Lam Research (LRCX) closed the most recent trading day at $758.47, moving -1.46% from the previous trading session. This move lagged the S&P 500's daily gain of 0.13%. Elsewhere, the Dow gained 0.55%, while the tech-heavy Nasdaq lost 0.52%.Shares of the semiconductor equipment maker witnessed a loss of 11.64% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 1.56% and the S&P 500's gain of 3.67%.Market participants will be closely following the financia ...

Sundry Photography Investment Thesis Lam Research (NASDAQ:LRCX) a leading supplier of wafer-fabrication equipment, is poised to benefit from the ongoing recovery in the memory capex cycle heading into FY2025. Despite a recent pullback in semiconductor stocks due to macro concerns, demand for memory chips remains strong. While LRCX topped both revenue and earnings expectations in its 4Q FY2024 report, the stock is down 30% from its July high. The company had previously experienced a revenue decline that ...

会议主要讨论的核心内容 2024年WFE市场展望 - 公司预计2024年WFE市场规模将达到中性90亿美元左右,其中领先制程的晶圆厂和逻辑芯片投资强劲[5][6][7] - DRAM投资也较为强劲,主要受益于DDR4向DDR5的转换以及高带宽存储器的需求[6] - NAND投资今年较为疲软,但预计明年将有所好转,因需要进行技术转换[7] - 中国市场今年投资较为集中在前期,下半年有所放缓,但整体仍在增长[39][40][41] 公司重点技术领域 - 栅极全包围(GAA)工艺是公司的重点机会,公司在选择性刻蚀和ALD方面有优势,每新增10万片容量可带来10亿美元的机会[16][17] - 背面供电也是一个重要领域,公司在金属化方面有优势,每新增10万片容量可带来10亿美元的机会[18] - 先进封装是另一个重点,特别是通孔金属化工艺,公司在这方面占据主导地位,今年收入超过10亿美元[36][37] - 干式光刻胶是一项颠覆性技术,公司正在大力投入,预计未来5年内可带来15亿美元的累计收入机会[32][33] 其他关键点 - DRAM和高带宽存储器投资将保持强劲,未来几年内3D DRAM仍处于研发阶段[20][21][22] - NAND行业虽然今明两年投资较弱,但公司在转换年仍能获得较高份额[27][28] - 公司持续加大研发投入,主要针对新兴技术领域,但不会影响公司的财务杠杆[12][13][14] - 中国市场增长虽有放缓,但公司认为中国客户的投资计划长期向好,不会大幅下降[39][40][41] - 公司的客户支持业务(CSBG)占比较高,是公司重要的利润来源[49][50][51][59]

In the latest market close, Lam Research (LRCX) reached $734.31, with a +0.07% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.16%. On the other hand, the Dow registered a gain of 1.2%, and the technology-centric Nasdaq increased by 1.16%.The the stock of semiconductor equipment maker has fallen by 9.17% in the past month, lagging the Computer and Technology sector's gain of 1.08% and the S&P 500's gain of 3.48%.Analysts and investors alike will be ke ...

Lam Research (LRCX) closed at $764.44 in the latest trading session, marking a -0.17% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.16%. Elsewhere, the Dow gained 0.09%, while the tech-heavy Nasdaq lost 0.3%.The semiconductor equipment maker's stock has dropped by 0.58% in the past month, falling short of the Computer and Technology sector's gain of 1.63% and the S&P 500's gain of 3.64%.Market participants will be closely following the financial results of Lam Re ...

文章核心观点 - 半导体设备公司Lam Research受益于人工智能(AI)带来的芯片制造需求增长,其利润和现金流都有所增加 [1][2][3] - Lam Research在关键的刻蚀和沉积工艺设备领域占据主导地位,并从DRAM和先进逻辑芯片向3D结构转型中获益 [2][3] - Lam Research的高毛利率和高资本回报率为其提供了增加股息的能力,最近宣布将季度股息增加15% [4][5][6] - Lam Research的股息增长潜力很大,因为其派息率较低,且通过股票回购进一步提高每股收益 [6][7][8] 行业总结 - 半导体设备行业受益于AI驱动的芯片制造需求增长,主要参与者如Lam Research和Applied Materials等公司业绩和现金流都有所改善 [1][2][3] - 行业内主要参与者技术实力和定价能力较强,呈现相对理性竞争格局 [4] - 行业内公司普遍具有较低的派息率,为未来持续增加股息提供了空间 [6][7][8] 公司总结 - Lam Research作为半导体设备行业的领军企业,在关键工艺设备领域占据主导地位,从行业发展趋势中获益 [2][3] - 公司盈利能力和资本回报率较高,为增加股息提供了有力支撑 [4][6] - 公司通过股票回购进一步提高每股收益,为未来持续增加股息创造条件 [8]

FREMONT, Calif., Aug. 30, 2024 /PRNewswire/ -- Lam Research Corp. (Nasdaq: LRCX) today announced that Ita Brennan and Mark Fields have joined its board of directors, effective August 30, 2024.Ita Brennan joined the board of directors at Lam Research, effective August 30, 2024.Mark Fields joined the board of directors at Lam Research, effective August 30, 2024.Brennan brings to the board significant senior executive-level financial management expertise in the technology industry. Most recently, she was Senio ...

FREMONT, Calif., Aug. 29, 2024 /PRNewswire/ -- Lam Research Corporation (Nasdaq: LRCX) today announced that its Board of Directors has approved a $0.30, or 15%, increase in its quarterly dividend, from $2.00 to $2.30 per share of common stock. The dividend payment will be made on October 1, 2024, to holders of record on September 17, 2024. Future dividend payments are subject to review and approval by the Board of Directors.About Lam Research:Lam Research Corporation is a global supplier of innovative wafer ...

财务业绩 - 2024财年收入同比下降14.5%，主要由于非易失性存储器市场疲软，部分被DRAM市场强劲增长所抵消[149] - 2024财年毛利率为47.3%，同比提升270个基点，主要由于客户结构更加有利、材料成本下降以及现场资源利用率提高，部分被工厂效率降低所抵消[163] - 2024财年运营费用同比增加7.2%，主要由于研发人员成本增加、转型活动支出增加、递延薪酬计划相关成本上升以及耗材支出增加[156] - 2024财年净利润同比下降15.1%，主要由于收入下降所致[156] - 2023财年收入略有增长1.2%，主要由于客户支持业务收入增加抵消了系统收入下降[156] - 2023财年毛利率下降110个基点至45.7%，主要由于原材料成本上升以及重组相关成本增加所致[163,164] - 2023财年运营费用同比增加4.5%，主要由于递延薪酬计划相关成本增加、重组相关费用以及人员成本上升所致[156] - 2023财年净利润同比下降2.0%，主要由于毛利率下降所致[156] 现金流 - 2024财年经营活动产生的现金流为47亿美元，主要用于27亿美元的股票回购、10亿美元的股息支付以及3.97亿美元的资本支出[156] - 2024财年末现金、现金等价物和受限现金总额为59亿美元，较2023财年末增加3亿美元[185] - 2024财年经营活动产生的现金流为46.52亿美元，主要来源于净利润38.28亿美元、折旧与摊销3.60亿美元、股权激励费用2.93亿美元等[186] - 2024财年投资活动使用现金3.71亿美元，主要用于3.97亿美元的资本支出[187] - 2024财年筹资活动使用现金39.96亿美元，主要包括28.43亿美元的股票回购、10.19亿美元的股息支付以及2.56亿美元的债务偿还[188] - 公司预计未来12个月内经营活动产生的现金流和现有现金储备将足以支持公司的运营、投资、债务服务、资本支出、资本再分配和股息支付[189] 研发投入 - 公司持续大幅增加研发投入，主要用于先进的沉积、蚀刻、清洁等半导体制造工艺[165] - 2023财年开始研发支出需要资本化，预计未来几年现金税费将大幅增加[175] 税务 - 2024财年税率上升主要由于不同税收管辖区域利润占比变化[174] - 新税法(IRA)预计不会对公司税率产生重大影响[176] - 递延所得税资产增加主要由于外国子公司基础差异、税收抵免和研发支出资本化[177] - 公司定期评估递延所得税资产的可实现性并根据需要调整估值准备[178] - 公司定期重新评估不确定税务头寸[179] 费用 - 销售、一般及管理费用增加主要由于转型活动支出增加[167] - 2023财年重组费用大幅增加主要由于裁员和搬迁制造活动产生的员工遣散费用[169] 风险管理 - 公司面临的主要市场风险包括利率风险和汇率风险，采取了相应的对冲措施[192,193,194,195]

Lam Research Corporation (LRCX) has seen its stock plunge 16% in the past three months. This drop compares unfavorably with the industry’s fall of 9.2%, the Zacks Computer and Technology sector’s growth of 5.8% and the S&P 500’s rally of 7.1%. The recent fall has put investors at a crossroads, raising the question: is it time to buy, hold or sell?The LRCX stock, a popular name in the semiconductor industry, presents a high-risk but potentially high-reward scenario. While the company faces significant challe ...