Bernstein: ASML.US (ASML.US) poor performance will guide or increase pressure on the semiconductor equipment industry in 2025

The Zhitong Finance App learned that investment bank Bernstein said that after impacting the chip industry, the poor performance guidelines announced by ASML.US (ASML.US) may cause the wider semiconductor equipment industry to face greater pressure in 2025.

According to financial reports, Asmack's third-quarter revenue increased 11.9% year over year to 7.467 billion euros, better than market expectations of 7.174 billion US dollars; net profit increased 9.7% year over year to 2,077 billion euros, better than market expectations of 1.908 billion euros. However, the company's third-quarter orders fell sharply to €2.63 billion, far short of market expectations of €5.4 billion.

It is worth mentioning that Asmack also lowered its growth forecast for 2025, especially demand for EUV equipment. Customers' cautious attitude towards new technology nodes, the slow recovery of the logic chip market, and delays in the timing of EUV demand caused the company's expectations for the future to fall below the range previously given. Asmack expects revenue in 2025 to be between 30 billion and 35 billion euros, and analysts expect 35.94 billion euros; the company expects gross margin to remain at 51% to 53% in 2025, compared to the previous forecast of about 54%-56%.

Bernstein analyst Stacy Rasgon said that given Asmack's business priorities and “unstable revenue situation,” the company “may not be the best interpretation of other companies in the semiconductor equipment sector,” but the order trajectory is still worrying. “The order trajectory and comments on broader demand are likely to have an impact on expectations for 2025 (especially given some well-known issues from companies such as Intel), and this impact seems unlikely to be mitigated in the short term,” the analyst said.

Shares of other semiconductor equipment manufacturers also fell after Asmack announced its results, including Applied Materials (AMAT.US), KLAC.US (KLAC.US), and Fanlin Group (LRCX.US).