ASML：2025 年第四季度业绩 —— 订单储备创纪录，指引强劲

A: 1) Net bookings in Q4 reached €13.2bn (up 144% q-o-q and up 186% y-o-y), including €7.4bn from EUV vs buy side expectations for total orders we believe around c€8bn (based on our conversations) and sell side at €6.9bn. Memory orders were €7.4bn, 70% above the previous high of €4.3bn in Q4'24, while logic orders were €5.8bn, the third highest ever but meaningfully below the high of €6.9bn in Q3'22. Total bookings were 44% logic and 56% memory implying memory orders of €7.4bn or up 71% y-o-y. 2) China syst ...