Equities • Semiconductors & Equipment

研报英文原文证据摘录

Equities • Semiconductors & Equipment

15 July 2026

Equity Snap: ASML Holding Equities Semiconductors & Equipment

(ASML NA)

Strong beat and raise; capacity additions underscore

Netherlands

strong demand

◆ June quarter results ahead of expectations; FY26 outlook Adithya Metuku*, CFA

raised with new outlook materially ahead of expectations Senior Global Technology Analyst HSBC Bank plc

adithya.metuku@hsbc.com

◆ Capacity raises suggest rising visibility and confirm strong +44 203 268 2960

demand backdrop Kalpesh Mahadik*, CFA

Associate

Bangalore

◆ Conference call at 2pm UKT; expect further colour on

visibility, demand dynamics and cadence of capacity ramps * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

ASML Holding (ASML NA, EUR1555.80, Buy, TP EUR1883.00; ASML US,

USD1775.64, Buy, TP USD2165.00)

(Priced as of 14 Jul 2026)

2Q26 operating profit beats: ASML reported 2Q26 revenue of EUR9,327m, 5%/6%

ahead of HSBCe/VA consensus, driven by strength in Installed Base Management

sales. Within system sales, the memory segment came in strongly ahead of our

expectations while logic revenues were broadly inline. 2Q gross margin of 54% was

ahead of HSBCe/consensus at 51.8%/51.9% respectively, driven by higher revenues,

tool upgrades and mix effects. 2Q26 operating income came in at EUR3,456m, 12%

ahead of HSBCe and 13% ahead of consensus.

3Q26 outlook strong: ASML expects 3Q26 revenues in the range of EUR11bn-

EUR12bn, with the midpoint EUR11.5bn coming in 11% ahead of both HSBCe/VA

consensus. The company expects 3Q26 gross margins in the range of 55-57%, with

midpoint of 56% ahead of HSBCe/consensus at 52.6%/52.1%. 3Q26 R&D costs are

expected to be c.EUR1.2bn and SG&A costs c. EUR400m.