<p>东京电子（Tokyo Electron ((TOELY)））已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
</ul>
<p>东京电子最新的财报电话会议描绘了一个总体乐观的局面，管理层强调尽管面临日益增加的成本压力和短期内不确定性，仍创下了销售、利润和现金生成的记录。高管们对强劲的需求和激进的上半年指导表示信心，同时承认上升的费用和地缘政治风险可能会对利润率和可预测性产生压力。</p>
<h2>创纪录的全年收入和净利润里程碑</h2>
<p>东京电子报告截至 2026 年 3 月的年度净销售额为 24435 亿日元，同比增长 0.5%，创下新纪录，尽管半导体周期波动。归属于母公司的净利润增长 5.6%，达到历史最高的 5744 亿日元，受益于 1154 亿日元的战略股权出售的特别收益。</p>
<h2>第四季度反弹凸显运营势头</h2>
<p>第四季度显示出明显的势头，净销售额环比跃升 28.9%，达到 7118 亿日元。毛利润环比激增 41.3%，达到 3331 亿日元，使第四季度毛利率提高 4.1 个百分点，达到健康的 46.8%，因为销量恢复且产品组合改善。</p>
<h2>现金生成推动创纪录的股东回报</h2>
<p>现金生成表现突出，季度自由现金流为 2390 亿日元，全年自由现金流为 4332 亿日元，均为历史最高。管理层向股东返还 4374 亿日元，也是创纪录的，完成了股票回购并取消了 360 万股库藏股，强调了对股东友好的立场。</p>
<h2>现场解决方案和服务提供稳定增长</h2>
<p>现场解决方案，包括零件、服务和生产力升级，销售额达到 6260 亿日元，同比增长 16.3%。管理层指出，强劲的工厂利用率和对改造的需求是主要驱动因素，强调这一业务在设备支出周期中作为一个稳定的经常性收入支柱。</p>
<h2>产能扩张和基础设施建设完成</h2>
<p>资本支出达到 2160 亿日元，东京电子在宫城和熊本完成了主要的研发设施，并在岩手建立了生产和物流中心。折旧同比增长 30.3%，达到 809 亿日元，反映出这一扩展布局的提升，旨在支持下一阶段的增长。</p>
<h2>强劲的 2027 财年上半年展望支撑需求故事</h2>
<p>管理层对 2027 财年上半年的前景发布了乐观的指导，目标净销售额约为 1570 亿日元，毛利润为 715 亿日元，营业收入为 431 亿日元，均预计将创下半年记录。新的 SPE 设备销售预计同比增长约 41%，达到 1200 亿日元，显示出各节点和应用的强劲短期需求。</p>
<h2>产品级增长引擎：涂布机、刻蚀和封装</h2>
<p>东京电子依靠多个产品增长驱动，预计 2027 财年涂布机/开发机销售将同比增长约 50%，刻蚀系统销售将增长近 30%。先进封装工具，包括涂布机/开发机、刻蚀和沉积，预计将增长约 60%，而探针销售预计将超过 1000 亿日元，凸显出广泛的强劲表现。</p>
<h2>对研发的承诺和持续的分红政策</h2>
<p>对于 2027 财年，公司计划在研发支出上投入 3300 亿日元，资本支出 1900 亿日元，以增强其技术优势和产能。它还指导每股 361 日元的中期股息，表明即使在大力投资未来增长的情况下，仍然致力于高分红比率。</p>
<h2>利润率因成本和不利组合受到挤压</h2>
<p>尽管销售创纪录，但盈利能力面临压力，全年毛利率下降 1.8 个百分点至 45.3%，原因是零部件和材料成本飙升以及产品组合变化。营业利润率下降 3.1 个百分点至 25.6%，因为更高的研发支出和其他固定成本施加了压力，突显出增长投资与短期盈利能力之间的紧张关系。</p>
<h2>由于劳动力、物流和外汇，运营费用上升</h2>
<p>研发费用同比增长 11.1%，达到 2778 亿日元，而劳动力成本大约增加了 9-10%，物流成本约增加了 10%。管理层还提到外汇对公司造成了拖累，日元贬值使固定成本增加了约 700 亿日元，整体提高了公司的运营费用基础。</p>
<h2>区域组合变化，中国份额下降</h2>
<p>在第四季度，中国占销售额的 26.8%，比上一季度下降 5.0 个百分点，尽管全年份额仍相对较高，为 34.1%。这一下降反映出其他地区的更快增长和节点组合的变化，暗示在复杂的监管背景下地理暴露的某种重新平衡。</p>
<h2>尽管工艺获胜，刻蚀销售滞后</h2>
<p>管理层指出，刻蚀相关销售份额在按收入计算时同比下降了约 5 个百分点，尽管公司在关键客户中声称获得了工艺级的胜利。他们将销售转化较弱归因于客户组合、交付时机和监管影响，暗示随着订单正常化可能会出现追赶。</p>
<h2>资产负债表扩张和库存高企</h2>
<p>总负债环比增加 1612 亿日元，达到 7910 亿日元，因为公司支持更高的活动水平和投资。库存保持在 7131 亿日元的高位，仅比上一季度略有下降，表明东京电子正在维持库存以满足强劲需求并管理供应链风险。</p>
<h2>可见性限制和地缘政治压力</h2>
<p>公司将指导范围限制在 2027 财年上半年，理由是下半年的可见性降低，因为大型客户订单可能会迅速波动。管理层还指出地缘政治风险，包括关键航运路线可能出现的中断，可能会影响零部件供应并使规划变得复杂。</p>
<h2>在成本压力下的雄心勃勃的利润率路线图</h2>
<p>东京电子重申了中期目标，即在 1-2 年内实现超过 50% 的毛利率和 35% 的营业利润率，但承认在当前外汇和通胀条件下，这些目标变得更加困难。近期指导暗示 2027 财年上半年的毛利率约在中 40% 水平，表明上行空间依赖于收入的扩大和成本压力的逐步缓解。</p>
<h2>固定成本基础因折旧和员工人数增加而上升</h2>
<p>由于新建设施投入使用，折旧同比激增 30.3%，达到 809 亿日元，增加了固定成本负担。公司还在日本以外地区扩大现场工程师团队，这支持了服务增长，但在销售尚未完全吸收之前，成本基础仍然较高。</p>
<h2>指导和市场展望显示 2027 财年开局信心十足</h2>
<p>展望未来，东京电子 2027 财年上半年的指导预计将创下净销售额、毛利润和营业收入的新纪录，得益于新设备销售预计增长 41% 以及涂布/显影、刻蚀和先进封装工具的强劲增长。管理层计划进行大量研发和资本支出，同时保持稳定的股息，并预计 2026-27 年的晶圆制造设备市场将比 2025 年水平高出 20% 或更多。</p>
<p>东京电子的财报电话会议展示了一家在强劲需求中蓬勃发展的公司，将其转化为创纪录的收入、利润和现金回报，即使在成本上升的压力下，利润率也感受到压力。投资者将关注强劲的上半年展望和产品层面的增长驱动因素是否能够抵消宏观、外汇和地缘政治风险，并在未来几年内使公司更接近其雄心勃勃的利润率目标。</p>

东京电子(ADR)

8035

<p>东京电子的第四季度财报电话会议强调了尽管面临成本压力，但销售和利润创下纪录。2026 财年，净销售额达到 244,350 亿日元，净收入创历史新高，达到 57,440 亿日元。第四季度销售额增长 28.9%，自由现金流创下历史新高。管理层对 2027 财年上半年的前景持乐观态度，目标净销售额为 157,000 亿日元。然而，盈利能力受到成本上升和不利产品组合的压力，毛利率下降至 45.3%。研发和资本支出分别设定为 3,300 亿日元和 1,900 亿日元，并承诺分红</p>

<p>Tokyo Electron ((TOELY)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>东京电子（Tokyo Electron ((TOELY)））已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
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</div><p>Tokyo Electron’s latest earnings call painted a broadly upbeat picture, with management emphasizing record sales, profits and cash generation despite mounting cost pressures and patchy visibility beyond the near term. Executives sounded confident about robust demand and aggressive first‑half guidance, while acknowledging that rising expenses and geopolitical risks could weigh on margins and predictability.</p>
<div class="lb-trans"><p>东京电子最新的财报电话会议描绘了一个总体乐观的局面，管理层强调尽管面临日益增加的成本压力和短期内不确定性，仍创下了销售、利润和现金生成的记录。高管们对强劲的需求和激进的上半年指导表示信心，同时承认上升的费用和地缘政治风险可能会对利润率和可预测性产生压力。</p>
</div><h2>Record Full-Year Revenue and Net Income Milestone</h2>
<div class="lb-trans"><h2>创纪录的全年收入和净利润里程碑</h2>
</div><p>Tokyo Electron reported net sales of JPY 2,443.5 billion for the year to March 2026, edging up 0.5% year on year to a new record despite a choppy semiconductor cycle. Net income attributable to owners of the parent climbed 5.6% to an all‑time high of JPY 574.4 billion, boosted by an extraordinary gain of JPY 115.4 billion from the sale of strategic shareholdings.</p>
<div class="lb-trans"><p>东京电子报告截至 2026 年 3 月的年度净销售额为 24435 亿日元，同比增长 0.5%，创下新纪录，尽管半导体周期波动。归属于母公司的净利润增长 5.6%，达到历史最高的 5744 亿日元，受益于 1154 亿日元的战略股权出售的特别收益。</p>
</div><h2>Fourth-Quarter Rebound Highlights Operating Momentum</h2>
<div class="lb-trans"><h2>第四季度反弹凸显运营势头</h2>
</div><p>The fourth quarter showed clear momentum, with net sales jumping 28.9% sequentially to JPY 711.8 billion. Gross profit surged 41.3% quarter on quarter to JPY 333.1 billion, lifting Q4 gross margin by 4.1 percentage points to a healthy 46.8% as volumes recovered and mix improved.</p>
<div class="lb-trans"><p>第四季度显示出明显的势头，净销售额环比跃升 28.9%，达到 7118 亿日元。毛利润环比激增 41.3%，达到 3331 亿日元，使第四季度毛利率提高 4.1 个百分点，达到健康的 46.8%，因为销量恢复且产品组合改善。</p>
</div><h2>Cash Machine Powers Record Shareholder Returns</h2>
<div class="lb-trans"><h2>现金生成推动创纪录的股东回报</h2>
</div><p>Cash generation was a standout, with quarterly free cash flow of JPY 239.0 billion and full‑year free cash flow of JPY 433.2 billion, both record highs. Management returned JPY 437.4 billion to shareholders, also a record, completing a share repurchase and cancelling 3.6 million treasury shares, underscoring a shareholder‑friendly stance.</p>
<div class="lb-trans"><p>现金生成表现突出，季度自由现金流为 2390 亿日元，全年自由现金流为 4332 亿日元，均为历史最高。管理层向股东返还 4374 亿日元，也是创纪录的，完成了股票回购并取消了 360 万股库藏股，强调了对股东友好的立场。</p>
</div><h2>Field Solutions and Services Provide Stable Growth</h2>
<div class="lb-trans"><h2>现场解决方案和服务提供稳定增长</h2>
</div><p>Field Solutions, which includes parts, services and productivity upgrades, delivered JPY 626.0 billion in sales, up a robust 16.3% year on year. Management pointed to strong fab utilization and demand for modifications as key drivers, highlighting this business as a resilient recurring revenue pillar amid equipment spending cycles.</p>
<div class="lb-trans"><p>现场解决方案，包括零件、服务和生产力升级，销售额达到 6260 亿日元，同比增长 16.3%。管理层指出，强劲的工厂利用率和对改造的需求是主要驱动因素，强调这一业务在设备支出周期中作为一个稳定的经常性收入支柱。</p>
</div><h2>Capacity Expansion and Infrastructure Build-Out Completed</h2>
<div class="lb-trans"><h2>产能扩张和基础设施建设完成</h2>
</div><p>Capital expenditures reached JPY 216.0 billion as Tokyo Electron completed major R&amp;D facilities in Miyagi and Kumamoto and a production and logistics hub in Iwate. Depreciation climbed 30.3% year on year to JPY 80.9 billion, reflecting the ramp‑up of this expanded footprint that is intended to support the next leg of growth.</p>
<div class="lb-trans"><p>资本支出达到 2160 亿日元，东京电子在宫城和熊本完成了主要的研发设施，并在岩手建立了生产和物流中心。折旧同比增长 30.3%，达到 809 亿日元，反映出这一扩展布局的提升，旨在支持下一阶段的增长。</p>
</div><h2>Strong H1 FY2027 Outlook Underpins Demand Story</h2>
<div class="lb-trans"><h2>强劲的 2027 财年上半年展望支撑需求故事</h2>
</div><p>Management issued bullish guidance for the first half of FY2027, targeting net sales of around JPY 1,570 billion, gross profit of JPY 715 billion and operating income of JPY 431 billion, all projected to be half‑year records. New SPE equipment sales are expected to rise about 41% year on year to JPY 1,200 billion, signaling powerful near‑term demand across nodes and applications.</p>
<div class="lb-trans"><p>管理层对 2027 财年上半年的前景发布了乐观的指导，目标净销售额约为 1570 亿日元，毛利润为 715 亿日元，营业收入为 431 亿日元，均预计将创下半年记录。新的 SPE 设备销售预计同比增长约 41%，达到 1200 亿日元，显示出各节点和应用的强劲短期需求。</p>
</div><h2>Product-Level Growth Engines: Coaters, Etch and Packaging</h2>
<div class="lb-trans"><h2>产品级增长引擎：涂布机、刻蚀和封装</h2>
</div><p>Tokyo Electron is leaning on several product growth drivers, expecting FY2027 coater/developer sales to jump about 50% year on year and etch system sales to rise nearly 30%. Advanced Packaging tools, spanning coater/developer, etch and deposition, are forecast to climb roughly 60%, while prober sales are expected to exceed JPY 100 billion, underscoring broad‑based strength.</p>
<div class="lb-trans"><p>东京电子依靠多个产品增长驱动，预计 2027 财年涂布机/开发机销售将同比增长约 50%，刻蚀系统销售将增长近 30%。先进封装工具，包括涂布机/开发机、刻蚀和沉积，预计将增长约 60%，而探针销售预计将超过 1000 亿日元，凸显出广泛的强劲表现。</p>
</div><h2>Commitment to R&amp;D and Consistent Dividend Policy</h2>
<div class="lb-trans"><h2>对研发的承诺和持续的分红政策</h2>
</div><p>For FY2027 the company plans JPY 330 billion in R&amp;D spending and JPY 190 billion in capital expenditures to reinforce its technology edge and capacity. It also guided an interim dividend of JPY 361 per share, signaling continued commitment to a high payout ratio even as it invests heavily in future growth.</p>
<div class="lb-trans"><p>对于 2027 财年，公司计划在研发支出上投入 3300 亿日元，资本支出 1900 亿日元，以增强其技术优势和产能。它还指导每股 361 日元的中期股息，表明即使在大力投资未来增长的情况下，仍然致力于高分红比率。</p>
</div><h2>Margins Squeezed by Costs and Unfavorable Mix</h2>
<div class="lb-trans"><h2>利润率因成本和不利组合受到挤压</h2>
</div><p>Despite record sales, profitability faced pressure, with full‑year gross margin slipping 1.8 percentage points to 45.3% due to soaring parts and materials costs and product mix shifts. Operating margin fell 3.1 points to 25.6% as higher R&amp;D outlays and other fixed costs weighed, highlighting the tension between growth investment and near‑term profitability.</p>
<div class="lb-trans"><p>尽管销售创纪录，但盈利能力面临压力，全年毛利率下降 1.8 个百分点至 45.3%，原因是零部件和材料成本飙升以及产品组合变化。营业利润率下降 3.1 个百分点至 25.6%，因为更高的研发支出和其他固定成本施加了压力，突显出增长投资与短期盈利能力之间的紧张关系。</p>
</div><h2>Operating Expenses Climb on Labor, Logistics and FX</h2>
<div class="lb-trans"><h2>由于劳动力、物流和外汇，运营费用上升</h2>
</div><p>R&amp;D expenses rose 11.1% year on year to JPY 277.8 billion, while labor costs increased roughly 9–10% and logistics costs about 10%. Management also cited foreign exchange as a drag, with a weaker yen pushing up fixed costs by about JPY 70 billion, collectively raising the company’s operating expense base.</p>
<div class="lb-trans"><p>研发费用同比增长 11.1%，达到 2778 亿日元，而劳动力成本大约增加了 9-10%，物流成本约增加了 10%。管理层还提到外汇对公司造成了拖累，日元贬值使固定成本增加了约 700 亿日元，整体提高了公司的运营费用基础。</p>
</div><h2>Shift in Regional Mix as China Share Eases</h2>
<div class="lb-trans"><h2>区域组合变化，中国份额下降</h2>
</div><p>In the fourth quarter, China accounted for 26.8% of sales, down 5.0 percentage points from the previous quarter, though the full‑year share remained relatively high at 34.1%. The decline reflects faster growth in other regions and changes in node mix, suggesting some rebalancing of geographic exposure amid a complex regulatory backdrop.</p>
<div class="lb-trans"><p>在第四季度，中国占销售额的 26.8%，比上一季度下降 5.0 个百分点，尽管全年份额仍相对较高，为 34.1%。这一下降反映出其他地区的更快增长和节点组合的变化，暗示在复杂的监管背景下地理暴露的某种重新平衡。</p>
</div><h2>Etch Sales Lag Despite Process Wins</h2>
<div class="lb-trans"><h2>尽管工艺获胜，刻蚀销售滞后</h2>
</div><p>Management noted that etch‑related sales share declined by about 5 percentage points over the year when measured on a revenue basis, even though the company claims process‑level wins with key customers. They attributed the weaker sales conversion to customer mix, delivery timing and regulatory impacts, implying potential catch‑up as orders normalize.</p>
<div class="lb-trans"><p>管理层指出，刻蚀相关销售份额在按收入计算时同比下降了约 5 个百分点，尽管公司在关键客户中声称获得了工艺级的胜利。他们将销售转化较弱归因于客户组合、交付时机和监管影响，暗示随着订单正常化可能会出现追赶。</p>
</div><h2>Balance Sheet Expansion and Elevated Inventories</h2>
<div class="lb-trans"><h2>资产负债表扩张和库存高企</h2>
</div><p>Total liabilities increased by JPY 161.2 billion quarter on quarter to JPY 791.0 billion as the company supports higher activity levels and investment. Inventories remain elevated at JPY 713.1 billion, only slightly down from the previous quarter, indicating Tokyo Electron is maintaining stock to meet strong demand and manage supply‑chain risks.</p>
<div class="lb-trans"><p>总负债环比增加 1612 亿日元，达到 7910 亿日元，因为公司支持更高的活动水平和投资。库存保持在 7131 亿日元的高位，仅比上一季度略有下降，表明东京电子正在维持库存以满足强劲需求并管理供应链风险。</p>
</div><h2>Visibility Constraints and Geopolitical Overhang</h2>
<div class="lb-trans"><h2>可见性限制和地缘政治压力</h2>
</div><p>The company limited its guidance to the first half of FY2027, citing reduced visibility for the second half as large customer orders can swing rapidly. Management also flagged geopolitical risks, including potential disruptions in key shipping routes, as factors that could affect parts supply and complicate planning.</p>
<div class="lb-trans"><p>公司将指导范围限制在 2027 财年上半年，理由是下半年的可见性降低，因为大型客户订单可能会迅速波动。管理层还指出地缘政治风险，包括关键航运路线可能出现的中断，可能会影响零部件供应并使规划变得复杂。</p>
</div><h2>Margin Roadmap Ambitious Amid Cost Headwinds</h2>
<div class="lb-trans"><h2>在成本压力下的雄心勃勃的利润率路线图</h2>
</div><p>Tokyo Electron reiterated medium‑term ambitions for gross margin above 50% within 1–2 years and operating margin of 35%, but admitted those goals are harder under current FX and inflation conditions. Near‑term guidance implies gross margin around the mid‑40s in H1 FY2027, suggesting upside relies on scaling revenue and easing cost pressures over time.</p>
<div class="lb-trans"><p>东京电子重申了中期目标，即在 1-2 年内实现超过 50% 的毛利率和 35% 的营业利润率，但承认在当前外汇和通胀条件下，这些目标变得更加困难。近期指导暗示 2027 财年上半年的毛利率约在中 40% 水平，表明上行空间依赖于收入的扩大和成本压力的逐步缓解。</p>
</div><h2>Higher Fixed Cost Base from Depreciation and Headcount</h2>
<div class="lb-trans"><h2>固定成本基础因折旧和员工人数增加而上升</h2>
</div><p>Depreciation jumped 30.3% year on year to JPY 80.9 billion as newly built facilities came online, adding to the fixed cost burden. The firm is also expanding its field engineer workforce outside Japan, which supports service growth but keeps the cost base higher until rising sales more fully absorb it.</p>
<div class="lb-trans"><p>由于新建设施投入使用，折旧同比激增 30.3%，达到 809 亿日元，增加了固定成本负担。公司还在日本以外地区扩大现场工程师团队，这支持了服务增长，但在销售尚未完全吸收之前，成本基础仍然较高。</p>
</div><h2>Guidance and Market Outlook Signal Confident Start to FY2027</h2>
<div class="lb-trans"><h2>指导和市场展望显示 2027 财年开局信心十足</h2>
</div><p>Looking ahead, Tokyo Electron’s first‑half FY2027 guidance calls for record net sales, gross profit and operating income, underpinned by a projected 41% jump in new equipment sales and strong growth in coater/developer, etch and advanced packaging tools. Management plans heavy R&amp;D and capex while maintaining a solid dividend, and expects the wafer‑fab equipment market in 2026–27 to be 20% or more above 2025 levels.</p>
<div class="lb-trans"><p>展望未来，东京电子 2027 财年上半年的指导预计将创下净销售额、毛利润和营业收入的新纪录，得益于新设备销售预计增长 41% 以及涂布/显影、刻蚀和先进封装工具的强劲增长。管理层计划进行大量研发和资本支出，同时保持稳定的股息，并预计 2026-27 年的晶圆制造设备市场将比 2025 年水平高出 20% 或更多。</p>
</div><p>Tokyo Electron’s earnings call showcased a company riding strong demand and turning it into record revenue, profit and cash returns, even as margins feel the strain of rising costs. Investors will watch whether the powerful H1 outlook and product‑level growth drivers can offset macro, FX and geopolitical risks and move the company closer to its ambitious margin targets over the coming years.</p>
<div class="lb-trans"><p>东京电子的财报电话会议展示了一家在强劲需求中蓬勃发展的公司，将其转化为创纪录的收入、利润和现金回报，即使在成本上升的压力下，利润率也感受到压力。投资者将关注强劲的上半年展望和产品层面的增长驱动因素是否能够抵消宏观、外汇和地缘政治风险，并在未来几年内使公司更接近其雄心勃勃的利润率目标。</p>
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尽管面临利润率压力，东京电子 (ADR) 仍然表现出强劲的开局