ASML财报前夕遭降级 关键客户英特尔前景疲软成主因

华尔街洞察
Jul 15, 2025

ASML Holding,这家全球领先的先进半导体设备制造商,在第二季度财报发布前夕突遭券商降级。

KBC证券分析师蒂博·勒纽将ASML评级从“增持”调降至“持有”,目标价由703欧元大幅砍至686欧元。这一举动凸显市场对ASML短期前景的担忧。

尽管降级消息传出,ASML股价在荷兰交易中逆势上扬3%,收于705欧元。英伟达重启在华销售关键微芯片的利好消息提供了强劲支撑。年内迄今,ASML美国上市股票飙涨16%,远超纳斯达克100指数9%的涨幅。

勒纽发出警告:由于极端紫外光刻(EUV)技术应用延迟,ASML今年市场份额恐遭侵蚀。他指出,行业信号显示高数值孔径(high NA)系统的普及将受限且高度选择性。

核心症结在于英特尔。这家推动ASML最尖端系统落地的关键客户,其业务展望在同行中最为黯淡。

积压订单覆盖率更是跌至四年谷底。勒纽强调,唯一潜在利好或来自台积电的大规模订单。

聚焦第二季度财报,勒纽预测订单额达60亿欧元,远超市场共识的44.5亿欧元。然而,其每股盈利预期较共识值5.19欧元低1%,销售额亦低于77.5亿欧元共识3%。

他直言:“若订单突破44亿欧元并引发市场积极反应,这将是削减风险敞口的黄金窗口。”

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