ASML Remains Top Pick In EU Semicaps, Analyst Highlights Key Role In AI Infrastructure And Multiple Expansion
ASML Remains Top Pick In EU Semicaps, Analyst Highlights Key Role In AI Infrastructure And Multiple Expansion
BofA Securities analyst Didier Scemama reiterated a Buy rating on ASML Holding N.V. (NASDAQ:ASML) with a price target of 1,302 euros ($1,406), up from 1,156 euros ($1,213).
BofA證券分析師Didier Scemama重申了對阿斯麥控股股份有限公司（NASDAQ:ASML）的買入評級，並將其目標價從1156歐元（1213美元）上調至1302歐元（1406美元）。
Scemama raised his revenue and EPS estimates for calendar years 2025 and 2026 by 6%- 9%, reflecting higher confidence in higher demand for EUV tools and higher gross margin (54.9% vs. 54.7% prior).
Scemama將他對2025年和2026年日曆年營業收入和每股收益的預估上調了6% - 9%，反映了他對歐洲紫外線工具需求和較高毛利率（54.9% vs. 54.7%之前）更有信心。
The analyst's new calendar year 2025 and 2026 revenue estimates are 10%- 7% above consensus, while his EPS estimates are 15%- 9% above consensus.
該分析師對2025年和2026年日曆年的營收預估高出共識10% - 7%，而他的EPS預估高出共識15% - 9%。
ASML remains Scemama's top pick in EU Semicaps. The price target change reflects the multiple expansion of the sector and the value of AI scarcity in Europe.
阿斯麥仍然是Scemama在歐洲半導體板塊的首選。目標價變化反映了行業的多重擴張和歐洲人工智能稀缺性的價值。
ASML remains irreplicable in the buildout of AI infrastructure, with all AI processors and DRAM companies using EUV technology to manufacture their chips, per the analyst. While some concerns remain about foundry orders through the end of this year, he noted that the pace of investment from all leading hyperscalers and enterprise customers in AI infrastructure leaves very doubt that significant capacity needs to be added at the leading edge.
根據分析師的說法，阿斯麥在人工智能基建的構建中不可替代，所有人工智能處理器和DRAM公司都使用紫外線技術製造芯片。儘管對今年年底的代工訂單仍存在一些擔憂，但他指出，所有領先的超大規劃和企業客戶在人工智能基礎設施方面的投資速度，可以毫無疑問地斷定需要在領先邊緣增加大量產能。
As per Lam Research Corp (NASDAQ:LRCX), the DRAM content in an AI server is 8x that of a traditional enterprise server, while it is 4x higher for the logic content and 3x to 4x higher for NAND. Scemama raised his calendar year 2024 booking forecast from €10.3 billion to €10.7 billion, with EUV increasing from €8.1 billion to €9.3 billion. This translates into 80 EUV unit shipments in the calendar year 2025.
根據Lam研究公司（NASDAQ:LRCX）的說法，AI服務器的DRAM佔比是傳統企業服務器的8倍，邏輯佔比高出4倍，NAND佔比高出3至4倍。Scemama將他2024年日曆年的預訂預測從103億歐元上調至107億歐元，其中EUV從81億歐元上調至93億歐元。這意味着2025年日曆年將有80臺EUV裝置出貨。
Scemama estimated litho intensity in calendar years 2023 and 2024 at around 25%- 26%, above the historical norm of 22%. This reflects greater complexity at the leading edge, in part due to EUV.
Scemama預計2023年和2024年的年度拍賣強度在25% - 26%左右，高於22%的歷史平均水平。這反映了領先邊緣的更大複雜性，部分原因是由於EUV。
Price Action: ASML shares traded lower by 2% at $1,031.53 at the last check Friday.
價格行動：根據最後一次查詢，阿斯麥股票收盤下跌2％，至1031.53美元。
譯文內容由第三人軟體翻譯。