Lam Research TodayLRCXLam Research$71.42 +0.52 (+0.73%) 52-Week Range$56.32▼$113.00Dividend Yield1.29%P/E Ratio21.70Price Target$92.70Add to WatchlistKnown for being a cyclical industry to begin with, many semiconductor stocks have been down significantly since the summer of 2024. And just as some investors were inching back into technology stocks, DeepSeek and tariffs came in to put a ceiling on chip stocks. But if the recent earnings report from Lam Research Corp. NASDAQ: LRCX means anything, that ceilin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12933 ___________________________________________________________ LAM RESEARCH CORPORATION (Exact name of registrant as specified ...

报告公司投资评级 未提及 报告的核心观点 2025Q1 报告研究的具体公司业绩符合预期，先进逻辑和 NAND 技术升级带动全年 WFE 提升，营收和毛利率增长，各业务和地区营收结构有变化，预计 2025Q2 收入和毛利率有提升，行业 2025 年 WFE 支出约 1000 亿美元 [2] 根据相关目录分别进行总结 公司 2025Q1 总体业绩 - 营收情况：2025Q1 实现营收 47.20 亿美元，环比增 7.86%，同比增 24.43%，高于业绩指引中值 [2][8] - 毛利率情况：non - GAAP 毛利率 49.0%，环比和同比均增 1.5pct，处于前期业绩指引上限，得益于产品组合优化和效率提升 [2][9] - 资本开支：2025Q1 资本支出 2.88 亿美元，比上季增加 1 亿美元，用于印度土地购买、美国实验室投资和全球制造业务增长 [10] - 人员变动：2025Q1 末约有 18,600 名正式全职员工，比上季增加约 300 人，增长集中在工厂、现场组织和研发部门 [11] - 需求情况：2025 年 WFE 支出预计约 1000 亿美元，先进代工厂逻辑业务强，NAND 技术转换推进，对高带宽内存等关注增加，客户计划暂无重大变化 [4][12] 公司 2025Q1 营收结构 按业务部门划分 - 设备部门：存储业务内存占比 43%低于 2024Q4，DRAM 分部占 23%低于 2024Q4，NVM 占 20%低于 2024Q4，非中国大陆 NAND 业务增长符合预期，预计 2025Q2 成系统收入增长最快部分；代工业务占 48%高于 2024Q4，出货量强劲且受益于与中国大陆成熟节点客户业务；逻辑和其他部门占 9%低于上季 [3][15][16] - 客户支持业务（CSBG）：收入约 17 亿美元，环比略降，同比增 21% [3][17] 按地区划分 - 中国大陆地区收入占比 31%与上季持平 [4][18] - 中国台湾和韩国各占 24%，中国台湾地区按美元计算达公司历史最高水平 [4][19] 公司未来指引 - 预计 2025Q2 收入约（50±3）亿美元，代工厂和 NAND 业务增长，non - GAAP 毛利率为 49.5±1%，已包含关税对业务直接影响评估 [4][22] 问答部分 - NAND 升级趋势强劲，公司有优势，中国台湾地区营收预计可持续 [24] - 构建灵活制造供应链应对关税影响，预计上半年业务更强劲，约 7 亿美元业务流失 [25][26] - 美国有制造能力和业务布局，全球供应链可应对规则变化 [27] - 预计中国大陆业务营收占比同比下降，non - GAAP 毛利率围绕当前水平波动 [28] - 预计今年 CSBG 业务营收与去年持平 [29] - 有准备时间调整非美国制造基地生产安排，与中国大陆客户沟通情况正常 [30] - 代工厂逻辑业务增长受多技术变革驱动，对超越行业增长有信心 [31] - 已考虑市场情况，业务展望未变 [32] - 业务受客户计划和时间安排影响，部分项目出货不均衡，去年 12 月初部分中国大陆客户受限影响下半年业务 [33][34] - 与客户沟通多，客户未考虑需求变化，关税对 non - GAAP 毛利率指引有影响但无法量化 [35] - 中国大陆业务受限影响依赖设备业务，但升级业务好，整体设备利用率同比提高，备件业务是 CSBG 最大单一组成部分 [36]

文章核心观点 - 大型科技股今日上涨，半导体公司英伟达、拉姆研究公司和德州仪器股价均走高，后两者分别在第三财季和第一财季业绩超预期 [1] 拉姆研究公司（LRCX）情况 - 股价上涨5.7%，报70.50美元，正逐步弥补年初以来20.1%的跌幅，有望连续三日收涨，正试图突破20日移动均线带来的上行压力 [2] - 因人工智能芯片需求强劲，除业绩超预期外还发布了乐观的第四季度业绩预测，引发了目标价的上调和下调 [2] - 期权交易中，日内看跌和看涨期权成交量是日均两倍，本周4月25日执行价70的看涨期权交易最为活跃，有新头寸建立 [4] 德州仪器（TXN）情况 - 股价上涨7.2%，报163.04美元，尽管存在关税不确定性仍发布了好于预期的第二季度业绩展望，有望在过去几个交易日中第四次收涨，创三周来最佳表现，正试图突破20日趋势线，从4月11日创下的52周低点139.95美元反弹，但年初以来仍有13.2%的跌幅 [3] - 期权交易中，日内看跌和看涨期权成交量是日均两倍，本周执行价162.50的看涨期权交易最为活跃，有新头寸建立 [4]

Lam Research (LRCX) reported third-quarter fiscal 2025 results, wherein both top and bottom lines surpassed the Zacks Consensus Estimate.LRCX reported third-quarter fiscal 2025 non-GAAP earnings of $1.04 per share, which beat the Zacks Consensus Estimate by 4%. The bottom line increased 33.3% on a year-over-year basis, primarily driven by strong product demand, technology-driven upgrade cycles, and strategic execution across manufacturing and supply chain operations. (Find the latest EPS estimates and surpr ...

Lam Research Corporation (NASDAQ:LRCX) Q3 2025 Earnings Conference Call April 23, 2025 5:00 PM ET Company Participants Ram Ganesh - VP, IR Timothy Archer - President and CEO Douglas Bettinger - EVP and CFO Conference Call Participants C.J. Muse - Cantor Fitzgerald Timothy Arcuri - UBS Harlan Sur - JPMorgan Stacy Rasgon - Bernstein Research Krish Sankar - TD Cowen Srinivas Pajjuri - Raymond James Atif Malik - Citi Vivek Arya - Bank of America Securities Blayne Curtis - Jefferies Mehdi Hosseini - SIG Joe Moor ...

Lam Research Corporation March quarter 2025 financial results April 23, 2025 Cautionary statement regarding forward-looking statements This presentation and the accompanying discussion contain "forward-looking statements" under U.S. securities laws. Forward-looking statements include any statements that are not statements of historical fact. Examples of forward-looking statements include, but are not limited to: (1) anticipated business, balance sheet, cash flow and financial measures and results and relate ...

Lam Research (LRCX) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4%. A quarter ago, it was expected that this semiconductor equipment maker would post earnings of $0.87 per share when it actually produced earnings of $0.91, delivering a surprise of 4.60%.Over the last four quarters, t ...

Exhibit 99.1 FREMONT, Calif., April 23, 2025 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended March 30, 2025 (the "March 2025 quarter"). FOR IMMEDIATE RELEASE Highlights for the March 2025 quarter were as follows: Lam Research Corporation Reports Financial Results for the Quarter Ended March 30, 2025 Key Financial Data for the Quarters Ended March 30, 2025 and December 29, 2024 (in thousands, except per-share data, percentages, and bas ...

FREMONT, Calif., April 23, 2025 /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended March 30, 2025 (the "March 2025 quarter").Highlights for the March 2025 quarter were as follows: Revenue of $4.72 billion. U.S. GAAP gross margin of 49.0%, U.S. GAAP operating income as a percentage of revenue of 33.1%, and U.S. GAAP diluted EPS of $1.03. Non-GAAP gross margin of 49.0%, non-GAAP operating income as a percentage of revenue of ...