Samsung Electronics — 客户 · ASM International's ALD tools are used by Samsung, which is in mass production of gate-all-around (GAA) transistors that require ALD.来源：blog.baldengineering.com
TSMC — 客户 · ASM International, the leader in atomic layer deposition (ALD), supplies the ALD tools TSMC needs for gate-all-around transistors at advanced AI-logic nodes.来源：convequity.substack.com
ASM International 总部设在荷兰，生产以沉积为重点的晶圆处理设备：单片式 ALD、硅外延、PECVD、立式炉、碳化硅外延，以及自 December 2025 收购 Axus 以来的 CMP。Spares & Services 占 2025 年营收的 23%。ALD 是核心。它是最大的产品线，'clearly accounting for more than half of our equipment sales'，ASM 估计其单片式 ALD 份额为 55%+。报告将 ALD 定位为日益必需的技术，称 'ALD is the only deposition technology capable of meeting the coverage and film-property requirements for complex 3D structures'，并预计 ALD 层数将在 GAA 晶体管堆叠、背面供电架构和未来的 4F² DRAM 中增加。外延是第二大产品线：报告称 ASM 在该领域份额排名第二，并将其先进制程份额从 2020 年的 12% 提升至 2024 年的 25%，两者均为 ASM 自己的数据。2025 年营收创纪录，达 €3.2 billion，毛利率为 51.8%；根据 Q2 2026 业绩，Q2 2026 营收为 €1,003 million，毛利率为 51.9%。风险敞口包括客户集中度（前五大客户约占 2025 年营收的 53.6%）、地域（亚洲占营收的 80%，中国超过 30%），以及报告所称 'impacting our ability to sell and service systems in certain jurisdictions and for certain customers' 的出口限制。
2025 年年报（发布于 2026-03-12）称 'ASM is the leader in the fast-growing single-wafer ALD market – with a market share of 55%+ (ASM estimate, Investor Day 2025)'。报告称，随着行业从 FinFET 转向 GAA，ASM 'maintained leadership with our market share surpassing 55%'。报告还称 'Based on the breadth of our R&D engagements and critical production-tool-of-record (PTOR) selections already secured in 2025, we expect to at least maintain our market share'，并延续至 1.4nm 节点。Q2 2026 业绩（https://www.asm.com/media/y0mkxj21/20260728-asm-reports-second-quarter-2026-results.pdf）称，1.4nm 节点有望按计划在 2026 年下半年首次带来有意义的贡献，'reflecting increased market share gains in both ALD and Epi'。2025 年毛利率为 51.8%。这是一个强势且盈利的地位，但其背后的每一个份额数字都是 ASM 自己的估计或预期，没有独立的份额来源佐证，因此评级为窄而非宽。风险敞口同样构成压力：前五大客户约占 2025 年营收的 53.6%，中国超过 30%，而报告将主要竞争对手描述为 'much larger companies from the United States and Asia'。
报告将 ALD 领先地位建立在积累的工艺诀窍和专利之上，而非单位成本：'ASM has the broadest portfolio of ALD products with innovative ALD reactor designs. Our strength in chemistries and applications using new materials means our customers can meet advanced node technology challenges.' 报告还引用一项 LexisNexis PatentSight 研究，其结论为 'ASM holds a strong and impactful patent portfolio on its core strength of ALD as measured by both Competitive Impact and Patent Asset Index'。转换摩擦进一步强化了这一点。设备通过 PTOR 选型进入晶圆厂，报告指出 'Failing a customer during a production ramp could create significant problems for them'，且已安装的系统会获得支持，'with a view to having them in production 24/7 for 20+ years'。但 ASM 是凭借工艺能力逐个节点赢得这些 PTOR 席位的，这使知识产权成为主要来源。
In single-wafer ALD, which is more than half of equipment sales, the report calls ASM 'the leader' with a 55%+ share. That share is ASM's own estimate; the Investor Day 2025 deck (https://www.asm.com/media/m3jhkm12/asm_investor_day_2025.pdf) sources it to 'ASM internal analysis and TechInsights'. With no independent share source, the band is held at co_leader rather than clear_leader. ASM does not lead every line: 'ASM has the number two share in the Epi equipment market', and in PECVD and vertical furnaces it is 'focused on niche portions of the market'.
Gross margin rose from 50.5% to 51.8% in 2025 and was 51.9% in Q2 2026. But the report attributes the 2025 gain to 'a very strong mix, including a continued solid contribution from the Chinese market' and to efficiency programs, not to price. It targets a range of 47% to 51% for 2026-2030, and the Q2 2026 release expects full-year 2026 gross margin 'to be around 51%'. Buyers are concentrated: the 10 largest customers were about 72.3% of 2025 revenue, the five largest about 53.6%, and two customers each contributed more than 10% of total revenue.
Upstream wafer-fab-equipment supplier to logic/foundry and memory chipmakers. 'The leading-edge logic/foundry market was the main growth driver for ASM, on the back of 2nm investments' in 2025, advanced-node DRAM was the largest part of memory sales, and Asia was 80% of revenue.
PECVD and vertical furnaces · Deposition and batch thermal-processing equipment
The Dragon XP8 PECVD tool deposits low-temperature dielectric films for interconnect layers, gap-fill, passivation layers and etch stop layers. The SONORA (300mm) and A400 DUO (200mm and smaller) vertical furnaces use dual-batch reactors for LPCVD, oxidation, diffusion and cure.
细分市场
The report says of PECVD and vertical furnaces: 'While these are each large segments, we are focused on niche portions of the market'. It also says 'In PECVD, our key position is on low-k for advanced logic interconnects'.
低
The report claims no protective barrier for these lines. It says SONORA 'has been placed with leaders in advanced logic, and power device manufacturing', but that vertical furnace sales 'dropped double digits in 2025', and it positions ASM only in niches of segments it does not lead.
Silicon carbide epitaxy systems · SiC epitaxial deposition equipment
SiC Epi tools offered since the 2022 LPE acquisition, for power and wafer applications such as EV power devices. They include the PE2O8, released in 2024, a 6-inch or 8-inch single-wafer epitaxy tool with dual chambers.
未知
The report gives no share or ranking for SiC Epi, and says SiC Epi sales 'were sharply lower in 2025'.
中等
ASM argues that the 150mm-to-200mm SiC transition particularly favors single-wafer reactors like its own, because deposition thickness and uniformity control become significantly more challenging at 200mm. It also says the PE2O8 'delivers benchmark process uniformity and high throughput'. These are company assertions, with no share data to show they convert into a protected position.
Silicon epitaxy systems (Intrepid, Epsilon) · Epitaxial deposition equipment
Intrepid ES serves leading-edge transistor applications, the Intrepid ESA tool serves 300mm silicon-based epitaxy for power/analog and wafer customers, and the Epsilon 2000 tool serves 200mm. The Previum process module adds a pre-deposition surface clean to Intrepid.
前三
The report says 'ASM has the number two share in the Epi equipment market'. By ASM's estimates, its share of Epi layer count rose from 22% to 33% in the FinFET-to-GAA transition, and its leading-edge Epi share rose from 12% in 2020 to 25% in 2024. Si Epi was the second-largest product line in 2025.
中等
The cited differentiation is temperature control: the 'proprietary Turino-CL direct temperature measurement and feedback system' in Intrepid tools, which the report says 'has strengthened our position in epitaxy for the current logic GAA transition'. But ASM holds only the number two share and 'approximately doubled' its leading-edge share in a few years, so share in this market demonstrably moves between suppliers.
Single-wafer ALD systems · Atomic layer deposition equipment
Thermal and plasma ALD tools built on ASM's common single-wafer platform architecture (XP4/XP8). Applications include high-k metal gates for GAA transistors, dipole and work-function layers, high-aspect-ratio gap-fill, underlayers for EUV lithography, metal ALD (including Mo ALD) and selective ALD.
前三
The report says 'ASM is the leader in the fast-growing single-wafer ALD market – with a market share of 55%+ (ASM estimate, Investor Day 2025)', and the Investor Day deck sources the share to 'ASM internal analysis and TechInsights'. ALD was the largest product line, 'clearly accounting for more than half of our equipment sales'. Because the share figure is ASM's own estimate and no independent source supports it, the band is held at top_3 rather than leader.
深
The report says ASM has the broadest ALD product portfolio and strength in chemistries and new materials, and cites a LexisNexis PatentSight study that rates its ALD patent portfolio 'strong and impactful' on Competitive Impact and Patent Asset Index. Tools enter fabs through PTOR selection, and the report says PTOR selections already secured in 2025 let ASM expect 'to at least maintain our market share' at 1.4nm. It also says ALD is the only deposition technology that meets the coverage and film-property requirements of complex 3D structures.
你正在看的是什么
这些图表绘制的是 ASM International 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-06-30）。每一个数字都是申报原值 XBRL——没有任何一项是预估。
ASM International launched its XP8 Vertos Flowable Carbon, which it describes as the market's first plasma-enhanced chemical vapor deposition (PECVD) flowable carbon film, combining gap fill and planarization in a single process. The company said the film is in initial deployment in high-volume manufacturing and applies to both logic and memory devices.
