29 June 2025 ab Global Research Equities Americas Semiconductors Timothy Arcuri US Semiconductors and Semi Equipment Section 232 and Export Controls - Takeaways from Call With Former BIS Head Summary Thoughts Following our call with the former Assistant Secretary of Commerce, we believe tariff headlines in the next 4-6 weeks are a bit of a blind spot for many investors. Our expert believes tariffs resulting from Section 232 will come as early as late July or early August with a baseline framework mirroring ...

Core Viewpoint - Lam Research (LRCX) is positioned well to continue its trend of beating earnings estimates in the upcoming quarterly report [1] Group 1: Earnings Performance - Lam Research has a strong history of surpassing earnings estimates, averaging a 4.30% beat over the last two quarters [2] - In the last reported quarter, the company achieved earnings of $1.04 per share, exceeding the Zacks Consensus Estimate of $1 per share, resulting in a 4.00% surprise [3] - For the previous quarter, Lam Research was expected to earn $0.87 per share but reported $0.91 per share, delivering a 4.60% surprise [3] Group 2: Earnings Estimates and Predictions - Estimates for Lam Research have been trending higher, supported by its history of earnings surprises [6] - The stock has a positive Zacks Earnings ESP of +0.95%, indicating bullish sentiment among analysts regarding its near-term earnings potential [9] - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) suggests a strong likelihood of another earnings beat [9] Group 3: Earnings ESP Insights - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [7] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [8] - A negative Earnings ESP does not necessarily indicate an earnings miss, but it reduces predictive power [9]

行业研究丨深度报告丨半导体与半导体生产设备 半导体基石系列之三: 自主可控驱动业绩高增+ 订单兑现,把握设备材料投资机遇 l 证券研究报告 | 请阅读最后评级说明和重要声明 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年初以来，半导体板块经历了一段由 AI 带来的上涨行情之后进入调整期，多重挑战交织 导致半导体需求的增长缺乏相应的催化剂。但从估值角度来讲，随着半导体行业盈利加速释放， 板块动态市盈率已消化至 2024 年年中水平。半导体设备和材料估值水平均低于半导体板块， 设备板块的估值压力来自于对资本开支持续性的担忧，而材料板块则在于中游制造产能扩张的 不确定性。展望后续行情，我们认为估值进一步下行的可能性有限，且随着本土晶圆制造综合 能力的不断提升，业绩的兑现和订单的落地有望助力半导体设备和材料板块预期向好发展。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 半 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 广发证券指出，高技术制造业PMI连续4月高于荣枯线至50.9%，延续较好发展态势。半导体行业在 AI等新技术带领下呈现增长动力，汽车电子、新能源、物联网、大数据和人工智能等领域需求提升。 国产化持续推进，中美贸易摩擦凸显半导体供应链安全和自主可控的重要性，政府在产业政策、税收、 人才培养等方面加大了对本土半导体制造的支持，国内晶圆制造及其配套产业环节加速发展势在必行。 固态电池、复合集流体等新技术的兴起为锂电设备行业带来增长点，25年将成为固态电池商业化关键 年，其成熟有望带来设备的全面更新及价值量成倍增加。半导体设备领域，国产替代持续推进，行业成 长空间明确。 半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数由中证指数有限公司 编制，从A股市场中选取涉及半导体材料研发、设备制造等业务的 ...

Group 1: Alphabet - Alphabet is considered one of the "Magnificent Seven" stocks, trading at around 20 times earnings, which is a discount compared to peers and the overall market [2] - The company has a low dividend yield of 0.5% with a payout ratio of 8.9%, indicating significant room for future dividend growth [3] - Alphabet is focusing on share repurchases and investing in AI growth rather than increasing dividends [3] - The company is innovating in AI, introducing features like "AI Overviews" and "AI Mode" in Google Search, which are expected to monetize similarly to traditional search [4] - Alphabet's Gemini 2.5 LLM has gained traction, quickly rising in developer rankings and leading in various applications [5] - The company has three other significant businesses: YouTube, Google Cloud, and Waymo, with YouTube growing by double digits and Google Cloud achieving a $50 billion annual revenue run-rate with 28% growth last quarter [7] - Waymo is a leader in the autonomous taxi industry, conducting over 250,000 autonomous rides weekly across four cities [8] Group 2: Applied Materials - Applied Materials is a leading semiconductor equipment supplier, currently 33% below its July 2024 highs, but recognized for its high-quality business [9] - The company specializes in etch and deposition equipment essential for AI-related semiconductor production, with a services business contributing 22% of revenue [9][10] - Applied Materials pays a 1.1% dividend with a low payout ratio of 19.5%, allowing for potential future dividend growth, including a recent 15% increase [10][11] Group 3: Target - Target is trading at just 11 times earnings with a substantial 4.6% dividend, but is down 64% from its all-time highs [13] - The company is experiencing revenue declines but remains profitable, with competitive store locations despite not being known for ultra-low prices [14] - Target's focus on discretionary items has been impacted by inflation, but signs of recovery are emerging as inflation appears to be easing [15] - The digital business grew in the mid-single digits last quarter, with a notable 36% growth in same-day delivery [16] - Target has a long history and has successfully navigated crises, suggesting potential for recovery and stability in the future [17]

In the latest close session, Lam Research (LRCX) was down 2.33% at $89.52. This change lagged the S&P 500's 1.13% loss on the day. On the other hand, the Dow registered a loss of 1.79%, and the technology-centric Nasdaq decreased by 1.3%. Prior to today's trading, shares of the semiconductor equipment maker had gained 8.1% outpaced the Computer and Technology sector's gain of 7.36% and the S&P 500's gain of 3.55%.The upcoming earnings release of Lam Research will be of great interest to investors. The compa ...

Core Viewpoint - The supervisory board of Shenyang Xinyuan Microelectronics Equipment Co., Ltd. has verified the eligibility of 37 incentive objects for the first vesting period of the 2023 restricted stock incentive plan, confirming compliance with relevant laws and regulations [1] Group 1: Incentive Plan Details - The 2023 restricted stock incentive plan includes 37 eligible incentive objects who meet the conditions set forth in the Company Law and Securities Law [1] - The total number of restricted stocks to be vested corresponds to 139,200 shares [1] - The supervisory board agrees to the vesting of the restricted stocks for the eligible incentive objects, confirming that the vesting conditions have been fulfilled [1]

Here's our initial take on Applied Materials' (AMAT 0.29%) second-quarter financial report.Key MetricsMetricQ2 2024Q2 2025Changevs. ExpectationsRevenue$6.65 billion$7.10 billion+7%MissedEarnings per share (adjusted)$2.09$2.39+14%BeatOperating margin (adjusted)29%30.7%+1.7 ppn/aSemiconductor systems revenue$4.90 billion$5.26 billion+7%n/aNo Change to Customer DemandSemiconductor equipment manufacturer Applied Materials reported second-quarter results that were mixed relative to analyst expectations. Revenue ...

Call Start: 10:00 January 1, 0000 10:36 AM ET KLA Corporation (NASDAQ:KLAC) Annual JPMorgan Global Technology, Media and Communications Conference May 14, 2025 10:00 AM ET Company Participants Bren Higgins - Executive Vice President & Chief Financial Officer Conference Call Participants Harlan Sur - JPMorgan Jordan Krawitz - Mark Asset Management Harlan Sur Good morning, and welcome to JPMorgan's 53rd Annual Technology Media and Communications Conference. My name is Harlan Sur. I'm the semiconductor and sem ...

半导体行业 超配（维持） AI 驱动算力、终端齐飞，设备、材料自主可控强化 业 绩 半导体行业 2024 年报&2025 年一季报业绩综述 2025 年 5 月 8 日 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 半导体行业（申万）指数走势 资料来源：东莞证券研究所，iFind 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： 分析师：陈伟光 SAC 执业证书编号： 半导体板块整体业绩：行业景气整体上行，板块2024年、2025年一季度营 收、归母净利润均实现同比增长。受益AI驱动需求复苏和关键领域国产替 代持续推进，半导体行业自2023年下半年以来逐步进入景气复苏周期，并 在2024年、2025年一季度维持复苏态势，带动2024年、2025Q1营收、归母 净利润均实 ...