The Dutch ASML is waiting for the recovery of the microchip market in 2023
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Dutch company ASML Holding reported on revenue growth in 2022 by 13% and stated that in 2023 the company’s sales will grow by at least another 25%. In addition, the manufacturer said it expects a recovery in demand for microchips in the second half of this year.
The company’s sales for the year reached €21.1 billion. And despite a slight decrease in net profit, from €5.88 billion to €5.62 billion, the company positively assesses the current situation for itself in the market. ASML is the world’s only manufacturer of ultra-hard ultraviolet lithography (EUV) scanners, which are used to produce the most advanced microchips. Even in the face of high inflation and falling demand for electronics, the company alone cannot cover the global demand for advanced microchips. Thus, at the end of the year, the company’s portfolio of outstanding orders reached a record €40.4 billion.
“If you look at the state of the industry today, we are not isolated from … fears of a recession, or high inflation, or high interest rates – that’s obvious. In addition, we see how all this affects the business of our clients, ”said in an interview. CNBC ASML CEO Peter Wennink. At the same time, he noted that most of the company’s customers expect a recovery in demand for microchips in the second half of 2023.
“If we take into account that the average delivery time of our instruments is, say, one and a half to two years, and then look at the expectations … for a relatively short recession, then (it will become clear.— ”b”) that customers certainly won’t cancel their orders because when demand recovers they could be at the end of the line,” Wennink said.
In addition, the head of ASML noted that possible ban export of high-tech equipment to China will not affect the performance of the company. ASML has never supplied EUV scanners to China, the export of which was banned by the United States back in 2019, and now the Netherlands may also ban it. The company supplies China with equipment for the production of older generation microchips. China accounted for about 15% of ASML sales in 2022 and Wennink says this figure will remain at about the same level in 2023.
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