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ASML Paves the Way to 2025 Recovery with Record Orders

ASML’s Strong Start to the Year

ASML, the global leader in semiconductor lithography equipment manufacturing, has kicked off 2024 with a robust start in orders. This early performance signals a clear path to recovery and sustained growth towards 2025. In the last quarter, ASML reported revenues of 7.2 billion euros, a gross margin of 51.4%, and an EPS of 5.21 euros. The highlight has been the sequential growth in orders, which tripled, reaching a record of 9.2 billion euros.

Looking Ahead to 2024 and Beyond

Despite the impressive order volume, ASML’s management remains conservative regarding 2024 revenue projections, expecting them to be similar to 2023. The expectation is for the second half of the year to show significant improvement, anticipating a transitional year towards recovery in 2025. This conservative stance can be attributed to the delay between receiving orders and generating revenue. However, the company has accumulated an order book worth 39 billion euros, representing long-term financial security and stability.

EUV Technology Shines on the Horizon

A standout for ASML during this period has been its Extreme Ultraviolet (EUV) lithography technology. The company remains the sole provider of this advanced technology, essential for next-generation chip manufacturing. The value of EUV and High NA systems is particularly notable, with a single High NA system equating to the cost of 50 processing tools from other manufacturers. The outlook for 2024 indicates a focus on memory, following a 2023 dominated by logic and foundries.