ASML showed at the 2021q4 performance presentation that the net sales of 21q4 was € 5 billion, which was in the early guidance range. In 2021, the company received 26.2 billion euros of new orders, a year-on-year increase of 133%; Achieved sales of 18.6 billion euros, an increase of 33%; The net profit was 5.9 billion euros, a year-on-year increase of 66%, with a gross profit margin of 52.7% and a net profit margin of 31.6%.
Core content of the meeting
70% of the company’s total sales come from logic customers and 80% of EUV sales come from logic customers. Of the net system sales of € 3.5 billion in the fourth quarter of 2021, 73% came from logic customers, and the remaining 27% came from memory customers. In 2021, of the total sales of 13.653 billion euros of equipment and systems, the revenue from logic customers was 9.6 billion euros, accounting for 70%, and the revenue from memory customers was 4.053 billion euros, accounting for 30%. The customer structure was basically similar to that in 2019 and 2020, but the revenue contributed by memory customers picked up slightly for two consecutive years, and the revenue contributed by storage customers increased by 40% year-on-year, The revenue contributed by logic customers increased by 29% year-on-year. In EUV sales revenue, the ratio of logic customers to memory customers is approximately 4:1.
In 2021, the average sales price of EUV lithography machine was 150 million euros, and EUV accounted for nearly half of the annual lithography machine revenue. In 2021, the company’s lithography machine sales volume was 13.145 billion euros. The sales revenue of EUV, ARFI, aRfD, KrF and i-line lithography machines were 63, 5, 440, 13 and 140 million euros respectively, with a year-on-year increase of 39%, 28%, 12%, 24% and 1% respectively, accounting for 48%, 38%, 3%, 10% and 1% of the lithography machine sales. In 2021, the number of lithography machines sold by the company was 309, and the number of EUV, ARFI, aRfD, KrF and i-line lithography machines sold was 42, 81, 22, 131 and 33, with the corresponding average price of 14921, 6174, 1988, 994 and 4.14 million euros / set. The average price of lithography machines other than KrF increased. The latest exe: 5200 system was ordered by Intel in 2022q1, with a quotation of more than 300 million euros, an increase of more than 13% over the previous generation. The company expects the expected revenue of EUV system to be about 7.8 billion euros in 2022, with a year-on-year increase of 24%.
New orders from EUV and DUV increased significantly. ASML received 26.2 billion euros of new orders in 2021, with a year-on-year increase of 133%. Specific equipment categories: (1) EUV received 12.7 billion euros of new orders, accounting for 48%, with a year-on-year increase of 243%; (2) DUV and other new orders reached 13.6 billion euros, a year-on-year increase of 79%, while in 2020, a year-on-year increase of 29%. According to the type of customers, the new orders contributed by memory customers were 6.2 billion euros, an increase of 110% year-on-year, accounting for 26%; New orders contributed by logic customers amounted to 20.1 billion euros, an increase of 141% year-on-year, accounting for 74%.
The sales guideline for 2022 is to increase revenue by about 20%. EUV: it is estimated that about 55 EUV systems will be shipped in 2022, of which 6 systems will be put into use in 2023 due to rapid shipment. The expected revenue of EUV system in 2022 is about 7.8 billion euros, a year-on-year increase of 24%. DUV: the demand for both immersion and dry systems is expected to grow, and the demand for metrology and measurement systems will continue to grow. The revenue growth of non EUV systems is expected to exceed 20%; It is estimated that the revenue of installed capacity management business will increase by about 10% year-on-year in 2022. In terms of customer types, it is expected that the system revenue from logic customers will increase by more than 20% year-on-year, and the storage system revenue is expected to increase by about 25% year-on-year in 2022.
Investment advice
Due to the superposition of factors such as industrial transfer, equipment localization and high industry outlook, the recommended combination of semiconductor equipment sector continues to be strongly recommended: shengmei Shanghai, Wuhan Jingce Electronic Group Co.Ltd(300567) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Naura Technology Group Co.Ltd(002371) , Shanghai Wanye Enterprises Co.Ltd(600641) , Kingsemi Co.Ltd(688037) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Beijing Huafeng Test & Control Technology Co.Ltd(688200) , etc.
Main risks of rating
The uncertainty of geopolitical friction; Uncertainty of parts supply chain security.
