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.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.Mark Fields joined the board of directors at Lam Research, effe ...

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 waf ...

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 highreward scenario. While the company faces significant challe ...

In the latest market close, Lam Research (LRCX) reached $847.37, with a +1.39% movement compared to the previous day. This change outpaced the S&P 500's 1.15% gain on the day. Meanwhile, the Dow gained 1.14%, and the Nasdaq, a tech-heavy index, added 1.47%. Shares of the semiconductor equipment maker have depreciated by 5.47% over the course of the past month, underperforming the Computer and Technology sector's loss of 2.53% and the S&P 500's gain of 0.27%. The upcoming earnings release of Lam Research wil ...

Lam Research NASDAQ: LRCX is a lesser-known company in the semiconductor industry compared to powerhouses like NVIDIA NASDAQ: NVDA and Taiwan Semiconductor NYSE: TSM, but it is an important one. Let's examine the company's annual report to better understand its operations and identify some headwinds and tailwinds. Get TSM alerts: Lam Research: Industry-Leading Semiconductor Equipment Provider Lam Research Today LRCX Lam Research $862.86 -18.42 (-2.09%) 52-Week Range $574.42 ▼ $1,130.00 Dividend Yield 0.93% ...

Monty Rakusen/DigitalVision via Getty Images Investment Thesis Lam Research (NASDAQ:LRCX) is the largest provider of Etching equipment to the Semiconductor industry. Shares are down 23% from peak. The company earns high ROIC, is likely to grow sales > 10% in the long term and has reduced share count by 28% since 2018; it is a quality compounder that I want to own for the long term. But it operates in a cyclical market, and entry price matters to return. I think we have entered the second half of this positi ...

公司表现 - 公司股票自7月11日达到52周高点以来已下跌30%，但最新财报显示这可能是一个买入机会 [2] - 公司发布了2024财年第四季度财报，收入和盈利均超分析师预期，收入达到38.7亿美元，同比增长21%，非GAAP每股收益达到8.14美元，同比增长36% [5] - 尽管整个财年收入下降14%至149.1亿美元，非GAAP每股收益下降11%至30.30美元，但第四季度表现显著改善，管理层指引显示这一势头将持续 [6] 市场前景 - 公司预计当前季度收入将达到40.5亿美元，同比增长16%，每股收益预计为8美元，同比增长17% [7] - 由于人工智能（AI）的快速采用，公司可能超预期表现，特别是高带宽内存（HBM）需求增加，预计从2023年的4.78亿GB增长到2024年的近17亿GB [8][9] - 分析师预计公司2025财年收入将增长17%，随后一年也将有稳健表现 [12] 投资价值 - 公司股票目前市盈率28倍，远期市盈率22倍，低于美国科技行业平均市盈率33倍，显示出其估值优势 [16] - 分析师预计公司未来三年每股收益将持续增长，当前财年预计为35.93美元，下一财年预计为46.08美元，再下一财年预计为51.42美元 [15]

Lam Research Corporation (LRCX) delivered fourth-quarter fiscal 2024 non-GAAP earnings of $8.14 per share, which surpassed the Zacks Consensus Estimate by 8.2%. The figure increased 36.1% from the year-ago quarter. Revenues of $3.87 billion surpassed the Zacks Consensus Estimate of $3.81 billion. The figure increased 20.7% year over year. Year-over-year growth in the top line was driven by the strong performance of the Customer Support Business Group and the rebound in the System business. Improving memory ...