Tech Snippets: Press report on China‘s immersion DUV tools is unlikely to impact ASML‘s earnings trajectory in the mid-term

研报英文原文证据摘录

Tech Snippets: Press report on China‘s immersion DUV tools is unlikely to impact ASML‘s earnings trajectory in the mid-term

J P M O R G A N Europe Equity Research

27 July 2026

Tech Snippets

Press report on China’s immersion DUV tools is unlikely

to impact ASML's earnings trajectory in the mid-term

The News: An unconfirmed article in The Information reports that an unnamed European Tech Hardware &

state-backed Chinese manufacturer has started producing domestically developed Payments

immersion deep ultraviolet (DUV) lithography machines, a segment dominated by Sandeep Deshpande AC

ASML. Initial output is set to be limited, with roughly five machines this year and (44-20) 7134-5276

about 20 in 2027. Deliveries are expected in 2026 to major domestic chipmakers sandeep.s.deshpande@jpmorgan.com

including SMIC, Hua Hong Semiconductor and ChangXin Memory Technologies. Craig A McDowell

Immersion DUV is the most advanced lithography category still accessible to (44-20) 7742-4576

Chinese firms after export curbs blocked EUV systems; a domestic EUV tool craig.mcdowell@jpmorgan.com

reportedly remains at the prototype stage. The report notes the machines still trail Anthony Girard

(44-20) 3493-6469

on performance and reliability and require further testing before mass production. anthony.girard@jpmorgan.com

ASML shares are declining more than 8%, underperforming the broader SOX J.P. Morgan Securities plc

Index which is down ~3.5%.

Specialist Sales contact details:

Our Take: We believe that the market reaction seems disproportionate to what has Scott Silver - Specialist Sales -

been indicated in the report. Producing a handful of immersion DUV tools is not European TMT

the same as producing tools that can be used for high-volume manufacturing, (44-20) 7134-0412