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北京时间·🕒 发布 04:53:07时区推断·⟳ 抓取 04:56:46·⚡ 决策 07-30 04:57:51 +1m05s·89.6 天前
Lam Research 季度业绩超预期并给出高于市场的下一季指引
Lam Research 披露 Jun-Q 收入/EPS 高于 FactSet 一致预期，Sep-Q 收入/EPS 指引也明显高于市场预期。
📄 原文花旗↗ 原文
Lam Research Corp (LRCX.O): Jun-Q Results Quick Take - Strong Sep-Q Outlook
Lam reported better-than-expected Jun-Q results and provided Sep-Q outlook above the Street. We are awaiting commentary…
不做 Lam Research（LRCX.US）
近72小时查重命中同一具体财报催化已处理，本条只是花旗研报转述，不重复建仓或推卡。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-29 · 扩散 medium · price-in 风险 high ↗
关键理由
- Lam Research 披露 Jun-Q 收入/EPS 高于 FactSet 一致预期，Sep-Q 收入/EPS 指引也明显高于市场预期。
- 但近72小时已处理同一具体财报催化，系统已有一条不做决策，不能重复推卡。
- 行情显示 Lam Research（LRCX.US）当日收跌6.4%、近20日跌41.76%，财报利好未自动转化为可重复交易的新事件。
主要风险
- 同一财报催化已被处理，重复转述不应延长或重复生成交易信号。
- 半导体设备财报后走势受电话会、WFE周期与NAND展望影响，单条研报快讯不足以覆盖执行风险。
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-07-29 · 影响 weakens
内部库命中同日多条半导体设备财报与WFE可见度相关研报线索，但最关键约束是本系统已处理同一 Lam Research 财报催化。
检索:Lam Research LRCX Sep-Q guidance WFE NAND earnings beat July 2026
工具调用 · 历史记录,结果未知(4 种)
- search_processed_events · 结果未知
- stock_quote · 结果未知
- kb_search · 结果未知
- query_modeling_kb · 结果未知
原文全文
展开原文 · 1,693 字
Lam reported better-than-expected Jun-Q results and provided Sep-Q outlook above the Street. We are awaiting commentary on the earnings call at 5pm ET.
Fundamentals
LRCX reported Jun-Q revenue/non-GAAP EPS of $6.72Bn/$1.82 vs our $6.61Bn/$1.65 and Street’s (FactSet) $6.66Bn/$1.69 estimates. Jun-Q revenue represents 15% growth Q/Q and 30% growth Y/Y. Total company non-GAAP gross margin was 52.0% (Street 50.4%) compared with 50.3% last Jun-Q and 49.8% in Mar-Q.
· Systems revenue was $4.25Bn, which is up 14% Q/Q and up 24% Y/Y.
· Services revenue was $2.47Bn, which is up 17% Q/Q and up 43% Y/Y.
· China revenue was 26% of total revenue in the quarter; China revenue came down by 12% Q/Q and 3% Y/Y.
Sep-Q outlook
LRCX guided Sep-Q revenue/non-GAAP EPS of $8.10Bn/$2.15 at MP of the guidance vs Street’s $7.11Bn/$1.84. Gross margin in the Sep-Q is expected to be 52.0% (non-GAAP) compared with 50.6% in Sep-Q last year.
Focus on the call will be: 1) Gross margin commentary; 2) 2026 WFE revisions and extended or 2028 visibility; 3) NAND end market outlook.
Valuation
We value LRCX at $450 using 40x P/E multiple on CY2028 earnings. We view a 40x multiple vs 3-yr average of 24x but below peak of 48x as appropriate given extended WFE cycle, secular AI tailwinds, higher services or one third of total sales contribution, share gains, and rising equipment capital intensity.
Risks
The key downside risks to our investment thesis and target price on LRCX include: 1) increasing competition in deposition and etch; 2) weaker-than-expected overall semi market demand, especially memory; and 3) slower-than-expected demand in China due to US-China trade and IP tensions.
Fundamentals
LRCX reported Jun-Q revenue/non-GAAP EPS of $6.72Bn/$1.82 vs our $6.61Bn/$1.65 and Street’s (FactSet) $6.66Bn/$1.69 estimates. Jun-Q revenue represents 15% growth Q/Q and 30% growth Y/Y. Total company non-GAAP gross margin was 52.0% (Street 50.4%) compared with 50.3% last Jun-Q and 49.8% in Mar-Q.
· Systems revenue was $4.25Bn, which is up 14% Q/Q and up 24% Y/Y.
· Services revenue was $2.47Bn, which is up 17% Q/Q and up 43% Y/Y.
· China revenue was 26% of total revenue in the quarter; China revenue came down by 12% Q/Q and 3% Y/Y.
Sep-Q outlook
LRCX guided Sep-Q revenue/non-GAAP EPS of $8.10Bn/$2.15 at MP of the guidance vs Street’s $7.11Bn/$1.84. Gross margin in the Sep-Q is expected to be 52.0% (non-GAAP) compared with 50.6% in Sep-Q last year.
Focus on the call will be: 1) Gross margin commentary; 2) 2026 WFE revisions and extended or 2028 visibility; 3) NAND end market outlook.
Valuation
We value LRCX at $450 using 40x P/E multiple on CY2028 earnings. We view a 40x multiple vs 3-yr average of 24x but below peak of 48x as appropriate given extended WFE cycle, secular AI tailwinds, higher services or one third of total sales contribution, share gains, and rising equipment capital intensity.
Risks
The key downside risks to our investment thesis and target price on LRCX include: 1) increasing competition in deposition and etch; 2) weaker-than-expected overall semi market demand, especially memory; and 3) slower-than-expected demand in China due to US-China trade and IP tensions.
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