公司在HBM（高带宽存储）和先进逻辑的收入增长展现了公司在AP（先进封装）的领先优势。2025 年 上半年，公司TCB（热压键合）订单同比增长50%。其中，根据公司2Q25 业绩公告，截至上半年，公 司在HBM 领域已完成大宗客户的设备安装并符合12 层HBM3E 的要求，另外同时已于2Q25 开始对另一 客户就12 层HBM4 进行小批量生产，在HBM4 及以上已开始开发AOR 技术（主动去氧化技术）；在先 进逻辑领域已获得晶圆代工客户的C2W（chip to wafer）批量生产订单。 机构：中金公司 研究员：张怡康/贾顺鹤 2Q25 订单高于我们预期，但盈利改善低于我们预期ASMPT 2Q25 收入34 亿港元（4.36 亿美元），同比 1.8%，环比8.9%，主流业务开始受益于AI；毛利率39.7%，同比+0.33ppt，环比-1.19ppt，基本持平，盈 利1.34 亿港元，同比-1.7%，环比+62.5%，主要受一次性税项抵免因素影响；二季度新增订单4.82 亿美 元。公司指引3Q25 收入4.45 至5.05 亿美元之间，按中位数计算同比+10.8%，环比+8.9%。2Q25 新增订 单超过我们 ...

Shares of NVE Corporation (NVEC) have declined 20.4% since reporting earnings for the first quarter of fiscal 2026. This compares with the S&P 500 index’s 0.9% growth over the same time frame. Over the past month, the stock has declined 14.2% against the S&P 500’s 3.9% rally.For the first quarter ended June 30, 2025, NVE Corp reported total revenues of $6.10 million, a 10% decline from $6.78 million in the same period last year. This decrease was primarily led by an 11% year-over-year drop in product sales, ...

证券研究报告 | 2025年07月25日 | 证券分析师：邵兴宇 | 证券分析师：田地 | | --- | --- | | 010-88005483 | 0755-81982035 | | shaoxingyu@guosen.com.cntiandi2@guosen.com.cn | | | S0980523070001 | S0980524090003 | 证券分析师：董德志 高技术制造业宏观周报 国信周频高技术制造业扩散指数降幅收窄 国信周频高技术制造业扩散指数降幅收窄。截至 2025 年 7 月 19 日当周， 国信周频高技术制造业扩散指数 A 录得-0.2；国信周频高技术制造业扩 散指数 B 为 50.4，降幅较上期有所收窄。从分项看，动态随机存储器价 格上升，半导体行业景气度上升；丙烯腈、六氟磷酸锂价格下降，航空 航天、新能源行业景气度下降；中关村电子产品价格指数、6-氨基青霉 烷酸不变，计算机、医药行业景气度不变。 高技术产业跟踪方面： 高技术制造业高频数据跟踪上，6-氨基青霉烷酸价格 220 元/千克，与 上周持平；丙烯腈价格 8050 元/吨，较上周下降 100 元/吨；动态随机 存储器（DR ...

Richardson Electronics (RELL) Q4 2025 Earnings Call July 24, 2025 10:00 AM ET Speaker0Good day, everyone. Thank you for standing by. Welcome to the Richardson Electronics Earnings Call for the Fourth Quarter of Fiscal Year twenty twenty five. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.Please note that today's conference may be recorded. I will now hand the conference over to your speaker, Mr. Ed Richardson. Please g ...

Global Research US Semiconductors and Semi Equipment SemiBytes: ASML Read-throughs; Raising Export Control Ceiling? Reading through ASML's results from this past week ASML traded down significantly following results this past week and we received a host of investor inbounds on two key aspects of the report: 1) China, and 2) 2026 commentary. On China, ASML stripped ~€1.4B from backlog - on the surface, strange that this is occurring only now since several new China customers (Si'En, PST, Swaysure, etc) were ...

NVE (NVEC) Q1 2026 Earnings Call July 23, 2025 05:00 PM ET Speaker0Good afternoon and welcome to the NVE Corporation conference call for the quarter ended 06/30/2025. I'm Dan Baker, NVE's President and CEO. I'm joined as usual by Controller and Principal Financial Officer Daniel Nelson. This call is being webcast live via YouTube and Amazon Chime and being recorded. A replay will be available through our website, nve.com, and our YouTube channel, youtube.com/nvecorporation.All participants are currently in ...

Core Viewpoint - The technology sector, particularly artificial intelligence, is driving significant returns in the stock market, with Taiwan Semiconductor Manufacturing (TSM) positioned to benefit from this trend [1]. Company Overview - Taiwan Semiconductor Manufacturing (TSM) is currently trading at $234.47, with a 52-week range of $133.57 to $248.28 and a dividend yield of 1.11% [2]. - The company has a P/E ratio of 26.74 and a price target of $258.33, indicating potential upside for investors [2][11]. Financial Performance - TSM reported a net revenue growth of 44% year-over-year, demonstrating resilience despite macroeconomic challenges [4][5]. - A significant portion of TSM's revenue, up to 74%, is derived from 7nm and below wafers used in AI chip development, highlighting its competitive advantage [6][7]. - The company achieved a gross profit margin of 57.5% and net income growth of 60.7% over the past year [7]. Market Position and Future Outlook - TSM's earnings per share (EPS) are driving stock performance, with shares trading at 96% of their 52-week high, suggesting potential for new all-time highs [8]. - Management has raised guidance for future quarters, reflecting confidence in continued demand from major clients like NVIDIA and Apple [9]. - The stock forecast indicates a 12-month price target of $258.33, representing a 9.95% upside, with some analysts projecting a high of $270.00 [11]. Investor Sentiment - Recent data shows a 22.2% reduction in TSM's short interest, indicating a shift in investor sentiment towards bullishness [10]. - Institutional investors are increasing their holdings, with Ninety One UK Ltd boosting its position by 1.2%, bringing its total to $454.3 million [12][13]. - The overall market sentiment suggests that TSM is likely to continue benefiting from the AI boom, leading to better earnings and increased institutional buying pressure [14].

Core Insights - Aehr Test Systems' shares surged over 20% following new orders for its AI processor testing solutions [1] - The recent orders come shortly after a cautious earnings report, indicating quicker-than-expected resolution of order delays [2] - The identity of the "world-leading hyperscaler" customer remains speculative, with potential candidates including Google and Microsoft [3] Company Developments - Aehr's CEO expressed cautious optimism regarding financial guidance for 2026, citing tariff-related uncertainties affecting order placements [2] - The new orders represent a significant increase, more than doubling the number of production systems with the identified customer [3] - Aehr is diversifying away from the struggling silicon carbide wafer-level burn-in test solutions market, which is primarily driven by electric vehicle demand [5] Market Outlook - The shift towards AI-driven markets is expected to enhance Aehr's long-term growth prospects [6] - Despite current challenges in the EV sector, there is an anticipation of a rebound in investment, positioning Aehr favorably for future growth [6]

SOITEC REPORTS FIRST QUARTER REVENUE OF FISCAL YEAR 2026 Q1’26 revenue: €92m, down 16% year-on-year on an organic1 basis, slightly better than the guidanceQ1’26 year-on-year revenue development reflects, as expected, ongoing RF-SOI inventory correction among customers, a weak automotive market, the anticipated phase-out of first-generation Imager-SOI, and the strong momentum in Photonics-SOIQ2’26 revenue is expected to grow around 50% versus Q1’26, on an organic basis Bernin (Grenoble), France, July 22nd, 2 ...

Key Takeaways HMY is advancing Wafi-Golpu and Eva Copper to diversify beyond South African gold operations. Wafi-Golpu holds 13M ounces of gold while Eva Copper is expected to produce up to 60K tons annually. Harmony's shares are up 64.9% in a year, with 2025 EPS estimates implying 190.8% year-over-year growth.Harmony Gold Mining Co. Ltd. (HMY) is positioning itself for long-term growth through disciplined execution of two transformative development projects — the Wafi-Golpu copper-gold project in Papua N ...