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北京时间·🕒 发布 21:05:13时区推断·⟳ 抓取 21:06:58·⚡ 决策 07-27 21:07:55 +57s·92.0 天前
汇丰上调半导体设备股目标价并提高2028年WFE市场预测
本事件只是卖方基于已知WFE景气和ASML扩产口径上调目标价，缺少订单、业绩指引或公司一手增量。
📄 原文Seeking Alpha↗ 原文
Applied Materials, Lam Research, ASM International see price target boosts at HSBC
Applied Materials (AMAT), Lam Research (LRCX), and ASM International (ASMIY) received price target boosts at HSBC as th…
不做 Applied Materials（AMAT.US）
单一券商目标价上调且基于行业WFE预测再确认，缺少公司级订单、业绩或指引增量，不做。
不做 Lam Research（LRCX.US）
汇丰仅维持持有并上调目标价，事件强度不足且临近财报季，等待公司一手指引，不做。
不做 ASM International（ASMIY.US）
目标价上调属于行业景气观点传导，无法证明短周期可交易的新增收入或订单edge，不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-27 · 扩散 medium · price-in 风险 high ↗
关键理由
- 本事件只是卖方基于已知WFE景气和ASML扩产口径上调目标价，缺少订单、业绩指引或公司一手增量。
- AMAT、LRCX、ASM International均为大市值/高覆盖半导体设备标的，单一券商目标价调整通常难以形成可回测的短线独立edge。
主要风险
- 若后续财报季给出超预期订单或指引上修，需要由新的公司级一手催化重新研判。
原文全文
展开原文 · 1,223 字
Applied Materials (AMAT), Lam Research (LRCX), and ASM International (ASMIY) received price target boosts at HSBC as the firm sees a stronger-than-expected wafer fab equipment market.
“We recently raised our WFE estimates [on] 12 Jul 2026,” analyst Adithya Metuku wrote in a note to clients. “Since then, ASML noted its intention to raise EUV and ArFi tool capacity by 30% in 2027 while investigating a further c30% increase in 2028, suggesting WFE demand strength into 2028 may be stronger than we previously anticipated. We therefore lift our CY28 WFE forecast to $272B (c+25% YoY) from $261B (c+20% YoY). We maintain our 2026-27 WFE estimates while we await further clarity over the upcoming earnings season. Reflecting our WFE revisions from 12 July and in this report, we raise our estimates for ASMI, LRCX, and AMAT. Into upcoming results at these companies, we see upside risk to VA consensus estimates and remain constructive.”
The firm kept its Buy rating on Applied Materials and upped its price target to $683 from $522, while it also kept its Buy rating on ASM International and raised its price target to €1,079 from €1,015. It kept its Hold rating on Lam Research but upped its price target to $333 from $247.
“We recently raised our WFE estimates [on] 12 Jul 2026,” analyst Adithya Metuku wrote in a note to clients. “Since then, ASML noted its intention to raise EUV and ArFi tool capacity by 30% in 2027 while investigating a further c30% increase in 2028, suggesting WFE demand strength into 2028 may be stronger than we previously anticipated. We therefore lift our CY28 WFE forecast to $272B (c+25% YoY) from $261B (c+20% YoY). We maintain our 2026-27 WFE estimates while we await further clarity over the upcoming earnings season. Reflecting our WFE revisions from 12 July and in this report, we raise our estimates for ASMI, LRCX, and AMAT. Into upcoming results at these companies, we see upside risk to VA consensus estimates and remain constructive.”
The firm kept its Buy rating on Applied Materials and upped its price target to $683 from $522, while it also kept its Buy rating on ASM International and raised its price target to €1,079 from €1,015. It kept its Hold rating on Lam Research but upped its price target to $333 from $247.
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