出口管制拖累增长应用材料(AMAT.US)前景黯淡？华尔街安抚市场：未来依然光明

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应用材料(AMAT.US) 2025 财年第一季度业绩超出预期，但第二季度营收展望低于预期，这导致其股价在周五盘前下挫。不过，华尔街分析师仍普遍对其持乐观态度。KeyBanc维持对应用材料“增持”评级，并将其目标价定为 225 美元。以Steve Barger为首的分析师表示，这家芯片制造设备开发商的第一季度每股收益超出市场预期 4%，营收符合预期，而对第二季度每股收益的预测中值与市场预期一致，但...

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Wall Street Calms Markets: Future Still Bright","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMAT":1},"content_text":"应用材料(AMAT.US) 2025 财年第一季度业绩超出预期，但第二季度营收展望低于预期，这导致其股价在周五盘前下挫。不过，华尔街分析师仍普遍对其持乐观态度。KeyBanc维持对应用材料“增持”评级，并将其目标价定为 225 美元。以Steve Barger为首的分析师表示，这家芯片制造设备开发商的第一季度每股收益超出市场预期 4%，营收符合预期，而对第二季度每股收益的预测中值与市场预期一致，但营收指引低于市场预期 2%。该行分析师认为，这一指引反映了行业当前缓慢演进的周期，并可能体现了公司一定的保守态度。不过，该行分析师补充道，应用材料对未来的趋势显得信心十足，并且其在沉积、蚀刻和材料科学领域的强大地位使其在支持前沿技术和 ICAPS(物联网、通信、汽车、电力和传感器)客户方面不可或缺。对于前沿晶圆代工/逻辑业务，分析师认为，随着行业向环绕栅极(GAA)技术节点转型，并采用先进的内存技术以及背面供电、混合键合和硅光子学等新技术，其潜在市场规模(TAM)在不断扩大。Barger及其团队认为，这些新架构将在提升计算性能、加快数据传输速度以及优化能耗效率方面发挥关键作用，而所有这些对于人工智能(AI)和高性能计算(HPC)的扩展都至关重要。但该公司指出，与中国新的出口管制措施将在 2025 财年造成约 4 亿美元的影响，其中一半将影响第二财季。分析师补充道，本季度该公司在中国的业务占比将降至约 25%。Barger及其团队指出，尽管他们正在对其模型进行适度调整，但该行的预期仍高于市场共识，并预计随着周期的转变以及公司在新技术领域市场份额的增加，未来业绩将超出预期。Evercore 同样维持了对应用材料的“跑赢大盘”评级，但将该股目标价从 250 美元下调至 220 美元。分析师Mark Lipacis及其团队表示，应用材料第一财季的营收和利润率均略高于预期。然而，由于中国市场营收环比下降20%，以及中国限制措施带来的约2亿美元影响，公司第二季度营收低于市场预期170个基点。Lipacis及其团队预测，受中国限制措施影响、GAA技术加速发展、先进封装需求持续以及ICAPS市场疲软等因素影响，公司2025年营收将同比增长5%(较之前预期低1%)。与此同时，摩根士丹利重申了对应用材料的“减持”评级，并将其目标价定为 164 美元。以Joseph Moore为首的分析师表示，应用材料继续交出“稳健”的业绩，但其业绩指引略低于市场预期。不过，该行分析师补充道，围绕出口管制的不确定性日益增加，而且保持强劲需求的成熟制程客户也存在一定风险。美银证券维持“买入”评级，但将目标价从 210 美元下调至 205 美元。以Vivek Arya为首的分析师表示，他们重申“买入”评级的理由是——限制措施的影响早已被市场定价，且随着应用材料全球服务(AGS)在第三季度恢复增长，这一影响已基本消除。此外，ICAPS和中国市场的调整也已预期并可能趋于稳定或实现可控增长。该行分析师还指出， GAA、高带宽内存(HBM)等技术拐点的大部分增长尚未显现，他们看好公司在多数晶圆厂设备(WFE)市场中凭借多元化的材料工程组合实现份额增长的潜力，并认为公司估值仍具吸引力。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.33.2","shortVersion":"4.33.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2511987016"}

出口管制拖累增长 应用材料(AMAT.US)前景黯淡？华尔街安抚市场：未来依然光明

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出口管制拖累增长应用材料(AMAT.US)前景黯淡？华尔街安抚市场：未来依然光明