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Lam Research Corporation (LRCX) 财务分析 | 估值·财报 | 100Baggers.club

Lam Research Corporation

LRCX

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products. It also provides SPEED gapfill high-density plasma chemical vapor deposition products; and Striker single-wafer atomic layer deposition products for dielectric film solutions. In addition, the company offers Flex for dielectric etch applications; Kiyo for conductor etch applications; Syndion for through-silicon via etch applications; and Versys metal products for metal etch processes. Further, it provides Coronus bevel clean products to enhance die yield; Da Vinci, DV-Prime, EOS, and SP series products to address various wafer cleaning applications; and Metryx mass metrology systems for high precision in-line mass measurement in semiconductor wafer manufacturing. The company sells its products and services to semiconductors industry in the United States, China, Europe, Japan, Korea, Southeast Asia, Taiwan, and internationally. Lam Research Corporation was incorporated in 1980 and is headquartered in Fremont, California.

深度研究阅读完整报告

泛林集团(LRCX)股票深度分析 — 六个信念全部成立才能撑住股价，安全边际为零

在芯片热潮中，市场对这家半导体设备龙头的信仰已登峰造极——其股价由六个缺一不可的信念支撑，安全边际为零。这已非价值投资，而是一场押注所有假设全部成立的极限博弈。

📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

49.83%

毛利润 = $2.91B

营业收入 = $5.84B

Operating Profit Margini营业利润率

35.04%

营业利润 = $2.05B

营业收入 = $5.84B

EBITDA MarginiEBITDA利润率

37.10%

EBITDA = $2.17B

营业收入 = $5.84B

EBIT MarginiEBIT利润率

35.04%

EBIT = $2.01B

营业收入 = $5.84B

Net Profit Margini净利率

31.25%

净利润 = $1.83B

营业收入 = $5.84B

Pretax Profit Margini税前利润率

34.44%

税前利润 = $2.01B

营业收入 = $5.84B

E

运营效率指标

Interest Coveragei利息保障倍数

45.29x

EBIT (TTM) = $7.56B

利息费用 (TTM) = $0.17B

34.2x

34.2x

37.6x

41.1x

45.3x

SG&A / Revenuei销管费率

4.80%

销售及管理费用 = $0.28B

营业收入 = $5.84B

R&D / Revenuei研发占比

9.98%

研发费用 = $0.58B

营业收入 = $5.84B

R

回报率指标 (TTM)

ROAi总资产回报率

33.02%

净利润 = $6.71B

平均总资产 = $20.32B

ROEi净资产收益率

69.18%

净利润 = $6.71B

平均股东权益 = $9.70B

ROICi投入资本回报率

73.60%

NOPAT (TTM) = $6.66B

平均投入资本 = $9.04B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

23.76%

当期营收 = $5.84B

去年同期营收 = $4.72B

+33.6%

+33.6%

+27.7%

+22.1%

+23.8%

Operating Cash Flow/Sharei每股经营现金流

$5.53

经营现金流 = $6.95B

流通股数 = 1.26B

$4.83

$4.83

$5.03

$5.63

$5.53

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+13.0%	$5.84B	↑
毛利	+12.4%	$2.91B, 49.83%	↑
营业利润	+17.6%	$2.05B, 35.04%	↑
EBITDA	+15.4%	$2.17B, 37.10%	↑
税前利润	+13.1%	$2.01B, 34.44%	↑
净利润	+6.1%	$1.83B, 31.25%	↑
稀释每股收益	+7.4%	1.45	↑

L

流动性指标

Current Ratioi流动比率

2.54

健康

流动资产 = $13.30B

流动负债 = $5.24B

Quick Ratioi速动比率

1.69

健康

速动资产 = $9.30B

流动负债 = $5.24B

Cash Ratioi现金比率

0.91

健康

现金及等价物 = $4.75B

流动负债 = $5.24B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.35

健康

总债务 = $3.73B

总权益 = $10.58B

Liabilities to Assetsi资产负债率 (总负债)

49.1%

正常

总负债 = $10.21B

总资产 = $20.79B

Equity Multiplieri权益乘数

1.96

健康

总资产 = $20.79B

总权益 = $10.58B

E

效率指标

Asset Turnoveri总资产周转率

1.07

健康

营收 (TTM) = $21.68B

平均总资产 = $20.32B

Inventory Turnoveri存货周转率

2.70

关注

营业成本 (TTM) = $10.85B

平均存货 = $4.02B

Receivables Turnoveri应收账款周转率

5.69

正常

营收 (TTM) = $21.68B

平均应收账款 = $3.81B

S

偿债能力

Interest Coveragei利息保障倍数

45.29

健康

EBIT (TTM) = $7.56B

利息费用 (TTM) = $0.17B

Net Debt to EBITDAi净债务/EBITDA

-0.13

健康

净债务 = $-1.02B

EBITDA (TTM) = $7.99B

Debt Service Coveragei偿债覆盖率

1698.32

健康

经营现金流 (TTM) = $6.95B

债务偿付 = $0.00B

V

价值指标

Goodwill %i商誉占比

0.0%

健康

商誉 = $0.00B

总资产 = $20.79B

Working Capital Ratioi营运资本比率

0.39

健康

营运资本 = $8.05B

总资产 = $20.79B

C

现金流指标

经营现金流 TTMi

$6.95B

自由现金流 TTMi

$6.45B

FCF = OCF - CapEx

经营现金流 (TTM) = $6.95B

资本支出 (TTM) = $-0.50B

自由现金流收益率i

1.96%

关注

FCF (TTM) = $6.45B

市值 = $329.25B

经营现金流/销售比i

32.08%

健康

经营现金流 (TTM) = $6.95B

营业收入 (TTM) = $21.68B

Q

质量与覆盖指标

收益质量i

1.04x

正常

经营现金流 (TTM) = $6.95B

净利润 (TTM) = $6.71B

现金流/债务比i

1.86x

健康

经营现金流 (TTM) = $6.95B

总负债 = $3.73B

短期覆盖率i

1.33x

健康

经营现金流 (TTM) = $6.95B

流动负债 = $5.24B

资本支出覆盖率i

13.80x

健康

经营现金流 (TTM) = $6.95B

资本支出 (TTM) = $0.50B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

92.76%

健康

自由现金流 (TTM) = $6.45B

经营现金流 (TTM) = $6.95B

资本支出/营收比i

2.32%

健康

资本支出 (TTM) = $0.50B

营业收入 (TTM) = $21.68B

净债务/EBITDAi

-0.13

健康

净债务 = $-1.02B

EBITDA (TTM) = $7.99B

G

增长指标

经营现金流增长率i

-12.78%

关注

当期OCF (TTM) = $1.14B

上期OCF = $1.31B

股东盈余i

$6.62B

健康

净利润 (TTM) = $6.71B

+ 折旧摊销 (TTM) = $0.42B

- 资本支出 (TTM) = $-0.50B