The order amount for the third quarter is only half of the expected amount! ASML's performance hit rock bottom with early announcement: weak demand except for AI
因醉鞭名马幌
发表于 2024-10-16 10:48:27
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A technical malfunction caused the optical technology giant ASML (Nasdaq: ASML) to unexpectedly release its third quarter financial report with orders far below expectations, triggering a major shock in the US chip sector.
On October 15th local time, ASML's financial report, originally scheduled to be released on October 16th, was unexpectedly released online ahead of schedule. Although it was quickly removed by the company, it has been crawled by various third-party websites. ASML released a statement on its official website stating that a "technical malfunction" caused the company's third quarter performance report to be disclosed one day ahead of schedule until October 15th.
According to ASML's official financial report schedule, the company will release its financial report on Wednesday morning (Wednesday afternoon Beijing time) and hold a conference call for interpretation.
[align center] ASME official website statement
What shocked the market even more was that ASML's order volume in the third quarter was only 2.6 billion euros, almost half of the market's expected 5.4 billion euros. According to financial report data, ASML achieved net sales of 7.5 billion euros, a gross profit margin of 50.8%, and a net profit of 2.1 billion euros in the third quarter; The company expects fourth quarter sales to be between 8.8 billion euros and 9.2 billion euros, with a gross profit margin ranging from 49% to 50%. The net sales for the entire 2024 fiscal year will reach around 28 billion euros.
Third quarter performance
In addition, ASML also released a disappointing outlook forecast. Christophe Fouquet, the President and CEO of the company, stated that it is expected that the company's total net sales will increase to between 30 billion and 35 billion euros by 2025, with a gross profit margin between 51% and 53%, compared to the previous guidance range of 30 billion to 40 billion euros.
It is worth noting that in an interview with ASML Chief Financial Officer Roger Dassen released on the official website, he reviewed the situation in the third quarter of 2024 and stated, "Our net sales for that quarter were 7.5 billion euros, higher than expected. There are several reasons for this. Firstly, our DUV (High Purple Light) sales were strong, and sales of our installed infrastructure management business were also higher than expected, at 1.54 billion euros
The gross profit margin for this quarter was 50.8%, within market expectations. The net profit was 2.1 billion euros. The order volume for the third quarter was 2.6 billion euros, which I believe reflects some market fluctuations we will discuss later. Of the 2.6 billion euros, 1.4 billion euros were used for EUV (Extreme Ultraviolet) systems. I would like to remind everyone that we still have over 36 billion euros in inventory orders at the end of this quarter. "Roger Dassen concluded," In terms of finance, this was a solid quarter. However, there were also significant market fluctuations this quarter
Meanwhile, Roger Dassen expects that by 2025, China's business will account for around 20% of ASML's total revenue. In the second quarter financial report released in July this year, ASML stated that 49% of its sales came from China.
Under the impact of these two data, although ASML's net sales in the third quarter exceeded market expectations by 7.467 billion euros and net profit reached 2.077 billion euros, on the 15th, the company's stock price plummeted by 16% on the Amsterdam Stock Exchange, marking the largest decline since June 12, 1998, and trading was temporarily suspended due to the significant decline.
Ultimately, ASML's stock price closed at $730.43 per share on the same day, down 16.26%, with a total market value of $291.9 billion. Affected by ASML, US chip stocks generally fell, with Nvidia falling 4.52% to close at $131.84 per share, AMD falling 5.22% to close at $156.64 per share, Broadcom falling 3.47% to close at $175.98 per share, and TSMC falling 2.62% to close at $187.17 per share.
Fu Keli said in the financial report, "Although AI (artificial intelligence) still has strong development and upward potential, other segmented markets will take longer to recover. Now it seems that the economic recovery is slower than previously expected. It is expected that this situation will continue until 2025, which leads customers to be cautious
Foreign media pointed out that ASML highlights the weak demand for semiconductors outside the field of artificial intelligence computing. Wall Street analysts have pointed out that this is an "obviously disappointing" financial report.
Analysts from investment firm Bernstein said that ASML's lower than expected order volume and disappointing outlook for 2025 "will mask the company's good performance in the third quarter," and the company's lowered 2025 guidance reflects that "delayed cyclical recovery and specific customer challenges are seriously affecting" expectations for the future.
Cantor's analysts stated that ASML's pessimistic outlook is "clearly disappointing" and will put pressure on semiconductor stocks. However, this does not mean that there will be negative changes in the development of AI in the future.
Analysts from Degroof Petermam Bank also expressed a similar view, stating that although ASML's performance will temporarily drag down the chip industry, it does not mean that device demand will decline in the future.
Analysts from Citibank stated in a report that they are "seeking more details about recent demand changes for (ASML).
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声明：该文观点仅代表作者本人，本文不代表CandyLake.com立场，且不构成建议，请谨慎对待。
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