-- 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：我们将ASML的目标股价上调42美元至1846美元，相当于2027年每股收益预期（按1.18倍美元/欧元汇率计算为46.14美元）的40倍，与同行水平相近，但高于ASML五年平均水平（约29倍），主要得益于强劲的人工智能需求。我们将2026年每股收益预期上调1.82欧元至30.82欧元，并将2027年每股收益预期上调1.20欧元至39.20欧元。令人鼓舞的是，管理层指出，其2026年销售额预期（较第四季度预期增长4%）已考虑了不断变化的出口管制政策，这意味着人工智能需求将抵消《反垄断改进和竞争法案》（MATCH Act）可能带来的不利影响。中国市场仅占第一季度销售额的19%（环比下降1700个基点，同比下降800个基点），由于存储器制造商实现了更多元化的布局（韩国市场占销售额的45%，环比增长2300个基点），其受出口管制收紧的影响较小。EUV光刻技术的普及和持续的存储器短缺将进一步加剧这一趋势，推动2026年大规模的升级换代活动。强劲的订单活动有望在2027年及以后转化为更高的销售额，这得益于ASML不断增长的产能计划，其中北美低端EUV光刻技术的产能预计将在2027年比2025年翻一番。
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