ASM International

研报英文原文证据摘录

ASM International

e Key Changes (FYE Dec)

9%+ out-performance vs. WFE growth, indicating the significant share gains Prev Cur Δ

seen by ASMI. What is even more remarkable is that ASMI had only 15% of Adj. EPS - 27E (€) 30.16 31.34 3.9%

its sales coming from the memory market, indicating that the share gains Adj. EBIT - 26E (€ mn) 1,377 1,381 0.3%

Adj. EBIT - 27E (€ mn) 1,732 1,818 5.0%

associated with its strong position in the logic ALD and Epitaxy are quite

significant. The significant build of 2nm wafers as well as 3nm, in both of Style Exposure

which ASMI has strong contributions due to its GAA position, likely helped.

The company has also indicated that 1.4nm related shipments will start

ramping up in 2H26. At 1.4nm the company has guided to $450-500m of

incremental content per 100k wafers vs. 2nm and this content increase should

start positively impacting the company’s sales. The Q2 report and the FY26

guidance is thus incredibly supportive of the investment case in the stock given

the strong out-performance vs. market growth.

• 2027 growth should be higher than WFE growth again: TSMC is

continuing to expand 2nm and has also announced additional 3nm capacity

expansions. ASMI equipment intensity at both these nodes is higher than in

prior nodes, particularly at 2nm. TSMC will ramp up A14 much more

substantially in 2027 in preparation for production in 2028 and thus ASMI has

multiple drivers of revenue growth potential at TSMC. Intel, where ASMI has

a strong position, raised capex in ’26 but more importantly said that they expect

capex in 2027 to be significantly above 2026. Intel has its 18A process in

volume production and has indicated stepped up investments for 14A in 2027

for volume production in 2028. With higher GAA intensity expected in 14A,