Samsung Electronics — 客戶 · ASM International's ALD tools are used by Samsung, which is in mass production of gate-all-around (GAA) transistors that require ALD.來源：blog.baldengineering.com
TSMC — 客戶 · 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.來源：convequity.substack.com
總部位於荷蘭的 ASM International 生產晶圓製程設備，以沉積為重心：單晶圓 ALD、矽磊晶、PECVD、垂直爐管、碳化矽磊晶，以及自 December 2025 收購 Axus 後新增的 CMP。Spares & Services 佔 2025 年營收的 23%。ALD 是核心。它是最大的產品線，'clearly accounting for more than half of our equipment sales'，ASM 估計其單晶圓 ALD 市場佔有率為 55%+。報告將 ALD 定位為日益不可或缺的技術，指出 'ALD is the only deposition technology capable of meeting the coverage and film-property requirements for complex 3D structures'，並預期 ALD 層數將在 GAA 電晶體堆疊、背面供電架構與未來的 4F² DRAM 中增加。磊晶是第二大產品線：報告表示 ASM 在該領域的市場佔有率排名第二，並將其先進製程市場佔有率從 2020 年的 12% 提升至 2024 年的 25%，兩者皆依 ASM 自身的數字。2025 年營收創下 €3.2 billion 的紀錄，毛利率為 51.8%；依 Q2 2026 財報，Q2 2026 營收為 €1,003 million，該比率為 51.9%。曝險在於客戶集中度（前五大客戶約佔 2025 年營收的 53.6%）、地域（亞洲佔營收 80%，中國逾 30%），以及報告所稱 'impacting our ability to sell and service systems in certain jurisdictions and for certain customers' 的出口限制。
2025 年年報（發布於 2026-03-12）表示 'ASM is the leader in the fast-growing single-wafer ALD market – with a market share of 55%+ (ASM estimate, Investor Day 2025)'。報告表示，在產業從 FinFET 轉向 GAA 的過程中，ASM 'maintained leadership with our market share surpassing 55%'。報告並表示 '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'，並延續至 1.4nm 製程節點。Q2 2026 財報（https://www.asm.com/media/y0mkxj21/20260728-asm-reports-second-quarter-2026-results.pdf）表示，1.4nm 節點按計畫可望在 2026 年下半年首度帶來具實質意義的貢獻，'reflecting increased market share gains in both ALD and Epi'。2025 年毛利率為 51.8%。這是一個強勢且獲利的地位，但其背後的每一項市場佔有率數字都是 ASM 自身的估計或預期，且沒有任何獨立的市場佔有率來源佐證，因此評級為窄而非寬。曝險同樣有其分量：前五大客戶約佔 2025 年營收的 53.6%，中國逾 30%，而報告將主要競爭對手描述為 'much larger companies from the United States and Asia'。
報告將 ALD 的領先地位歸於累積的製程 know-how 與專利，而非單位成本：'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.' 報告也引用一項 LexisNexis PatentSight 研究，其結論為 'ASM holds a strong and impactful patent portfolio on its core strength of ALD as measured by both Competitive Impact and Patent Asset Index'。轉換摩擦進一步強化了這一點。機台透過 PTOR 選定進入晶圓廠，報告指出 'Failing a customer during a production ramp could create significant problems for them'，而已安裝的系統則持續獲得支援，'with a view to having them in production 24/7 for 20+ years'。但 ASM 是憑藉製程能力逐個節點贏得這些 PTOR 名額，因此 IP 才是主要來源。
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.
利基市場
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.
你正在看的是什麼
這些圖表繪製的是 ASM International 在其 SEC 申報文件中已申報的損益表、現金流量表與資產負債表（截至 2026-06-30）。每一個數字都是申報原值 XBRL——沒有任何一項是預估。
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.
