金吾财讯 | 花旗在其最新报告中对美国半导体设备行业进行了深入分析，预计2025年全球晶圆厂设备支出(WFE)将下降5%，这一预期较之前有所下调。
报告中提到，由于成熟逻辑芯片产业和汽车需求疲软，以及中国国内需求下降至中低20%区间，导致全球晶圆厂设备支出预期减少。此外，NAND闪存技术迁移推迟，以及DRAM需求因个人电脑市场疲软而减少，也是下调预期的重要因素。基于这些因素，花旗调整了对应用材料(AMAT)、科磊(KLAC)和泛林集团(LRCX)的财务预测和目标价格，分别下调了约11%、7%和3%。对应用材料的评级为“买入”，目标价为194美元；对科磊的评级为“买入”，目标价为832美元；而对泛林集团的评级则为“中性”，目标价为87美元。
花旗对半导体设备行业的整体看法是，尽管行业短期内面临挑战，但长期来看，随着技术进步和新应用的推动，行业仍有增长潜力。报告指出，半导体设备行业正处于其股票挑选框架的晚期第三阶段，意味着行业可能接近周期性底部，但短期内可能仍面临压力。花旗维持对科磊、泰瑞达(TER)和英特格(ENTG)作为顶级防御性选择的推荐。
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