<p><strong>阿斯麦</strong>(ASML -2.77%) 的股价下跌，因为该公司的净订单低于预期，并且警告关税带来了不确定性。截至目前，该股在过去一年中已下跌约 30%，主要是由于与中国贸易限制相关的担忧，以及最近关税的影响。</p>
<p>阿斯麦制造半导体代工厂用于制造芯片的设备。这家荷兰公司在极紫外线 (EUV) 光刻方面几乎垄断，这是一种用于制造先进芯片的工艺。像 <strong>台积电</strong> 这样的芯片制造商依赖阿斯麦的 EUV 光刻机来生产先进芯片，例如 <strong>英伟达</strong> 的图形处理单元 (GPU)。</p>
<p>该公司还推出了一种新技术，称为高数值孔径极紫外线光刻系统，或称高 NA EUV，这对于进一步缩小芯片尺寸至关重要。尽管一些客户对该机器的高价格感到犹豫，阿斯麦在第一季度交付了第五台高 NA EUV 系统，目前在三家最大的半导体代工厂中都有设备。</p>
<h2><strong>订单低于预期</strong></h2>
<p>在阿斯麦报告 2024 年强劲订单后，其第一季度的 39 亿欧元（45 亿美元）订单低于分析师对 49 亿欧元（56 亿美元）订单的预期。只有 12 亿欧元（14 亿美元）的订单是针对 EUV 机器的。值得注意的是，处理大型、昂贵的半导体制造设备的销售时，季度收入和订单可能会出现波动。</p>
<p>该季度的收入飙升 45%，达到 77 亿欧元（88 亿美元），在公司指导范围的 75 亿至 80 亿欧元（85 亿至 91 亿美元）之间。其设备销售同比增长近 45%，达到 57 亿欧元（65 亿美元），而服务收入则增长 54%，达到 20 亿欧元（23 亿美元）。在该季度，公司售出了 73 台新光刻系统和 4 台二手系统，而去年同期为 66 台新系统和 4 台二手系统。</p>
<p>该公司在与客户交谈后表示，仍然预计 2025 年和 2026 年将是增长年，人工智能 (AI) 仍然是半导体行业最大的增长驱动力。像台积电和 <strong>英特尔</strong> 这样的客户仍在积极扩张产能并建设新厂，这将为阿斯麦带来增长。</p>
<p>然而，它也指出，关税带来了不确定性。它表示，关税可能以多种方式直接影响其，包括系统销售和升级、对其美国制造设施材料的进口成本增加，以及对现场运营零部件的影响，以及从美国出口到其他国家的零部件。它表示，关税对其业务的间接影响更复杂，目前难以确定。</p>
<p>尽管如此，阿斯麦仍维持全年收入 30 亿至 35 亿欧元（341 亿美元至 398 亿美元）的指导，毛利率为 51% 至 53%。对于第二季度，该公司预测收入将在 72 亿至 77 亿欧元（82 亿美元至 88 亿美元）之间，毛利率为 50% 至 53%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUxNTYvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUxNTYvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2><strong>投资者应该在股价下跌时购买阿斯麦股票吗？</strong></h2>
<p>阿斯麦的业绩可能不可预测，关税加上其对中国的依赖带来了额外的不确定性。尽管早期需求激增，但中国在第一季度仍占其出货量的 27%。该公司无法将其 EUV 技术出售给中国，并且有担忧认为对该国的所有销售最终可能会被禁止。这一切都增加了风险。</p>
<p>然而，阿斯麦在 EUV 技术上几乎垄断，其新推出的高 NA EUV 技术最终将被需要以进一步缩小芯片尺寸。这使得阿斯麦在半导体价值链中的地位不可替代。随着由 AI 推动的芯片需求持续上升，该公司在长期内仍然处于良好位置。</p>
<p>在市场抛售后，阿斯麦的股票以基于 2025 年分析师预估的 24 倍前瞻市盈率交易。对于一家在 EUV 光刻领域几乎没有竞争的公司而言，这一估值看起来相当划算，而 EUV 光刻对整个半导体行业至关重要。</p>
<p>因此，投资者可以在当前股价水平开始建立头寸，同时在任何下跌时寻求增加持股。市场在短期内可能会保持波动，但阿斯麦是一只值得长期持有的股票。</p>

英伟达财报，一站看懂！

阿斯麦

<p>ASML 控股的股票下跌了 2.77%，因为第一季度的净订单为 39 亿欧元，未能达到 49 亿欧元的预期，这引发了对关税和中国贸易限制的担忧。尽管收入增长了 45%，达到 77 亿欧元，但不确定性依然存在。ASML 维持全年收入指导为 300 亿至 350 亿欧元。分析师指出，ASML 在极紫外光（EUV）技术上的垄断地位以及来自人工智能的芯片需求上升，使其在长期增长方面具备良好前景，尽管短期波动，仍然可能是逢低买入的潜力股</p>

<p>Shares of <strong>ASML Holding</strong>(ASML -2.77%) slipped after the company's net bookings, or orders, came in below expectations, and it warned that tariffs were creating uncertainty. The stock has fallen about 30% over the past year, as of this writing, largely due to concerns related to Chinese trade restrictions and, more recently, the impact of tariffs.</p>
<div class="lb-trans"><p><strong>阿斯麦</strong>(ASML -2.77%) 的股价下跌，因为该公司的净订单低于预期，并且警告关税带来了不确定性。截至目前，该股在过去一年中已下跌约 30%，主要是由于与中国贸易限制相关的担忧，以及最近关税的影响。</p>
</div><p>ASML makes equipment that semiconductor foundries use to manufacture chips. The Dutch company has a virtual monopoly on extreme ultraviolet <em>(</em> EUV) lithography, which is a manufacturing process for creating advanced chips. Chipmakers such as <strong>Taiwan Semiconductor Manufacturing</strong> rely on ASML's EUV lithography machines to produce advanced chips, such as <strong>Nvidia</strong>'s graphic processing units (GPUs).</p>
<div class="lb-trans"><p>阿斯麦制造半导体代工厂用于制造芯片的设备。这家荷兰公司在极紫外线 (EUV) 光刻方面几乎垄断，这是一种用于制造先进芯片的工艺。像 <strong>台积电</strong> 这样的芯片制造商依赖阿斯麦的 EUV 光刻机来生产先进芯片，例如 <strong>英伟达</strong> 的图形处理单元 (GPU)。</p>
</div><p>The company has also introduced a new technology called a high numerical aperture extreme ultraviolet lithography system, or High NA EUV, which will be critical in helping shrink chip sizes further. While some customers have balked at the machine's high price, ASML shipped its fifth High NA EUV system in the first quarter, and it now has machines at the three largest semiconductor contract manufacturers.</p>
<div class="lb-trans"><p>该公司还推出了一种新技术，称为高数值孔径极紫外线光刻系统，或称高 NA EUV，这对于进一步缩小芯片尺寸至关重要。尽管一些客户对该机器的高价格感到犹豫，阿斯麦在第一季度交付了第五台高 NA EUV 系统，目前在三家最大的半导体代工厂中都有设备。</p>
</div><h2><strong>Orders fall below expectations</strong></h2>
<div class="lb-trans"><h2><strong>订单低于预期</strong></h2>
</div><p>After ASML reported strong orders to close out 2024, its Q1 bookings of 3.9 billion euros ($4.5 billion) fell short of analyst expectations for orders of 4.9 billion euros ($5.6 billion). Only 1.2 billion euros ($1.4 billion) of the orders were for EUV machines. Notably, quarterly revenue and orders can be lumpy when dealing with the sale of large, expensive semiconductor manufacturing equipment.</p>
<div class="lb-trans"><p>在阿斯麦报告 2024 年强劲订单后，其第一季度的 39 亿欧元（45 亿美元）订单低于分析师对 49 亿欧元（56 亿美元）订单的预期。只有 12 亿欧元（14 亿美元）的订单是针对 EUV 机器的。值得注意的是，处理大型、昂贵的半导体制造设备的销售时，季度收入和订单可能会出现波动。</p>
</div><p>Revenue for the quarter soared 45% to 7.7 billion euros ($8.8 billion) and came in between the company's guidance range of 7.5 billion to 8 billion euros ($8.5 billion to $9.1 billion). Its equipment sales rose nearly 45% year over year to 5.7 billion euros ($6.5 billion), while its service revenue climbed 54% to 2 billion euros ($2.3 billion). During the quarter, the company sold 73 new lithography systems and four used systems compared to 66 new and four used systems a year ago.</p>
<div class="lb-trans"><p>该季度的收入飙升 45%，达到 77 亿欧元（88 亿美元），在公司指导范围的 75 亿至 80 亿欧元（85 亿至 91 亿美元）之间。其设备销售同比增长近 45%，达到 57 亿欧元（65 亿美元），而服务收入则增长 54%，达到 20 亿欧元（23 亿美元）。在该季度，公司售出了 73 台新光刻系统和 4 台二手系统，而去年同期为 66 台新系统和 4 台二手系统。</p>
</div><p>The company said after speaking with customers that it still expects both 2025 and 2026 to be growth years and that artificial intelligence (AI) continues to be the biggest growth driver of the semiconductor industry. Customers like Taiwan Semiconductor and <strong>Intel</strong> are still looking to aggressively expand capacity and build new fabs, which should lead to growth for ASML.</p>
<div class="lb-trans"><p>该公司在与客户交谈后表示，仍然预计 2025 年和 2026 年将是增长年，人工智能 (AI) 仍然是半导体行业最大的增长驱动力。像台积电和 <strong>英特尔</strong> 这样的客户仍在积极扩张产能并建设新厂，这将为阿斯麦带来增长。</p>
</div><p>However, it also noted that tariffs have created uncertainty. It said tariffs can impact it directly in several ways, including with system sales and upgrades, increased import costs of materials to its U.S. manufacturing facilities, and for parts to field operations, as well as from parts it exports from the U.S. to other countries. It said the indirect impact on its business is more complex and difficult to determine at this time.</p>
<div class="lb-trans"><p>然而，它也指出，关税带来了不确定性。它表示，关税可能以多种方式直接影响其，包括系统销售和升级、对其美国制造设施材料的进口成本增加，以及对现场运营零部件的影响，以及从美国出口到其他国家的零部件。它表示，关税对其业务的间接影响更复杂，目前难以确定。</p>
</div><p>That said, ASML maintained its full-year guidance for revenue of 30 billion to 35 billion euros ($34.1 billion to $39.8 billion), with a gross margin of 51% to 53%. For its second quarter, the company forecast revenue to range from 7.2 billion to 7.7 billion euros ($8.2 billion to $8.8 billion) with a 50% to 53% gross margin.</p>
<div class="lb-trans"><p>尽管如此，阿斯麦仍维持全年收入 30 亿至 35 亿欧元（341 亿美元至 398 亿美元）的指导，毛利率为 51% 至 53%。对于第二季度，该公司预测收入将在 72 亿至 77 亿欧元（82 亿美元至 88 亿美元）之间，毛利率为 50% 至 53%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUxNTYvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F815156%2Fgettyimages-1802285109.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2><strong>Should investors buy ASML stock on the dip?</strong></h2>
<div class="lb-trans"><h2><strong>投资者应该在股价下跌时购买阿斯麦股票吗？</strong></h2>
</div><p>ASML's results can be unpredictable, and tariffs combined with its exposure to China create an additional layer of uncertainty. Despite an earlier surge in demand, China still accounted for 27% of its shipments in Q1. The company cannot sell its EUV technology to China, and there are concerns that all sales to the country could eventually be prohibited. This all adds risk.</p>
<div class="lb-trans"><p>阿斯麦的业绩可能不可预测，关税加上其对中国的依赖带来了额外的不确定性。尽管早期需求激增，但中国在第一季度仍占其出货量的 27%。该公司无法将其 EUV 技术出售给中国，并且有担忧认为对该国的所有销售最终可能会被禁止。这一切都增加了风险。</p>
</div><p>However, ASML has a virtual monopoly on EUV technology, and its new High NA EUV technology will eventually be needed to shrink chip sizes even further. That makes ASML's position in the semiconductor value chain irreplaceable. With chip demand continuing to rise, led by AI, the company remains well-positioned for the long term.</p>
<div class="lb-trans"><p>然而，阿斯麦在 EUV 技术上几乎垄断，其新推出的高 NA EUV 技术最终将被需要以进一步缩小芯片尺寸。这使得阿斯麦在半导体价值链中的地位不可替代。随着由 AI 推动的芯片需求持续上升，该公司在长期内仍然处于良好位置。</p>
</div><p>Following the market sell-off, ASML shares trade at a forward price-to-earnings multiple of 24 based on 2025 analyst estimates. That valuation looks like a bargain for a company with basically no competition for EUV lithography, which is vital to the entire semiconductor industry.</p>
<div class="lb-trans"><p>在市场抛售后，阿斯麦的股票以基于 2025 年分析师预估的 24 倍前瞻市盈率交易。对于一家在 EUV 光刻领域几乎没有竞争的公司而言，这一估值看起来相当划算，而 EUV 光刻对整个半导体行业至关重要。</p>
</div><p>As such, investors can start building positions at the stock's current levels while looking to add more shares on any dips. The market will likely remain volatile in the short run, but ASML is a stock you want to own for the long haul.</p>
<div class="lb-trans"><p>因此，投资者可以在当前股价水平开始建立头寸，同时在任何下跌时寻求增加持股。市场在短期内可能会保持波动，但阿斯麦是一只值得长期持有的股票。</p>
</div>

ASML 的股票因订单疲软而下跌。投资者是否应该趁低买入？