ConserValue on ASML Holding N.V. (ASML)
主要经营地 NL
详细生意模式 全球唯一EUV光刻供应商。€39.7B backlog(历史新高)。FY25销售€32.7B。AI驱动EUV需求。
护城河 🟢强(技术垄断)：8-10年研发moat,极高转换成本,规模经济
估值水平 PE 47.0x, EV/EBITDA 34.9x, FCF Yield 2.4%(同行avg 4-6%)
EV/Market Cap EV €438.7B / MC €447.3B
网络观点 持仓更新。订单+235.4%(35.3% CAGR),Q4 backlog €39.7B。FY25销售+15.6%,EPS +27.8%。AI不确定性让foundry谨慎capex。
AI观点 €39.7B backlog提供12-18月安全垫。Q4订单€13.2B远超共识。AI需求猛增(SK海力士$8B EUV订单)。适度看好持有,但PE 47x已反映AI预期,不追高。
Automatically collect high-quality investment opinions from across the web daily
Over 50+ high-quality investment ideas await you every day
Investment insights from 15+ platforms like Substack, Seeking Alpha, X/Twitter, with AI-powered summaries, categorized by industry. Register for free to access all features.