不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 10月22日消息，ASML宣布， 已经向客户交付第一台专为先进封装应用开发的光刻 机"TWINSCAN XT:260"，可用于3D芯片、Chiplets芯粒的制造与封装。 XT:260的目标是解决芯片封装日益增长的复杂性，满足全行业向3D集成、芯粒架构的转型， 尤其是更大曝光面积、更高吞吐量的要求。 它采用波长为365纳米的i线光刻技术(i-line lithography)，分辨率约为400纳米，NA(孔径数 值) 0.35，生产速度高达每小时270块晶圆，是现有先进封装光刻机的足足4倍。 这样的高产能， 对于中介层制造等工艺至关重要 ——中介层(Interposer)是将多个芯粒集成 到单个封装中的关键部件。 XT:260的曝光区域面积为26x33毫米 ，而且采用两倍掩模缩小技术，而非传统的四倍缩小， 因此特别适合中介层封装应用。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 在技术方面。傅恪礼表示，随着EUV光刻技术应用的持续扩大，包括在高数值孔径（High NA）EUV上 取得的进展，光刻在晶圆厂总体投资中所占的比重持续提升。同时，根据 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 近日，光刻机巨头ASML在其最新财报中正式揭晓了其首款专注于3D集成领域的先进封装设备—— TWINSCAN XT:260。 这一举动，不仅揭开了ASML进军先进封装市场的战略序幕，更释放出一个强烈的市场信号：在摩尔 定律趋近物理极限的今天，标志着前沿的半导体光刻技术正以前所未有的力度，向先进封装领域渗透 与延伸。 ASML的强势入局，无疑为火热的先进封装赛道再添一把火，并促使我们重新审视先进封装设备赛道 的竞赛浪潮、竞争态势与未来走向。 可以说，一场围绕先进封装设备的全新竞赛正拉开序幕。 先进封装设备，成为"香饽饽" 事实上，ASML的战略落子，恰是先进封装赛道持续升温的鲜明缩影。 近年来，随着AI芯片、高性能计算对芯片集成度、功耗效率的要求陡增，先进封装从"后端辅助工 艺"跃升为性能突破关键环节，市场热度持续攀升。台积电、三星、英特尔等头部晶圆厂纷纷加码 CoWoS、SoIC、Foveros等先进封装产能。据IMARC Group数据显示，2024年全球先进封装市场规 模为457.3亿美元，预计到2033年将达到1133.3亿美元，复合年增长率达9.5%，增 ...

Core Insights - ASML reported strong financial results for Q3 2025, with net sales of €7.5 billion, a gross margin of 51.6%, and a net profit of €2.1 billion [1] - The company anticipates Q4 2025 net sales between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53% [1] - ASML expects full-year 2025 net sales to reach approximately €32.5 billion, representing a year-on-year growth of about 15% [1] Financial Performance - Q3 2025 net sales: €7.5 billion, gross margin: 51.6%, net profit: €2.1 billion [1] - New orders in Q3 2025 amounted to €5.4 billion, with €3.6 billion attributed to EUV lithography systems [1] - Full-year 2025 net sales forecast: approximately €32.5 billion, with a gross margin of around 52% [1] Market Dynamics - AI-related investments are driving demand for advanced logic chips and DRAM, benefiting ASML's broader customer base [2] - The share of lithography in overall wafer fab investments is increasing, particularly with the adoption of EUV technology [2] - Strong business performance is expected in the Chinese market for 2024 and 2025, with limited impact on 2026 sales [2] Technological Advancements - ASML is expanding its EUV lithography technology applications, including advancements in High NA EUV [2] - The company has shipped its first product for advanced packaging, the TWINSCAN XT:260, which offers up to four times the production efficiency of existing solutions [2] - Collaboration with Mistral AI aims to integrate AI into ASML's lithography solutions, enhancing system performance and production efficiency [2] Future Outlook - AI is expected to continue driving the development of advanced semiconductor applications and increase the share of lithography in wafer fab investments [3] - ASML sees 3D integration as a new growth opportunity and is actively expanding in this area [3] - The company maintains its long-term revenue forecast, projecting total revenue could reach between €44 billion and €60 billion by 2030, with gross margins of 56% to 60% [3]

Core Viewpoint - ASML's Q3 financial results were stable, with AI storage demand being a key support factor, and the Q4 guidance is optimistic, although attention is needed on the anticipated decline in Chinese demand by FY2026 and geopolitical risks [6][31]. Financial Performance - ASML reported Q3 revenue of €7.516 billion, slightly below the industry consensus expectation of €7.68 billion, with a year-on-year increase of 0.7% and a quarter-on-quarter decrease of 2.3% [6][9]. - The company maintained its full-year growth forecast at 15%, with Q4 revenue guidance set between €9.2 billion and €9.8 billion [10][31]. - The earnings per share were €5.49, slightly above the expected €5.33, primarily due to lower expenses than anticipated [6][19]. Order Book and Market Dynamics - New orders in Q3 reached €5.4 billion, exceeding market expectations of €4.97 billion, driven by a significant increase in storage-related orders [11][13]. - The structure of new orders shifted, with the share of logic-related orders dropping from 84% to 53%, while storage orders rose from 16% to 47% [13][17]. Cost Management and Profitability - ASML's cost control measures resulted in lower expenses than previously guided, contributing to a higher-than-expected gross margin [19][22]. - Q3 gross margin was positively impacted by a reduction in sales and R&D expenses, which were lower than the guidance provided in Q2 [22][24]. Product and Revenue Structure - In Q3, revenue from lithography machines was €5.554 billion, accounting for 73.9% of total revenue, while service revenue was €1.962 billion, making up 26.1% [26]. - The average selling price for EUV machines was approximately €317 million, reflecting a 5.4% decrease quarter-on-quarter, while ArFi product prices also saw a decline [27][30]. Future Outlook - The management's guidance for Q4 is optimistic, with expectations for revenue to reach up to €9.8 billion, although there are concerns regarding a significant drop in demand from Chinese customers by FY2026 [8][31]. - The overall market sentiment remains cautious due to geopolitical tensions and the potential impact on capital expenditures in the semiconductor industry [18][31].

Core Viewpoint - ASML's Q3 financial results showed a slight miss in revenue expectations but exceeded earnings per share forecasts, driven by lower expenses. The company maintains an optimistic outlook for Q4 and the overall year despite challenges in the Chinese market [1][3][4]. Financial Performance - Q3 revenue reached €75.16 billion, slightly below the expected €76.8 billion, with a year-over-year growth of 0.7% and a quarter-over-quarter decline of 2.3% [1][4]. - Earnings per share were €5.49, surpassing the expected €5.33, primarily due to lower expenses [1][4]. - The gross margin was higher than expected, attributed to cost control measures, with a gross margin rate of 51.9% [15][17]. Order Book and Market Dynamics - New bookings for Q3 totaled €5.4 billion, exceeding market expectations of €4.97 billion, indicating strong demand, particularly in the storage sector [3][7]. - The share of ArFi products in revenue increased to 52%, surpassing EUV products for the first time since Q4 2022, reflecting a shift in market demand [10][12]. - Management indicated that demand from Chinese customers is expected to decline significantly by FY2026, which is already factored into market expectations [3][12]. Guidance and Future Outlook - For Q4, ASML projects revenue between €9.2 billion and €9.8 billion, with a gross margin forecast of 51%-53%, maintaining an overall growth target of 15% for the year [3][6]. - The company has successfully navigated geopolitical challenges, with a 42% increase in market capitalization this year, bolstered by strong demand in the storage market [14][6]. Product and Revenue Structure - Q3 revenue from lithography machines was €55.54 billion, while service revenue was €19.62 billion, maintaining a high proportion of service revenue [20][23]. - The average selling price of EUV machines decreased by approximately 5.4%, while ArFi products saw a 3.4% decline, marking the first drop after three consecutive quarters of price increases [23][25].

Core Insights - ASML reported better-than-expected Q3 results, with revenue of €7.5 billion and net profit of €2.1 billion, reflecting strong operational performance and optimism for Q4 growth driven by AI infrastructure [1][2] - The company anticipates a significant decline in demand from China next year, which may impact overall sales [2] Financial Performance - Q3 revenue reached €7.5 billion, with a gross margin of 51.6%, exceeding expectations [1] - Q3 order intake was €5.4 billion, with €3.6 billion attributed to extreme ultraviolet (EUV) orders [1] - Q4 revenue is projected to be between €9.2 billion and €9.8 billion, with a gross margin forecast of 51% to 53% [2] Future Outlook - ASML expects a 15% year-over-year revenue growth for the entire year, with a gross margin around 52% [1][2] - The company anticipates that total revenue next year will not be lower than that of 2025, despite the expected decline in Chinese demand [1][2] Technological Advancements - ASML has delivered its first product for advanced packaging, the TWINSCAN XT:260, which offers four times the productivity of existing solutions [2] - The integration of AI into ASML's product portfolio is expected to enhance system efficiency and improve customer yield rates [2]

Core Viewpoint - ASML's Q3 2025 financial results show strong performance with net sales of €7.5 billion and a net profit of €2.1 billion, reflecting robust demand for advanced lithography equipment, particularly in the EUV segment, which accounted for €3.6 billion in new orders [1][2][19]. Financial Performance - Q3 2025 net sales reached €7.5 billion, with net system sales at €5.6 billion and installed base management sales at €2.0 billion [2]. - Gross margin stood at 51.6%, and operating margin was 32.8%, with net income as a percentage of total net sales at 28.3% [2]. - Earnings per share (basic) were €5.49, and net bookings totaled €5.4 billion, including €3.6 billion from EUV bookings [2][19]. Product Mix Changes - The product structure showed a shift, with EUV system net sales percentage decreasing from 48% to 38%, while ArFi system sales increased from 43% to 52%, indicating a shift in customer investment strategies [2][5]. - A total of 66 new lithography systems and 6 used systems were sold, with a notable decrease in EUV system sales, reflecting a focus on DUV equipment [5]. Market Dynamics - The sales distribution by region saw significant changes, with mainland China’s market share rising from 27% to 42%, making it ASML's largest market, while Taiwan's share fell from 35% to 30% [6]. - This shift is driven by Chinese customers' strong equipment purchasing intentions in response to potential export control policies [6]. End-Use Applications - The sales structure by end-use applications showed a decline in logic chip sales from 69% to 65%, while storage chip sales increased from 31% to 35% [7]. - New orders reflected this trend, with logic chip orders dropping from 84% to 53% and storage chip orders rising from 16% to 47% [10]. CEO Insights - CEO Christophe Fouquet highlighted three positive trends: sustained AI-related investments, broader customer benefits from AI, and the increasing importance of lithography in overall semiconductor manufacturing investments [12][13]. - He acknowledged challenges in the Chinese market but expressed confidence in long-term growth prospects driven by AI and advanced packaging technologies [12][19]. CFO Commentary - CFO Roger Dassen confirmed that Q3 financial performance met expectations, with a forecast for Q4 2025 net sales between €9.2 billion and €9.8 billion [16][18]. - He emphasized the strategic importance of AI in enhancing product performance and internal development efficiency, reflecting ASML's commitment to integrating AI technologies [17][18]. Future Outlook - ASML maintains a long-term revenue target of €44 billion to €60 billion by 2030, requiring a compound annual growth rate of 6.3% to 13.1% from the projected €32.5 billion in 2025 [19]. - The company remains optimistic about its strategic position in the semiconductor manufacturing value chain, bolstered by advancements in technology and emerging applications [19].

Core Insights - ASML reported strong Q3 performance driven by the AI boom, with order intake of €5.4 billion exceeding expectations, revenue of €7.52 billion, and net profit of €2.13 billion also surpassing forecasts [1][2]. Financial Performance - Q3 revenue was €7.52 billion (approximately ¥623 billion), a year-on-year decline of 2.3%, while market expectations were €7.71 billion [2]. - Net profit reached €2.13 billion (approximately ¥176 billion), down 6.4% year-on-year, slightly above the market expectation of €2.08 billion [2]. - Gross margin stood at 51.6%, a decrease of 2.1 percentage points year-on-year [2]. Orders and Sales - New orders for the quarter amounted to €5.4 billion, surpassing market expectations of €4.89 billion, with €3.6 billion attributed to EUV lithography machine orders [2]. - The company sold 66 new lithography machines during the quarter, a decrease of 1 unit year-on-year, and 6 used machines, down by 3 units [2]. Future Outlook - ASML projects Q4 2025 net sales between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53% [3]. - For the full year 2025, net sales are expected to be around €32.5 billion, reflecting a year-on-year growth of approximately 15%, with a gross margin of about 52% [3]. - The company anticipates that net sales in 2026 will not be lower than the levels of 2025, with total revenue expected to reach between €44 billion and €60 billion by 2030, and gross margins projected to be between 56% and 60% [3]. Market Challenges - The CEO indicated that while the third quarter's performance was strong, there are expectations of a significant decline in customer demand and sales in the Chinese market in 2024 and 2025 [5]. - The company is currently facing dual impacts from export restrictions in the Netherlands and U.S. tariff policies [5]. Shareholder Returns - ASML will pay an interim dividend of €1.60 per share on November 6, 2025 [6]. - In Q3 2025, ASML repurchased approximately €148 million worth of shares, with a total of €5.9 billion spent on share buybacks under the current plan [6].

Core Insights - ASML reported strong Q3 performance driven by the AI boom, with quarterly orders of €5.4 billion exceeding expectations, revenue of €7.52 billion, and net profit of €2.13 billion also surpassing forecasts [1][3] Financial Performance - Q3 revenue was €7.52 billion (approximately ¥623 billion), a year-on-year decline of 2.3%, while market expectations were €7.71 billion [3] - Net profit reached €2.13 billion (approximately ¥176 billion), down 6.4% year-on-year, slightly above the market expectation of €2.08 billion [3] - Gross margin stood at 51.6%, a decrease of 2.1 percentage points year-on-year [3] Orders and Sales - New orders for the quarter amounted to €5.4 billion, exceeding the market expectation of €4.89 billion, with €3.6 billion attributed to EUV lithography machine orders [3] - The company sold 66 new lithography machines, a decrease of 1 unit year-on-year, and 6 used machines, down by 3 units [3] Future Outlook - ASML expects Q4 2025 net sales to be between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53% [4] - For the full year 2025, net sales are projected to be around €32.5 billion, representing a year-on-year growth of approximately 15%, with a gross margin of about 52% [4] - The company anticipates that net sales in 2026 will not be lower than the levels of 2025, and total revenue could reach between €44 billion and €60 billion by 2030, with gross margins expected to be between 56% and 60% [5] Market Challenges - The CEO indicated that despite a strong Q3, there are expectations of a significant decline in customer demand and sales in the Chinese market in 2024 and 2025 [7] - The company is currently facing dual impacts from export restrictions in the Netherlands and U.S. tariff policies [7] Shareholder Returns - ASML will pay an interim dividend of €1.60 per share on November 6, 2025 [9] - In Q3 2025, ASML repurchased approximately €148 million worth of shares, with a total of €5.9 billion repurchased under the current plan as of September 28, 2025 [10]

Core Viewpoint - ASML's Q3 orders reached €5.4 billion, exceeding market expectations, driven by strong AI infrastructure investments in high-end chip manufacturing equipment [1][7][10] Financial Performance - Q3 revenue was €7.52 billion, slightly below the market expectation of €7.71 billion [4] - Q3 net profit was €2.13 billion, surpassing the market expectation of €2.08 billion [4] - Q3 orders amounted to €5.4 billion, significantly higher than the expected €4.89 billion [4] - The company expects Q4 net sales to be between €9.2 billion and €9.8 billion, with a gross margin forecast of 51% to 53% [4] Future Outlook - ASML anticipates a 15% year-on-year growth in net sales for 2025, reaching approximately €32.5 billion [3][13] - The company projects that sales in 2026 will not be lower than those in 2025 [3][13] - CEO Christophe Fouquet indicated that AI-related investments are expanding to more customers, enhancing order visibility [10] Market Dynamics - The Chinese market presents challenges, with ASML expecting a decline in net sales in 2026 compared to the high base levels of 2024 and 2025 [10][11] - In Q3, sales from the Chinese market accounted for 42% of total sales, up from 27% in Q2 [10] - Despite concerns regarding the Chinese market, Wall Street remains optimistic about ASML's performance, with firms like Morgan Stanley and UBS raising target prices [10] Industry Trends - The demand for AI infrastructure is driving significant capital expenditures, benefiting ASML as the sole producer of extreme ultraviolet lithography (EUV) machines [7][10] - Major tech companies, including OpenAI and NVIDIA, are investing in AI infrastructure, which is expected to positively influence ASML's order growth [11][12] - ASML is integrating AI into its lithography solutions to enhance system performance and production efficiency [12]