[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio9d63ddad":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio9d63ddad","阿斯麦(ASML)财报验证EUV需求，瑞银预计未来两年盈利上修","\u002Fdoc\u002Fdcio9d63ddad","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，瑞银发布研究报告指出，全球光刻机龙头阿斯麦(ASML)2026年第三季度业绩整体符合买方预期，EBIT较市场共识高约5%，第四季度EBIT指引中值超出共识约7%。基于公司重申并更新的2026年指引，瑞银预计2027-2028年EPS市场共识有望上调5%-10%。瑞银维持对阿斯麦的“确信买入”评级，12个月目标价2350欧元，较10月13日收盘价有约56%的上行空间。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Q3业绩毛利率超预期，EUV销售同比大增但略低于共识\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>阿斯麦第三季度净销售额为116亿欧元，与市场共识基本持平。其中，装机基础管理销售额为33亿欧元，超出市场共识13%;EUV系统销售额为41亿欧元，同比增长94%，但比市场共识低7%。其中，中国系统销售额环比增长110%，但同比下降17%，占阿斯麦Q3产品销售的23%。阿斯麦继续预计中国市场今年将占集团销售额的20%左右。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>另外，阿斯麦毛利率达到57.5%，高于共识的56%，推动Q3 EBIT超出共识约5%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>关键看点产能供不应求，订单意向延伸至2029-2030年\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>报告强调，阿斯麦指出2027年和2028年Low-NA EUV和浸没式DUV产能计划增加30%仍不足以满足客户需求。公司正在研究进一步扩大产能，尤其是在2028年，并开发装机基础升级方案。阿斯麦已收到“大量2028年订单”，且客户对2029年甚至2030年订单有强烈兴趣。瑞银认为，这意味着下一季度披露的积压订单将远超市场共识。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>此外，定价谈判已经完成，影响将在2027年部分显现，2028年全面体现。这为未来毛利率和盈利增长提供了额外支撑。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Q4利润指引超预期，2027-28年EPS有望上调\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>对于2026年第四季度，阿斯麦预计净销售额为142-152亿欧元(共识为143亿欧元)，毛利率约为57%(共识为56.7%)，意味着Q4 EBIT有望超出共识约7%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>管理层对2028年及以后产能需求的评论，暗示EUV单位预测存在上行空间。结合强劲的毛利率展望，瑞银认为2027-2028年毛利率市场共识可能上移，进而推动2027和2028年EPS预测上调5%-10%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>投资者会如何反应?\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>瑞银认为，此次业绩大致符合买方预期。考虑到财报前市场预期较高，结果可能略显失望。不过，财报表明下个季度的订单积压强劲，并进一步增强了对毛利率持续向好趋势的信心。因此，瑞银视此次更新为积极信号，并重申对阿斯麦的“确信买入”(Conviction Buy)评级。此次电话会的关键焦点将是2028年计划产能扩张的规模，这很可能决定当前预测的上行空间有多大。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]