应用材料公司研究报告

Date Company 9April 2026 Applied Materials ReutersAMAT.OQ BloombergAMAT US North AmericaUnited States TMT Valuation & Risks Semicap EquipmentKey Takes from the Logic Master Class Melissa WeathersResearch Analyst Earlier today, AMAT hosted another one of its master class teach-ins to familiarizeinvestors with its logic tool portfolio, introduce new deposition products(Precision™Selective Nitride PECVD System and Trillium™ALD System),and to broadly discusskey inflections and trends in the WFE market. The bulk of the presentation revolvedaroundthe transition to Gate-All-Around architectures.GAA offers improvedperformance-per-watt compared to FinFET, with a 20% increase in area density, 20%increasein performance,and 30%reduction in power consumption.From an Apoorva KumarResearch Associate Ross SeymoreResearch Analyst AMAT’s Sym3™Z Magnum™: One of the key processes in fabricating a GAAtransistor is shallow trench isolation (STI), which is a process meant toprevent electric charge leakages between adjacent transistors. AMAT’sSym3™Z Magnum™addresses this issue by etching an isolation trench andthen filling it with insulating silicon oxide materials. The Sym3™also uses Centura™Xtera™: AMAT’s Centura is an epitaxy system that enables uniform growth during the formation of the source/drain. Simply put, the toolprevents growth in unwanted areas, creating the ideal film needed to carrycurrent in the transistor. AMAT also uses its PROVision 10 eBeam Metrology ▪Producer™Viva™Radical Treatment:Nanosheets in GAA transistorarchitectures demand exceptionally smooth nanosheet surfaces in order tofunction properly; Any slight roughness or impurities on the surface candegrade carrier mobility and reduce overall transistor speeds. The Viva The company also highlighted opportunities on the wiring side, citing that advancedAI chips feature over 20 layers of stacked copper interconnects, totalling over 2,000miles of wiring, connecting over 300 billion transistors. However, the increase in wiring to 3nm nodes). To address these thermal issues, AMAT introduced its Endura™CopperBarrier Seed (CuBS) IMS™system, which creates a selective ALD barrier that enables DB Take: Wired for Growth Overall, we appreciate AMAT’s efforts to educate investors on highly specializedengineering topics, and believe the event offered helpful insights into the upcomingdynamics driving WFE in the logic space. We believe AMAT’s already-strong marketshare will be complemented/fortified by the introduction of its new tools, helping thecompany to expand its leverage to the fastest growing parts of the WFE market (e.g.,leading-edge F/L, DRAM/HBM, and advanced packaging). We were also particularlyintriguedto hear AMAT highlight its leading market share position in the multibillion-dollar market of materials modification (DBe $4.6b in 2025). We believe this part ofthe WFE market has been relatively underappreciated even though it is critical todriving better transistor performance and higher speeds in upcoming nodes. As such, Appendix 1 Important Disclosures Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subject Important Disclosures Required by U.S. Regulators 2-Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments Important Disclosures Required by Non-U.S. Regulators 2-Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on ourwebsite athttps://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). Inaddition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific Company Rating and Dispersion Key The above table provides a snapshot of Deutsche Bank's company research rating distribution across our coveredcompanies. We also present the percentage of companies where Deutsche Bank has provided Investment Banking Note-percentages are rounded so may not total 100%. Covered: The overall rating distribution across all companies under coverage with a rating. w/Banking relation: Percentage of companies under coverage with a rating within each of the "buy", "hold" and "sell" w/MiFID services: Percentage of companies under coverage with a rating within each of the "buy", "hold" and "sell"categories for which Deutsche Bank has provided MIFID Investment and Ancillary services within the previous 12 Buy/Hold/Sell P