Semiconductor Materials and Equipment

ASML

Today’s Key News Recap

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0224 | Dolphin Research Focus: 🐬 Macro/Industry. Trump signaled a preference for a diplomatic deal over military action on the Iran issue. Geopolitical tensions cooled quickly, and the Geneva talks on Feb 26 remain on schedule.Gold's safe-haven premium is fading. Middle East risks still imply potential conflict. U.S. monetary policy remains the core driver of gold.AI: Leading player Anthropic will host an online livestream. Scheduled at 9:30 a.m. ET on Tue (10:30 p.m. Beijing time)...

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CTG Duty Free hits limit-down on a negative surprise; Lei Jun sets '15-5' hardcore chip push | Daily News Recap---

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Below is Dolphin Research's Trans of ASML's Q4 2025 earnings call. For our earnings analysis, please see 'ASML: Memory orders are booming, and the lithography supercycle is here!'.1) $ASML(ASML.US) Key financials recap. Q4 2025: net sales of EUR 9.7bn, in line with guidance.Net system sales of EUR 7.6bn (EUV systems EUR 3.6bn, incl. two High-NA EUV; non-EUV EUR 4.0bn). Logic accounted for 70%...

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ASML (Trans): Outlook weighed by customer fab build-outs; most new orders are for 2027 deliveries.

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ASML released Q4 2025 results before the U.S. market open on Jan 28, 2026 (Beijing time). The quarter ended Dec 2025; key takeaways follow.1) Revenue &amp; GPM: Revenue was €9.72bn (+5% YoY), beating the Street (€9.56bn). Growth was primarily driven by stronger demand from Mainland China customers.GPM was 52.2%, in line with company guidance (51–53%). A higher mix of higher-priced EUV systems supported the margin.

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ASML: Memory orders surge; litho supercycle arrives

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0128 ｜Dolphin Research Focus: 🐬 Stock Watch 1: SpaceX plans to launch an IPO in Jun, targeting a valuation of up to $1.5tn. Proceeds will fund Starship R&amp;D, space data centers, and related projects.Its core biz Starlink is projected to deliver $15bn revenue in 2025, underpinning cash flow. However, setbacks in Starship V3 testing and a delayed maiden flight could affect the listing timeline.If executed, the IPO would be the largest globally and a major milestone for commercial space industrialization. Valuation, however, remains highly controversial...

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Mingming Is Busy soars on IPO debut; ASML orders surge, unveils 10bn buyback｜Daily News Recap

ASML First Take: Solid print, with revenue and GPM in line with guidance. Beyond the quarter's numbers, investors focused more on bookings and the forward operating outlook. 1) Orders: Net bookings came in at EUR 13.16bn, well above consensus (EUR 6.8bn). Seasonally strong Q4 aside, the upside was driven by sizable add-on orders from memory makers. Within the quarter's mix, logic orders rose EUR 3.0bn QoQ, roughly in line with seasonal patterns. Memory orders rose EUR 4.8bn QoQ, far above the historical Q4 avg. of ~EUR 1.5bn. 2) Next-quarter outlook: The company guides Q1 2026 revenue to EUR 8.2–8.9bn, vs. prior consensus of EUR 8.13bn. After TSMC raised its 2026 capex, major houses lifted their Q1 estimates to around EUR 8.5bn. Management's range is broadly in line with the revised Street. Management also issued FY26 guidance. It expects revenue of EUR 34–39bn (+4–19% YoY) and GPM of 51–53%. With memory makers and TSMC boosting capex, the Street now models 20%+ growth for the year. Against that, the company's guidance looks conservative. Overall, Dolphin Research sees orders as the standout, fueled by additional demand from memory customers. The operating outlook largely meets expectations. The blowout bookings strengthen confidence in ASML's high-growth path. For more, follow Dolphin Research's upcoming detailed review and call Trans.$ASML(ASML.US)

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Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Taiwan Semiconductor(TSM.US). For our earnings analysis, please see 'TSMC: the real heavyweight in AI — who would say no?'.Key takeaways from the call are summarized below. We highlight capex plans and spending mix.a) Capex: for 2026, raised to $52-56bn (+$11-15bn YoY), vs prior street $48-50bn. Allocation: 70-80% for advanced nodes, ~10% for specialty technologies...

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TSM (Trans): Capex to rise by tens of billions YoY, a decision made after talks with downstream customers.

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1127 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Office of the United States Trade Representative announced that the exemption of certain tariffs on Chinese goods, established under Section 301 due to issues related to technology transfer and intellectual property, will be extended until November 10, 2026. The original exemption was set to expire on November 29. In the short term, this can provide a 'safe period' for Chinese export enterprises in terms of orders and profits, and also reduce costs for American importers and consumers. However, the overall tariff framework remains unchanged, and the competition between China and the U.S. in high-tech fields will continue...

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Alibaba AI Glasses Enter the Market, Meituan Financial Report to be Released Tomorrow | Today's Important News Recap

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The following are the minutes of SMIC's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;SMIC: Not focusing on short-term results, is AI 'domestic chips' the true belief?&#34; 1. Review of SMIC's (00981.HK) key financial information 1. The company achieved sales revenue of USD 2.382 billion in the third quarter of 2025, a quarter-on-quarter increase of 7.8%, with a gross margin of 22%, up 1.6 percentage points from the previous quarter; operating profit was USD 351 million, and EBITDA was USD 1.43 billion...

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SMIC (Minutes): Storage price increase, terminal manufacturers are becoming more conservative in their plans for next year.

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The following are the Minutes of ASML's Q3 2025 earnings call. For an interpretation of the financial report, please refer to &#34;ASML: AI Capex Adds Buff, The Worst Period is Over!&#34; 1. $ASML(ASML.US) Review of Core Financial Information 1. Shareholder Returns Dividends: The first interim dividend for 2025 has been paid, at EUR 1.60 per share. The second interim dividend, also EUR 1.60 per share, will be paid (Payment Date: November 6, 2025). Stock Repurchase: Approximately EUR 148 million worth of shares were repurchased in the third quarter...

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ASML (Minutes): Maintain 2030 target, next year's expectations will be updated in the next quarter

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ASML released its Q3 2025 financial report (up to September 2025) before the U.S. stock market opened on the afternoon of October 15, 2025, Beijing time. The key points are as follows: 1. Revenue &amp; Gross Margin: a) $ASML(ASML.US) reported a revenue of 7.5 billion euros this quarter, a year-on-year increase of 0.7%, compared to the market expectation of 7.7 billion euros. The company's revenue this quarter mainly came from contributions by TSMC and customers in mainland China. b) The gross margin for this quarter was 51.6%, close to the upper end of the company's guidance range (50-52%), mainly due to an increase in the proportion of service-related revenue...

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ASML: AI Capex adds a buff, the worst period is over!

SK hynix orders ASML's $800 million EUV lithography equipment

Morgan Stanley Analyst Maintains ASML Buy Rating with Price Target

Bernstein Raises ASML's Target Price to €1,700

ASML Employees Strike Over Layoff Plan

imec Buys ASML High NA EUV Machine to Enhance Next-Gen Chip Manufacturing

ASML is Developing Hybrid Bonding Equipment

ASML cuts 1,700 jobs and plans to expand

TD Cowen Reiterates Buy Rating for ASML with $1500 Price Target

ASML Sets Agenda for 2026 AGM, Includes Board Changes and New CTO Appointment Plans

Analyst Maintains ASML Buy Rating with Price Target

ASML Reports Strong Revenue Guidance for 2025

Zacks Research Downgrades ASML Rating to Hold

ASML's High-NA EUV Ready for Mass Production, Boosting AI Chip Manufacturing Efficiency

UBS analyst reiterates ASML buy rating with a target price of 1,500 euros

ASML Executes Stock Repurchase Plan

ASML plans to expand equipment for AI chip manufacturing

Integrated Financial Solutions Inc. Invests in ASML Holding N.V.

ASML's New Generation EUV Lithography Machine Ready for Mass Production

ASML prepares next-generation tools for chip mass production

UMC Announces Purchase of ASML Equipment

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Earning Release Date

财报预告

FY2026 Q1 Earning Release 2026.04.14 (EST)

Ordinary dividend (cash)

Ex Date: 2026.04.27 (EST), Cash dividend 3.177 USD

ASML(ASML.US)

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