点击招商研究小程序查看PDF报告原文 事件： 泛林集团（NASDAQ:LRCX）于2026年1月28日发布CY25Q4（即FY26Q2）财报，25Q4收入 53.45亿美元，同比+22.14%/环比+0.39%，毛利率49.70%，同比+2.2pcts/环比-0.9pct，代工 收入31.54亿元，环比-1.28%，占比降低一个百分点至59%。综合财报及交流会议信息，总结要 点如下： 评论： 1、公司毛利率超预期，CSBG业务持续稳健增长。 25Q4公司营收53.45亿美元，同比+22.14%/环比+0.39%，超指引中值（52亿美元），其中 CSBG 收 入 19.87 亿 美 元 ， 同 比 +13.54%/ 环 比 +11.82%； 毛 利 率 49.70% ， 略 超 指 引 上 限 （47.5%-49.5%），较有利的客户结构使得毛利率表现优于预期，同比+2.2pcts/环比-0.9pct， 环比下降主要系客户结构不及三季度。 2、四季度DRAM营收环比高增，中国大陆地区收入下滑。 1）按类别拆分： ①代工： 25Q4收入占比59%，环比-1pct，连续数个季度维持较高占比，主要 系先进制程领域投资 ...

Investment Rating - The report does not explicitly state an investment rating for Lam Research, but the strong performance and growth indicators suggest a positive outlook for the company. Core Insights - Lam Research delivered a strong performance in 4Q2025, with revenue reaching $5.17 billion, up approximately 9.5% quarter-over-quarter, and non-GAAP EPS hitting a record high of $1.33, significantly up from $1.04 in 3Q [1][7] - The company is experiencing robust growth momentum, with FY2025 revenue reaching $18.44 billion, a year-over-year increase of about 23.7% [1][7] - The balance sheet remains sound, with net accounts receivable of $3.228 billion and inventory of $4.463 billion [1][7] Summary by Sections Financial Performance - In 4Q, Lam Research's systems revenue was dominated by the foundry segment, accounting for 52% of total revenue, driven by AI-related transistor performance demands [3][9] - Non-volatile memory (NVM) contributed 27%, aligning with NAND customers converting capacity to ≥200 layers, while DRAM made up 14% [3][9] - The customer support business group generated $1.73 billion in 4Q revenue, maintaining stable performance with a 3% quarter-over-quarter increase [3][10] Market Trends and Technology - The company continues to make breakthroughs in critical technology areas, with significant momentum in Equipment Intelligence-enabled Dextro cobots and investments in GAA, advanced packaging, HBM, and NAND layer conversions [2][8] - The 2025 served available market (SAM) is expected to account for over 30% of wafer fabrication equipment (WFE) [2][8] - ALTUS Halo ALD Mo technology is rapidly being adopted, driving a threefold increase in metallization SAM per wafer [2][8] Outlook - Lam Research raised its 2025 WFE spending forecast to approximately $105 billion, primarily driven by increased domestic spending in China [4][11] - For 1Q2026, the company projects revenue of $5.2 billion ± $300 million, with a non-GAAP gross margin of 50.0% ± 1% [4][11] - Long-term, the company anticipates expanding its SAM to over 30% of WFE and capturing more than 50% of incremental SAM [4][11]