Are You Not Entertained?

研报英文原文证据摘录

Are You Not Entertained?

Semiconductors & Semiconductor Equipment

ASML Holding NV (ASML.AS)

EQUITY RESEARCH Company Update

July 15, 2026

Are You Not Entertained? Price: €1,555.80

Price Target: €2,500.00 ASML delivered the goods this morning with 2Q results coming in better

Rating: Overweight than expected (driven by a significantly better Installed base and marginally

Key Statistics: better EUV and KrF/ArF), followed by a robust raise on both 3Q and CY26

Symbol AEX: ASML.AS numbers. The 3Q guidance midpoint of €11.5B came in well ahead of

52-Week Range 587.80 - 1,741.00 consensus of €10.2B and when coupled with a significant step-up in gross

Market Cap 603,880.2 margins (56.0% mdpt. vs. cons 53.3%) and sustained operating leverage ADV (3 mo) 699,701

(Opex guide only +€20M Q/Q) results in an implied EPS guide nearly Shares Out (M) 388.1

30% ahead of consensus heading into today. Further, ASML raised its

CY26 revenue guide to now represent 35% growth at the midpoint (from Research Analysts:

16%) led by robust visibility from customers for EUV/Immersion as well as C.J. Muse

212-915-1935 Installed base strength (guided to grow 30%+ in CY26). With this increase

CJ.Muse@cantor.com in visibility comes an increase in ASML's Low-NA EUV shipment forecast

Nick Monroe to 65 tools (from 60) and plans to ship 130 Immersion tools in CY26. 212-829-5456

Nick.Monroe@cantor.com The gross margin outlook also saw a significant raise, with CY26 gross

Matthew Prisco margins now expected to be in the 54-56% range (from 51-53%), driven

212-610-2416 by improved upgrade business and higher tool volumes (we continue to

Matthew.Prisco@cantor.com point to GMs/incremental OMs as key catalyst for shares ahead). Looking