-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將ASML的目標股價上調42美元至1846美元，相當於2027年每股收益預期（按1.18倍美元/歐元匯率計算為46.14美元）的40倍，與同行水準相近，但高於ASML五年平均水準（約29倍），主要得益於強勁的人工智慧需求。我們將2026年每股盈餘預期調高1.82歐元至30.82歐元，並將2027年每股盈餘預期調高1.20歐元至39.20歐元。令人鼓舞的是，管理層指出，其2026年銷售額預期（較第四季度預期增長4%）已考慮了不斷變化的出口管制政策，這意味著人工智慧需求將抵消《反壟斷改進和競爭法案》（MATCH Act）可能帶來的不利影響。中國市場僅佔第一季銷售額的19%（環比下降1700個基點，年減800個基點），由於記憶體製造商實現了更多元化的佈局（韓國市場佔銷售額的45%，環比增長2300個基點），其受出口管制收緊的影響較小。 EUV光刻技術的普及和持續的記憶體短缺將進一步加劇這一趨勢，推動2026年大規模的升級換代活動。強勁的訂單活動預計在2027年及以後轉化為更高的銷售額，這得益於ASML不斷增長的產能計劃，其中北美低端EUV光刻技術的產能預計將在2027年比2025年翻一番。
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