$ASML(ASML.US) 1Q25A Quick Interpretation: This quarter's revenue and gross margin both reached the company's previous guidance. The unexpected increase in gross margin was mainly due to the structural impact of the increase in the proportion of service revenue and EUV revenue. The company's operating expenses remained relatively stable, resulting in a robust profit for this quarter.

Looking at the company's guidance for the next quarter, both revenue and gross margin are expected to decline. Although some South Korean customers still have good demand expectations, the company's net order amount for the first quarter was only €3.94 billion (market expectation €4 billion+), which is unlikely to instill confidence in the market.

The company still maintains an annual revenue growth expectation of €30-35 billion, but it also faces pressures and challenges. On one hand, the global semiconductor end market is showing signs of fatigue after a rebound, and on the other hand, "tariff policies" have added uncertainty for the company.

Overall, the company's financial report data for this quarter met expectations, but the guidance provided for the next quarter is relatively weak. Under the current influence of uncertainty, if the company cannot instill strong confidence in the market, it will still face significant impacts and fluctuations. For more detailed information, please follow Dolphin Research for subsequent specific interpretations and conference call content.