The Dutch semiconductor giant ASML Holding NV (NASDAQ: ASML) was among the first companies to offer a significant stock market reaction to the reports that multiple crucial U.S. allies – the Netherlands, Japan, and South Korea being the three named by press time on July 31 – could be exempt from President Biden’s restrictions on high-tech exports to China.The stock, which has already offered a substantial 19.99% rise in 2024 but suffered a major 16.76% drop in the last 30 days, rocketed in Wednesday pre-mar ...

Key TakeawaysDutch firm ASML's shares soared as the U.S. reportedly prepares to exclude chip-equipment makers in the Netherlands, Japan, and South Korea from its latest set of trade curbs aimed at China's tech advance.According to Reuters, shipments from several exporters of key chipmaking equipment won’t be included from a Biden administration expansion of the Foreign Direct Product Rule next month.Places whose exports would be affected by the expanded curbs would include Taiwan, Israel, Singapore, and Mal ...

ToplineChip stocks rallied on Wednesday following a report the United States will exempt allies like Japan and the Netherlands from expected trade restrictions on advanced semiconductor technology, paring losses in the wake of a bruising tech stock rout the day before as investors question whether big tech’s big bets on AI are paying off.Semiconductor stocks rallied on Wednesday. Getty Images Key FactsStock for major computer chip companies in Japan, the Netherlands and South Korea soared after Reuters repo ...

Shares of ASML jumped as much as 10% on Wednesday after a Reuters report suggested that the company could be exempted from expanded export restrictions on chipmaking gear to China.Reuters reported on Thursday that the U.S. is considering expanding the so-called foreign direct product rule, but that allies that export key chipmaking equipment — including Japan, the Netherlands and South Korea — will be excluded.Exports to China from countries including Israel, Taiwan, Singapore and Malaysia will be impacted ...

Despite solid fundamentals, semiconductor equipment stocks like ASML NASDAQ: ASML are correcting and on the verge of a deeper correction. The correction is partly due to tepid Q3 guidance but more so because of sector rotation and the political risks from both sides of the aisle. Risks include tariffs on Chinese imports, export curbs, and the impact of US elections on Taiwan. ASML TodayASMLASML$872.75 -60.06 (-6.44%) 52-Week Range$563.99▼$1,110.09Dividend Yield0.73%P/E Ratio44.57Price Target$1,147.80Add to ...

文章核心观点 - 尽管ASML面临来自中国的销售限制和台湾地区局势的不确定性,但长期来看其前景仍然看好 [2][3][5][6][7] - ASML作为生产最先进芯片所需设备的独家供应商,将从人工智能芯片需求和全球制造业向美国和欧洲转移的趋势中获益 [5][6][7][8] - 虽然2024年ASML的财务表现可能会较为疲软,但其股价仍处于上升趋势,投资者可趁机买入 [9][10][11][12][13] 行业总结 - 半导体行业正面临地缘政治风险,各国政府为保护供应链正大量补贴在本土建厂 [6][7] - 人工智能芯片需求旺盛,为ASML这样的设备供应商带来机遇 [5] - 行业集中度高,台湾地区占全球两三份之一的产能,任何地区动荡都会影响供应链 [4][6] 公司总结 - ASML作为生产最先进芯片所需设备的独家供应商,在行业中地位不可替代 [5][14] - 受中国销售限制和地缘政治风险影响,2024年ASML的收入和利润有所下滑 [2][10] - 但公司长期前景向好,股价仍处于上升通道,投资者可趁机买入 [9][12][13][14][15]

Radionphoto/iStock via Getty ImagesForeword This article is based on the July 15 Barron’s Weekly article aimed at revealing 48 select stocks for the Mid-Year 2024. That article was: By Lauren R. Rublin July 12, 2024, 11:48 am EDT “You can never be too rich, but can you be too thin? That’s just what many investors have wondered about the current bull market’s exceedingly narrow foundation, composed of just a handful of mega cap tech stocks leading the artificial-intelligence revolution. Their concerns we ...

阿斯麦2024Q2业绩情况 总体业绩情况 - 2024Q2实现营业收入62.43亿欧元,略高于指引上沿(57-62亿欧元) [13] - 2024Q2毛利率51.5%,高于指引(50-51%) [14] 出货情况 - 2024Q2公司确认了8台EUV系统收入 [19] 订单情况 - 2024Q2设备订单为55.67亿欧元,其中EUV订单为25亿欧元,非EUV订单为31亿欧元 [20] - 按终端应用划分,73%的订单来自逻辑业务,27%来自存储业务 [20] 营收划分 1. 设备销售收入 - 2024Q2设备销售额47.61亿欧元,其中ArFi和EUV占比较大 [22] - 按终端客户划分,逻辑和存储共同推动 [22] - 按地区划分,中国大陆地区占比较高 [22] - 销售数量:共销售100台光刻机,其中EUV 8台 [22] 2. 安装基础管理收入 - 2024Q2安装基础业务销售额为14.8亿欧元,略高于指引 [23] 公司指引 2024Q3业绩指引 - 营业收入预计67-73亿欧元,其中安装基础管理业务收入约14亿欧元 [28] - 毛利率预计50-51% [28] 2024全年业绩指引 - 总销售额将大致持平,毛利率将略微降低 [28] 需求情况 - 下半年业绩表现将明显强于上半年,逻辑客户需求略低于2023年,存储客户需求有望增长 [30] - 2024年为过渡年,2025年行业将进入周期上升期 [30] 供给情况 - 2024Q2交付了新一批NXE:3800E设备,High NA EUV设备也在顺利推进 [31] 电话会议问答 订单和未来展望 - 2024Q2订单中73%与逻辑有关,可能包含2nm设备订单,但没有High NA EUV订单 [33] - 公司维持2025年收入300-400亿欧元的假设 [33] 出口管制影响 - 公司在中国大陆的收入占比较高,但公司认为成熟制程仍有需求,不会受到太大影响 [34][45] AI带来的需求增长 - AI是当前行业复苏的最大动力,对逻辑和存储都有积极影响,预计将延续到2026年 [36] 2nm和High NA EUV产能提升 - 客户计划在2025年下半年生产2nm,High NA EUV在2025-2026年有机会 [37][38] 产能爬坡进度 - 公司目标是2025-2026年达到600台DUV和90台EUV的产能,High NA EUV中期目标是20台 [42][43]

文章核心观点 - ASML是半导体行业的龙头企业,拥有EUV光刻机的近乎垄断地位 [8][9] - ASML最近发布的Q2 2024财报业绩超预期,但Q3 2024收入指引低于预期,导致股价大跌 [11][12] - 尽管短期内ASML面临一些挑战,但公司全年业绩预期保持不变,AI驱动的行业复苏和增长仍在持续 [13][24] 公司概况 - ASML是一家专注于生产EUV光刻机的高科技公司,是半导体制造过程中不可或缺的关键设备供应商 [6][7] - ASML的客户包括全球主要的芯片制造商,如英特尔、台积电和三星电子等 [7] - 由于技术壁垒极高,ASML在EUV光刻机市场拥有超过90%的市场份额,处于垄断地位 [8][9] 财务表现 - ASML Q2 2024财报业绩超预期,EPS为4.46美元,超预期34美分,收入同比下降9.5%至69.1亿美元 [11] - 但ASML Q3 2024收入指引为74.4亿美元至81.1亿美元,低于市场预期84.1亿美元 [12] - 尽管短期内面临一些挑战,ASML全年2024年收入预期仍维持不变,预计将达300亿美元 [13] 行业趋势 - AI持续推动半导体行业的复苏和增长,ASML CEO表示AI是行业复苏和未来增长的主要驱动力 [24] - 内存市场也可能在2025年迎来升级需求高峰 [24]

Pixelbizz/iStock Editorial via Getty Images Investment thesis ASML (NASDAQ:ASML) had from the start projected 2024 to be a flat year, before growth would resume in 2025, based on several catalysts such as higher semiconductor industry growth, fab buildouts, and the introduction of new, pricier low- as well as high-NA EUV lithography tools. Since the valuation has remained reflective of a growth stock, with no major sell-offs, this meant ASML has been a stock for the patient this year. With the financial ...