应用材料公司（AMAT）：伯恩斯坦SDC会议的主要要点

Stacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.comArpad von Nemes+1 917 344 8461arpad.vonnemes@bernsteinsg.comAlrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.com Applied Materials (AMAT) Gary Dickerson, President, Chief Executive Officer & Executive Director Thursday, 5/28 9am - 9:50am Key Takeaways:Overall, the industry backdrop remains exceptionally strong with unprecedented demand visibility and AMAT views AI asone of the biggest tech inflections in our lives that drives enormous demand. AMAT believes it is exceptionally well positioned to captureindustry growth due to their competencies in key areas like material science and their exposure to key technology inflections in advancedlogic, DRAM and advanced packaging which drive ~80% of incremental WFE spend in 2026. Management views industry profit pools aslarger than ever and believes that it can capture their fair share of value they provide to customers. Highlights: •While not providing a WFE forecast for 2026, AMAT views an extremely attractive industry backdrop with unprecedented demandvisibility into 2027 (with customers providing rolling 8 quarter forecasts) as AI drives enormous demand for leading edge logic/foundry,DRAM (HBM) and advanced packaging which are forecast to drive 80% of incremental WFE demand in 2026. •In advanced logic, AMAT provides some of the key innovations underpinning new architectures and technologies like BSPDN and GAAtransistors as a leader in wiring and material science and as these ramp AMAT believes it can capture 50% of the incremental spend.Similarly, in DRAM and advanced packaging (which is expected to grow 50%+ this year), AMAT is in a strong position as it is deeplyembedded into customers’ roadmaps and co-innovates on future architectures (e.g. 3DDRAM, Panel-level packaging etc.). •AMAT sees the profit pool as larger than ever which presents an opportunity to capture the value the company delivers. Pricing has beengrowing both on existing and new tools as the innovations they deliver to customers are extremely valuable. As a result, managementexpects both gross and operating margins to move higher over time. •On China, AMAT believes it competes well where it is allowed to do so after restrictions were tightened substantially in 2025. China isnow ~mid-20s% of revenue and is primarily composed of AMAT’s ICAPS business and management expects the China business to be flatto slightly up and ICAPS to grow MSD-HSD over time driven partially by new innovations coming to market. Presentation attendance:Very High BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Applied Materials Inc For AMAT, we apply ~30x multiple to our avg. FY2027/28 non-GAAP EPS estimate of $17.12 equating to a ~$525 price target. RISKS Applied Materials Inc Downside risks to our price target on AMAT include the potential for an industry downturn, detrimental end market mix, sharelosses, and geopolitical risks. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by m