Lam Research: Beat-and-Raise on NAND Reacceleration and Continued Momentum on Leading-Edge F/L and DRAM; CY26 WFE Raised to $150B+ with Strong CY27 Setup; LT GMs Move to Mid-50% Range; Reit OW

研报英文原文证据摘录

Lam Research: Beat-and-Raise on NAND Reacceleration and Continued Momentum on Leading-Edge F/L and DRAM; CY26 WFE Raised to $150B+ with Strong CY27 Setup; LT GMs Move to Mid-50% Range; Reit OW

Harlan Sur AC North America Equity Research

(1-415) 315-6700 30 July 2026 J P M O R G A N

harlan.sur@jpmorgan.com

• Jun-Qtr results came in above Street estimates, driven by a sharp acceleration

in NAND spending, continued DRAM strength, and leading-edge F/L

demand… LRCX reported strong Jun-Qtr revenues of $6.72B (+15% Q/Q. +30%

Y/Y), above the midpoint of prior guidance/Street estimates at ~$6.60B and largely

in-line with buyside expectations. This marked the fourth consecutive quarter of

record revenues, with the mix of system sales becoming increasingly geared towards

memory (~46% of system revenues this quarter vs. ~39% last quarter). The source

of this increase primarily came from NAND, which more than doubled Q/Q as

customers accelerated conversions to 256+ layer devices for enterprise SSD / AI

storage demand. DRAM also remained strong at ~23% of systems revenues (a slight

step down from the record ~27% last quarter). The remaining ~54% of system sales

were accounted for by Foundry (~44% this quarter vs. ~54% last quarter) and Logic

(~10% this quarter vs. ~7% last quarter), with management noting that it was seeing

traction at leading-edge F/L customers (specifically on 2/3nm nodes + advanced

packaging) and that it was actively engaging with a “new logic customer in the

U.S.” Outside of its systems business, LRCX also posted strong results in its CSBG

business, which delivered a third consecutive record quarter of revenues at $2.47B

(+17% Q/Q, +43% Y/Y), due to record upgrades (NAND), additional growth in

Reliant, and sustained strength in spares demand.