<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/20251004_0005_Semiconductor-Trade-Dynamics_simple_compose_01k6nnn7w1f0mb9kfdsy9m34jh.png?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://invezz.com/wp-content/uploads/2025/10/20251004_0005_Semiconductor-Trade-Dynamics_simple_compose_01k6nnn7w1f0mb9kfdsy9m34jh.png"/></p>
<p>应用材料公司是全球最大的半导体制造设备供应商之一，正面临重大财务挫折，因为新的美国出口限制收紧了向中国的芯片制造工具的流动。</p>
<p>该公司在周四的文件中披露，这些规则可能在未来两年内使其收入减少 7.1 亿美元，进一步增加了在这一关键市场面临的挑战。</p>
<p>应用材料的股票在周五下午的交易中下跌了 2.32%，报 218.40 美元。</p>
<h2>收入影响</h2>
<p>工业和安全局更新的限制意味着应用材料需要获得许可证才能向中国客户出口某些产品。</p>
<p>该公司估计，这些措施将使其第四季度收入减少 1.1 亿美元，并在 2026 年减少 6 亿美元。</p>
<p>中国在今年迄今为止占应用材料销售的约 30%，使得这些限制成为一个重要的阻力。</p>
<p>Stifel 分析师 Brian Chin 指出，该公司已经发出了中国销售急剧下降的信号，现在面临额外的拖累。</p>
<p>他预测第四季度的销售将环比下降 10%。</p>
<p>投资者在周五的反应谨慎。</p>
<p>应用材料的股票下跌超过 2%，而其行业同行 Lam Research 和 KLA 也小幅下跌，分别下跌 0.28% 和 2.46%。</p>
<p>尽管出现回调，这三家公司的股票在 2024 年均录得强劲增长，反映出更广泛的行业势头。</p>
<h2>行业强劲抵消短期压力</h2>
<p>新的限制不太可能抹去半导体设备供应商今年所取得的显著收益。</p>
<p>截至周四收盘，应用材料的股票年初至今上涨了 37%，而 Lam Research 上涨了 104%，KLA 上涨了 81%。</p>
<p>这些收益得益于对晶圆制造设备（WFE）的需求上升，这是全球半导体供应链的一个关键环节。</p>
<p>然而，美国政策努力遏制中国的国内芯片制造雄心增加了不确定性。</p>
<p>特朗普政府正针对中国半导体独立，这可能在短期内对美国供应商施加压力。</p>
<p>与此同时，这些限制可能加速北京实现自给自足的努力，为行业带来长期风险。</p>
<p>根据 Rothschild &amp; Co Redburn 分析师 Timm Schulze-Melander 的说法，中国在全球 WFE 市场中占比在 20% 到 25% 之间。</p>
<p>国内中国设备制造商在某些细分市场中已经占据了 11% 到 13% 的全球市场份额，显示出对美国公司的竞争加剧。</p>
<h2>竞争压力上升</h2>
<p>在美国供应商中，应用材料被视为特别容易受到中国竞争影响。</p>
<p>Schulze-Melander 强调，该公司对其物理气相沉积（PVD）设备业务的依赖，这一业务占其运营利润的近三分之一。</p>
<p>随着中国扩大其国内能力，该细分市场面临失去市场份额的风险。</p>
<p>“我们的分析得出结论，尽管几乎所有半导体设备供应商都面临来自中国竞争对手的某种程度的挑战，但应用材料的盈利基础最容易受到中国竞争的威胁，” Schulze-Melander 在最近的一份报告中写道。</p>
<p>该分析师对应用材料的评级为中性，目标价为 190 美元，暗示当前水平的上涨空间有限。</p>
<p>尽管该公司保持强大的市场地位并受益于全球芯片需求，但出口限制与中国竞争加剧的结合对其长期增长轨迹构成了实质性挑战。</p>
<p>关于应用材料因美国出口限制导致 7.1 亿美元收入受损而下滑的文章首发于 Invezz。</p>

应用材料

<p>应用材料因美国对中国芯片制造工具的新出口限制面临 7.1 亿美元的收入损失，这可能导致其第四季度收入减少 1.1 亿美元，并在 2026 年减少 6 亿美元。股价下跌 2.32%，至 218.40 美元，反映出投资者在中国销售下滑和国内设备制造商竞争加剧的情况下的谨慎态度。尽管年初至今表现强劲，分析师警告称，出口限制与竞争加剧的结合对应用材料的长期增长构成了重大挑战</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/20251004_0005_Semiconductor-Trade-Dynamics_simple_compose_01k6nnn7w1f0mb9kfdsy9m34jh.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/10/20251004_0005_Semiconductor-Trade-Dynamics_simple_compose_01k6nnn7w1f0mb9kfdsy9m34jh.png"/></p>
<p>Applied Materials, one of the world’s largest suppliers of semiconductor manufacturing equipment, is bracing for a significant financial setback as new US export restrictions tighten the flow of chipmaking tools to China.</p>
<div class="lb-trans"><p>应用材料公司是全球最大的半导体制造设备供应商之一，正面临重大财务挫折，因为新的美国出口限制收紧了向中国的芯片制造工具的流动。</p>
</div><p>The company disclosed in a filing Thursday that the rules could reduce its revenue by $710 million over the next two years, adding to mounting challenges in a critical market.</p>
<div class="lb-trans"><p>该公司在周四的文件中披露，这些规则可能在未来两年内使其收入减少 7.1 亿美元，进一步增加了在这一关键市场面临的挑战。</p>
</div><p>Applied Materials shares fell 2.32% to $218.40 on Friday afternoon session.</p>
<div class="lb-trans"><p>应用材料的股票在周五下午的交易中下跌了 2.32%，报 218.40 美元。</p>
</div><h2>Revenue impact</h2>
<div class="lb-trans"><h2>收入影响</h2>
</div><p>The Bureau of Industry and Security’s updated restrictions mean Applied Materials will need a license to export certain products to China-based customers.</p>
<div class="lb-trans"><p>工业和安全局更新的限制意味着应用材料需要获得许可证才能向中国客户出口某些产品。</p>
</div><p>The company estimates the measures will cut $110 million from its fourth-quarter revenue and shave $600 million from its 2026 results.</p>
<div class="lb-trans"><p>该公司估计，这些措施将使其第四季度收入减少 1.1 亿美元，并在 2026 年减少 6 亿美元。</p>
</div><p>China accounts for roughly 30% of Applied Materials’ sales so far this year, making the restrictions a meaningful headwind.</p>
<div class="lb-trans"><p>中国在今年迄今为止占应用材料销售的约 30%，使得这些限制成为一个重要的阻力。</p>
</div><p>Stifel analyst Brian Chin noted that the company had already signaled a sharp decline in Chinese sales and now faces an additional drag.</p>
<div class="lb-trans"><p>Stifel 分析师 Brian Chin 指出，该公司已经发出了中国销售急剧下降的信号，现在面临额外的拖累。</p>
</div><p>He projected a 10% quarter-on-quarter sales decline for the fourth quarter.</p>
<div class="lb-trans"><p>他预测第四季度的销售将环比下降 10%。</p>
</div><p>Investors responded cautiously on Friday.</p>
<div class="lb-trans"><p>投资者在周五的反应谨慎。</p>
</div><p>Applied Materials stock fell over 2%, while its industry peers Lam Research and KLA also edged lower, falling 0.28% and 2.46% respectively.</p>
<div class="lb-trans"><p>应用材料的股票下跌超过 2%，而其行业同行 Lam Research 和 KLA 也小幅下跌，分别下跌 0.28% 和 2.46%。</p>
</div><p>Despite the pullback, shares of all three companies have posted strong gains in 2024, reflecting broader industry momentum.</p>
<div class="lb-trans"><p>尽管出现回调，这三家公司的股票在 2024 年均录得强劲增长，反映出更广泛的行业势头。</p>
</div><h2>Sector strength offsets short-term pressure</h2>
<div class="lb-trans"><h2>行业强劲抵消短期压力</h2>
</div><p>The new restrictions are unlikely to erase the impressive gains semiconductor equipment suppliers have delivered this year.</p>
<div class="lb-trans"><p>新的限制不太可能抹去半导体设备供应商今年所取得的显著收益。</p>
</div><p>Applied Materials stock is up 37% year-to-date as of Thursday’s close, while Lam Research has surged 104% and KLA has advanced 81%.</p>
<div class="lb-trans"><p>截至周四收盘，应用材料的股票年初至今上涨了 37%，而 Lam Research 上涨了 104%，KLA 上涨了 81%。</p>
</div><p>Those gains have been supported by rising demand for wafer fabrication equipment (WFE), a crucial segment for the global semiconductor supply chain.</p>
<div class="lb-trans"><p>这些收益得益于对晶圆制造设备（WFE）的需求上升，这是全球半导体供应链的一个关键环节。</p>
</div><p>However, US policy efforts to curb China’s domestic chipmaking ambitions add a layer of uncertainty.</p>
<div class="lb-trans"><p>然而，美国政策努力遏制中国的国内芯片制造雄心增加了不确定性。</p>
</div><p>The Trump administration is targeting Chinese semiconductor independence, which could pressure US suppliers in the near term.</p>
<div class="lb-trans"><p>特朗普政府正针对中国半导体独立，这可能在短期内对美国供应商施加压力。</p>
</div><p>At the same time, the restrictions may accelerate Beijing’s efforts to achieve self-sufficiency, creating longer-term risks for the industry.</p>
<div class="lb-trans"><p>与此同时，这些限制可能加速北京实现自给自足的努力，为行业带来长期风险。</p>
</div><p>China represents between 20% and 25% of the global WFE market, according to Rothschild &amp; Co Redburn analyst Timm Schulze-Melander.</p>
<div class="lb-trans"><p>根据 Rothschild &amp; Co Redburn 分析师 Timm Schulze-Melander 的说法，中国在全球 WFE 市场中占比在 20% 到 25% 之间。</p>
</div><p>Domestic Chinese equipment makers already command 11% to 13% of global market share in certain segments, signaling rising competition for US firms.</p>
<div class="lb-trans"><p>国内中国设备制造商在某些细分市场中已经占据了 11% 到 13% 的全球市场份额，显示出对美国公司的竞争加剧。</p>
</div><h2>Rising competitive pressures</h2>
<div class="lb-trans"><h2>竞争压力上升</h2>
</div><p>Among US suppliers, Applied Materials is seen as particularly vulnerable to Chinese competition.</p>
<div class="lb-trans"><p>在美国供应商中，应用材料被视为特别容易受到中国竞争影响。</p>
</div><p>Schulze-Melander highlighted the company’s reliance on its Physical Vapor Deposition (PVD) equipment business, which accounts for nearly one-third of its operating profits.</p>
<div class="lb-trans"><p>Schulze-Melander 强调，该公司对其物理气相沉积（PVD）设备业务的依赖，这一业务占其运营利润的近三分之一。</p>
</div><p>That segment is at risk of losing share to local rivals as China expands its domestic capabilities.</p>
<div class="lb-trans"><p>随着中国扩大其国内能力，该细分市场面临失去市场份额的风险。</p>
</div><p>“Our analysis concludes that while almost all semicap equipment suppliers face some degree of challenge from China-based rivals, Applied Materials’ earnings base is the most threatened by China competition,” Schulze-Melander wrote in a recent note.</p>
<div class="lb-trans"><p>“我们的分析得出结论，尽管几乎所有半导体设备供应商都面临来自中国竞争对手的某种程度的挑战，但应用材料的盈利基础最容易受到中国竞争的威胁，” Schulze-Melander 在最近的一份报告中写道。</p>
</div><p>The analyst has a Neutral rating and a $190 target price on Applied Materials, suggesting limited upside from current levels.</p>
<div class="lb-trans"><p>该分析师对应用材料的评级为中性，目标价为 190 美元，暗示当前水平的上涨空间有限。</p>
</div><p>While the company retains a strong market position and benefits from global chip demand, the combination of export restrictions and intensifying competition in China presents a material challenge to its longer-term growth trajectory.</p>
<div class="lb-trans"><p>尽管该公司保持强大的市场地位并受益于全球芯片需求，但出口限制与中国竞争加剧的结合对其长期增长轨迹构成了实质性挑战。</p>
</div><p>The post Applied Materials decline after $710M revenue hit from US export restrictions appeared first on Invezz</p>
<div class="lb-trans"><p>关于应用材料因美国出口限制导致 7.1 亿美元收入受损而下滑的文章首发于 Invezz。</p>
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应用材料在因美国出口限制导致收入减少 7.1 亿美元后股价下跌