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阿斯麥Q4財報來襲，你如何解讀？
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The performance of the mother of chips gave the market a reassurance pill

Introduction:
As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$termed“Mother of chips”From this name, it can also be seen that Asmack is important to the global chip industry. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient.
Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to.
Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline.
January 19, 2022,$ASML Holding (ASML.US)$The results for the latest quarter have been announced. What are the results for the new quarter? Let's analyze what the future holds:
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
New Quarterly Performance Analysis: Revenue Remains Steady, Next-Generation Lithography Receives First Order
Figure ASML's fourth quarter financial summary
On January 19, 2022, Asmack announced its fourth quarter and full year 2021 results.
• Net sales for the fourth quarter were 5 billion euros, gross margin was 54.2%, YOY increased 17.2%, and net profit was 1.8 billion euros;
• Net bookings (net bookings) for the fourth quarter were 7.1 billion euros, and the global net booking amount in 2021 was 26.24 billion euros, up 133.9% from 11.29 billion in 2020;
• Net sales in 2021 were €18.6 billion, gross margin was 52.7%, and net profit was €5.9 billion
• ASML expects net sales of between €3.3 billion and €3.5 billion for the first quarter of 2022, with a gross margin of around 49%
• Q4 sold 72 lithography machines, and sold 286 units throughout 2021, an increase of 50 units over 2020.
• Sales of around €2 billion expected to be shipped in the first quarter are not included and will be confirmed in subsequent quarters after formal customer acceptance testing has been completed on-site
•ASML expects net sales to increase by approximately 20% in 2022 compared to 2021. The expected impact of the fire on part of our Berlin factory building is included.
Tuasmak's revenue in a single quarter in the past ten years (billion US dollars)
Tuasmai's revenue growth rate in a single quarter in the past ten years (%)
Tuasmak's net profit for the past ten years in a single quarter (billion US dollars)
Judging from the performance of each quarter over the past ten years, Asmack's revenue declined in 21Q4 compared to the third quarter, but net profit reached a record high.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
• Classified by product line: In Q4 '21, Asmack's EUV lithography machine sales accounted for 46%, down 8% from the third quarter, mainly due to the pace of delivery. ArFi accounted for 35% and KrF accounted for 10%. Looking at terminals, the share of storage decreased by 12% compared to the third quarter, and logic accounted for 73%.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Full year of 2021 compared to 2020：The share of EUV increased by 3% to 46%, and the share of ArFi decreased by 2% to 36%. The main sales areas are still Taiwan, South Korea and China.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
With Installed Base, the basic management performance growth rate was excellent, and Q4 sales reached 1.5 billion euros. This is a productivity-driven service, which the company calls an Installed Base (Installed Base), and the installation base option provides the company with additional wafer capacity. That's around €5 billion for the whole year. This represents approximately 27% of the company's total sales. In terms of gross margin, since the raw Installed Base contains all software, the gross margin is very good.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Classification by platform: Smartphones accounted for 44%, up 7% from the third quarter, HPC accounting for 37%, up 3% from the third quarter, IoT accounting for 9%, up 3% from the third quarter, the automotive chip business accounting for 4%, up 10% from the third quarter, digital consumer electronics (DCE) accounting for 3%, and others 3%.Judging from the month-on-month growth rate, the growth rate of smartphones and automotive chips increased month-on-month in the fourth quarter.
• New orders:
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Judging from the new orders received, there were 182 new Q4 lithographers and 9 used lithographers. Compared with the third quarter, the number of new machines increased by 14。
• Revenue outlook for next quarter: Revenue outlook for the first quarter fell short of expectations, mainly due to order confirmation
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Based on the company's current business outlook, management expects the overall results for the first quarter of 2022 as follows:
2022Q1: The company's revenue is expected to be between €33-3.5 billion, excluding €2 billion of orders due to supply delays which will be released in subsequent quarters.
In 2022, the company expects revenue growth of 20%, or €22.3 billion.
• Partnering with Intel Intel and ASML strengthen collaboration to push High-NA into manufacturing in 2025
$Intel (INTC.US)$The first order of ASML's TWINSCAN EXE: 5200 system marks the next step towards the EUV 0.55 NA (high NA) launch. This is also the companyThe NA 0.55 high-numerical aperture EUV lithography machine was sold for the first time. This is ASML's next generation lithography machine, and it is expected that it will not be officially shipped until 2025.The price is said to have reached 300 million US dollars, or 1.9 billion yuan。
Intel has issued an initial purchase order to ASML to deliver the industry's first TWINSCAN EXE:5200 system, an extreme ultraviolet lithography (EUV) high-volume production system with a high numerical aperture and productivity of more than 200 wafers per hour, as part of the long-term NA partnership framework between the two companies.
The EXE platform is an evolutionary step in EUV technology, including novel optical designs and significantly faster mask and wafer levels. The TWINSCAN EXE:5000 and EXE:5200 systems provide a 0.55 digital aperture, which is more accurate than previous EUV machines with 0.33 digital aperture lenses, enabling higher resolution patterning for smaller transistor functions. The numerical aperture of the system, combined with the wavelength used, determines the minimum printable characteristics. The EUV 0.55 NA is designed to enable multiple future nodes starting in 2025, as the industry's first deployment, followed by similarly dense memory technology. On Investor Day 2021, ASML shared its EUV roadmap and said that high-NA technology is expected to support manufacturing starting in 2025.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
On Asmack's future outlook: Steady and steady progress towards 500 billion US dollars
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
• System revenue, which has grown at a CAGR of 10% since 2010
• Installed Base Management* growth, at a CAGR of 20% since 2010, through upgrades and services
• Gross margin has grown at a CAGR of 13% since 2010, reflecting the strength of the company DUV and EVU and progress in the application business
• EPS has grown at a CAGR of 14% since 2010
The company's continued investment in technology leadership has created significant shareholder value, and the growth of the semiconductor terminal market and increased lithography intensity at future nodes have driven demand for the company's products and services.Depending on the market scenario, the company has the opportunity to generate annual revenue of around 24.0-30 billion euros in 2025, with gross margins of around 54% and 56% in 2025.
• Looking ahead, the company's growth is still clear. 2022 will still be a big year of semiconductor expansion. In the previous article, we conducted an in-depth analysis of TSMC, and TSMC's 2022 Capex plan for capital expenditure will still increase dramatically:
Figure TSMC's capital expenditure over the past ten years (billion US dollars)
Judging from the capital expenditure of the past ten years, in 2012-2018,$Taiwan Semiconductor (TSM.US)$The capital expenditure has remained stable. The annual capex is around 10 billion US dollars, and in the past three years, it is obvious that TSMC's capital expenditure has expanded drastically. The reason behind this is the large-scale expansion of production by TSMC for advanced manufacturing processes. It also reflects the explosive growth in demand for chips due to the acceleration of digitalization.
In 2021, TSMC's capital expenditure was 30.3 billion US dollars, and looking ahead to 2022, the company maintained the annual Capex guideline of 400-44 billion US dollars. Compared with last year's increase of 10-14 billion US dollars, YOY increased by 33.3%-46.6%，Of capital expenditure70-80% will continue to be used in advanced processes (including 2/3/5/7nm), 10-20% is used for special processes (mainly mature manufacturing processes. The company focuses on expanding production by 28 nm. Demand comes from requirements in various fields such as multi-camera driven CIS and non-volatile memory (NVM), as well as an increase in silicon content in many terminals), and 10% is used for advanced packaging, which is a huge benefit for Asmack.
Looking ahead to the medium to long term, the company sees significant growth opportunities beyond 2025. Assuming that the semiconductor market will reach $1 trillion by 2030, the lithography intensity, and the company's market share will remain the same starting in 2025, we expect revenue to grow at a CAGR of approximately 11% each year in 2020-2030.
ASML's technology leadership comes from strategic investments to achieve cost-effective innovation for the company's customers. Since 2013, $ASML Holdings ASML$ has continued to solidify the company's product line layout through a series of mergers and acquisitions.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Figure The semiconductor market is expected to grow 7% in the long term
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
We believe that in the future in the digital age, demand for chips will expand in all fields. This translates into an increase in demand in all fields and an increase in the spending of lithography machines on future nodes. This is also the core node of the “traffic” main line.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
From the perspective of a longer cycle, in the IOT Internet of Everything and the longer-term metaverse era, demand for chips will also usher in a long-term upward cycle, which gives Asmack more room for long-term development.In the booming chip market, ASML's challenge is to maintain DUV competitiveness, increase 0.33 EUV, implement 0.55 EUV (high-NA) plans, and expand overall lithography program opportunities to create value for all of the company's stakeholders while navigating the geopolitical landscape.
According to the revenue estimation model provided by the company, the company is expected to achieve revenue of 24.0-30 billion euros in 2025.Growth in 2025 will be supported by expansion in the capacity and productivity of the company's systems
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Over the long term, Moore's law still works:Over the long term, Moore's Law has not failed. Important logic device innovations lie ahead of Asmack, and the expansion roadmap continues to 1 nm and above. The evolution of Moore's Law: In the next ten years, since 2005, traditional scaling indicators such as clock frequency will be saturated, but scaling indicators for transistor and lithography density will continue.
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Innovation is not limited to the equipment level. The TSMC > 300B transistor system roadmap shows that process innovation is far from over, and Asmack's competitiveness at Moore's Law level continues.

Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
The future will be about distributed computing. It is estimated that there are 40 billion connected devices in use today, about 5 per person (7.8 billion people). Ten years later, this number is expected to grow to 350 billion, 41 people per person (assuming the population grows to 8.5 billion), generating a large amount of data: 175 zettabytes (or 175,000,000,000,000,000 bytes) by 2025, ASML operates in an industrial value chain with considerable objective value, and has strong Competition motivates and drives innovation, and future developments are still worth looking forward to.

Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Introduction: As the jewel in the crown of global semiconductor devices,$ASML Holding (ASML.US)$Known as the “mother of chips,” Asmack's importance to the global chip industry can also be seen from this name. As an essential equipment for high-end process development, Asmack has firmly held the lifeblood of the chip industry's development through lithography machines, and is an uncompromising hegemon. Since the end of 2008, Asmack has risen nearly 38 times, far exceeding TSMC's increase (TSMC has risen nearly 23 times). Behind this 38-fold increase is the result of the continuous acceleration of the global semiconductor industry. The semiconductor process process continues to improve, from 28 nm to 14 nm to 7 nm/5 nm, the semiconductor industry's pursuit of manufacturing processes has never stopped. Through higher-end manufacturing processes, more and more transistors are being integrated into very small chips, and our digital life is becoming more and more convenient. Looking forward to the future, along with the deepening of the digitization process in human society, from PCs leading to smartphones to autonomous driving and the interconnection of everything, chips will continue to grow as the basis for digitalization, and demand for higher-end lithographers will continue to rise. Asmack's future is still worth looking forward to. Recently, expectations of interest rate hikes and downsizing have continued to impact the market, and technology stocks as a whole are clearly under pressure. Even Asmack, which has an excellent balance sheet, cannot escape phased adjustments, and the market's valuation of growth stocks continues to decline. January 19, 2022,$ASML Holding (ASML.US)$
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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