日消息，光刻机巨头ASML宣布将裁员1700人，占员工总数的3.8%！ 这次裁员是ASML在2010年长期扩张后最大的一次裁员。 据ASML最新财报显示，公司2025年第四季度订单远超超市场预期。财报显示，第四季度订单额达132 亿欧元，其中EUV订单74亿欧元，订单积压规模达388亿欧元。此外，第四季度净销售额达97亿欧元创 纪录新高，其中包含两台High NA系统的收入确认。公司2025年全年净销售额达327亿欧元，净利润96 亿欧元，均创历史新高。 值得注意的是，2025年第四季度ASML新售出的光刻系统为94台，二手光刻系统为8台，全年新光刻系 统为300台，二手光刻系统为27台。相比于2024年380台新光刻系统，38台二手光刻系统，出现了下滑。 是说芯语原创，欢迎关注分享 合作洽谈，进入公众号：服务—>商务合作 阿斯麦首席执行官Christophe Fouquet表示，客户近月来对中期市场形势的评估明显转向积极，主要基于 对AI相关需求可持续性的更强预期。2026 年将是阿斯麦公司的又一个增长之年。 ASML首席财务官罗杰表示，公司收到反馈，指出其组织架构过于复杂，导致员工在流程协调上耗费 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 1月28日消息，光刻机巨头ASML宣布将裁员1700人，占员工总数的3.8%！ 这次裁员是ASML在2010年长期扩张后最大的一次裁员。 半导体公众号推荐 半导体论坛百万微信群 据ASML最新财报显示，公司2025年第四季度订单远超超市场预期。财报显示，第四季度订单额达132亿欧元，其中EUV订单74亿欧元，订单积压规模达 388亿欧元。此外，第四季度净销售额达97亿欧元创纪录新高，其中包含两台High NA系统的收入确认。公司2025年全年净销售额达327亿欧元，净利润96 亿欧元，均创历史新高。 值得注意的是，2025年第四季度ASML新售出的光刻系统为94台，二手光刻系统为8台，全年新光刻系统为300台，二手光刻系统为27台。相比于2024年 380台新光刻系统，38台二手光刻系统，出现了下滑。 2025年，ASML EUV光刻系统销售额同比增长39%，达116亿欧元，确认48台EUV光刻系统的收入。首台EXE:5200B 系统完成现场验收测试后，已确认相 关收入。而在DUV光刻系统领域，销售 ...

Core Insights - The article emphasizes that while China is attempting to close the lithography gap using domestic tools related to Huawei, extreme ultraviolet (EUV) lithography technology remains a complex and globally collaborative field, with ASML holding a virtual monopoly in this area [1][11] - ASML's dominance is attributed not only to its technological leadership but also to a unique ecosystem that cannot be replicated overnight by any country [1][11] Group 1: ASML's EUV Technology - ASML's EUV lithography is likened to using a "nano-scale surgical knife" to etch circuits, utilizing a special 13.5 nm wavelength light that is 5,000 times thinner than a human hair [2] - The entire lithography process must occur in a vacuum to prevent the EUV light from being absorbed by air, requiring ultra-precise mirrors to capture and focus the light [2][3] - ASML's high NA EUV technology allows for extreme feature sizes to be created in a single exposure by compressing patterns in different directions [3] Group 2: Complexity of ASML's Machines - ASML's EUV machines consist of approximately 100,000 parts, and transporting a single unit is akin to a small military operation, involving 40 shipping containers, three cargo planes, and 20 trucks [6] - The latest High-NA EUV machines are priced over $350 million, highlighting their critical role in producing advanced chips [6] Group 3: Key Suppliers and Collaborations - Zeiss, a key optical partner, developed a mirror-based optical system that operates in a vacuum, with mirrors that have an astonishing precision of 0.1 mm over large areas [7] - ASML's collaboration with Cymer focuses on laser technology, where high-power lasers create plasma from tiny tin droplets to emit EUV light [8] - The immersion lithography breakthrough, which uses a layer of pure water to enhance resolution, was made possible through partnerships with Zeiss and Philips Research [9] Group 4: Competitive Landscape - ASML's CEO stated that China lags 10 to 15 years in chip manufacturing, with the gap potentially being larger due to the intricate technological ecosystem that supports ASML [11] - Even if competitors replicate the appearance of lithography machines, they cannot access the precision optics from Zeiss, the laser technology from Cymer, or the extensive operational data from companies like TSMC [11]

Core Insights - ASML is not just a manufacturer of lithography machines but represents a comprehensive technological ecosystem behind lithography [2][3] - The "ASML Cup" lithography knowledge challenge aims to engage the public and professionals in understanding the core processes of chip manufacturing [3][28] Group 1: Lithography Technology - Lithography is a critical process in semiconductor manufacturing, with ASML leading in this field through a complete set of solutions that integrate hardware, software, and optimization algorithms [1][2] - The emergence of computational lithography addresses the challenges of achieving precision and yield as process dimensions approach physical limits, acting as the "digital brain" of modern lithography systems [5][7] Group 2: Optical Proximity Correction (OPC) - OPC is essential for compensating optical proximity effects during lithography, ensuring accurate pattern replication at the nanoscale [6][9] - The challenge of managing Sbar auxiliary pattern exposure highlights the complexities of modern lithography technology [6][9] Group 3: Measurement and Quality Control - Advanced measurement and control systems are crucial for maintaining alignment and quality in chip manufacturing, with embedded sensors providing real-time feedback [11][12] - ASML's electron beam measurement platform plays a vital role in detecting nanoscale defects, ensuring high yield in chip production [12][13] Group 4: Physical Framework of Lithography - The core modules of ASML's lithography machines integrate optics, mechanics, thermodynamics, and control engineering, forming the physical framework that determines system performance [15][18] - Innovations like the dual wafer stage design enhance production efficiency by allowing simultaneous exposure and preparation of wafers [20] Group 5: Environmental Control and Precision - DUV lithography systems require precise environmental control to maintain consistency and yield, with sensors acting as the "senses" of the lithography machine [22][23] - ASML's TWINSCAN platform incorporates multi-point height detection systems to monitor and adjust for micro-level changes in wafer surfaces [23][26] Group 6: Exploration and Innovation - The ASML Cup serves as a platform for showcasing the intricacies of lithography technology and encourages a culture of continuous innovation and exploration in semiconductor manufacturing [28][29]

Core Viewpoint - The Chinese Academy of Sciences has successfully developed a solid-state DUV (Deep Ultraviolet) laser that emits coherent light at 193nm, aligning with the current mainstream DUV exposure wavelength, potentially advancing domestic semiconductor processes to the 3nm node [4]. Group 1: Technology Development - The research team published their findings in the International Society for Optical Engineering, showcasing a solid-state DUV laser source that theoretically supports semiconductor manufacturing processes down to the 3nm node, paving the way for domestic photolithography technology [4]. - The new solid-state laser technology utilizes a Yb:YAG crystal amplifier as the core light source, employing a technique of splitting, frequency conversion, and synthesis to achieve laser output in a fully solid-state structure [5]. Group 2: Comparison with Existing Technologies - Current global photolithography giants like ASML, Nikon, and Canon rely on gas laser technology, specifically fluorine excimer lasers, which require continuous injection of argon-fluorine gas and operate under high-pressure electric fields, making their systems complex and energy-intensive [4][5]. - The solid-state design eliminates the dependency on rare gases, theoretically allowing for a reduction in the size of photolithography systems by over 30% [5]. Group 3: Performance and Future Prospects - The average power output of the new technology is currently 70mW with a frequency of 6kHz, which is only 1% of traditional systems, indicating that there is significant room for improvement [5]. - Achieving breakthroughs in power density and frequency stability could potentially alter the existing technological landscape of DUV photolithography equipment [5]. - The paper acknowledges that there is still a significant gap between the laboratory prototype and industrial applications, necessitating collaborative efforts in materials science and precision manufacturing [5].