-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：ASML公布2026年第一季度销售额为87.7亿欧元（同比增长13%），高于市场预期的86.8亿欧元；每股收益为7.15欧元（同比增长19%），比市场预期的6.62欧元高出8%。毛利率为53.0%，达到此前预期（51%-53%）的高端，这主要得益于高利润率的现有客户群业务表现超出预期，而强劲的升级活动（预计这一趋势将持续）可能对此有所助益。内存业务贡献了净系统销售额的51%（第四季度为30%），这主要得益于人工智能需求、持续的内存短缺以及EUV光刻技术渗透率的提高，市场需求持续走强。尽管存在诸多不确定性，但由于非EUV光刻业务前景改善，公司将2026年营收预期从365亿欧元上调至约380亿欧元（增长16.3%）。管理层预计，到2026年，EUV光刻产能将扩展至60套以上低数值孔径（Low NA）系统（2025年约为50套），到2027年将扩展至80套以上。我们认为，这将为公司提供除价格/产能提升之外的又一重要增长动力，而价格/产能提升正是2025年业绩增长的主要驱动力。中国市场占比显著下降至第一季度销售额的19%（第四季度为36%），而韩国市场占比则飙升至45%（第四季度为22%），反映出存储器制造商的需求正在加速增长。
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