Outlook
While the broader semiconductor market is expected to recover in 2024, the softer WFE market conditions we saw in the second half of 2023 are expected to continue into the first part of 2024. For the first quarter of 2024, we expect revenue of €600-640 million, with a similar level in the second quarter. For the second half of 2024, we expect revenue to be up compared to the level in the first half year, but it is too early to provide more specific guidance for the second half or for the full year. Looking at the expectations for WFE demand, memory and leading-edge logic/foundry demand is expected to gradually recover in the course of 2024. The revenue contribution from the Chinese market is expected to be still relatively high in the first part of the year, but likely to normalize in the rest of the year. For our SiC Epi business, we expect a continued strong performance in 2024. We expect ASM to benefit from an expected rebound of the WFE market in 2025. Based on this, we remain confident ASM revenue will increase to the forecasted range for 2025 (€3.0-3.6 billion). The move of GAA 2nm technology into high-volume manufacturing in 2025 is expected to be a significant driver for ASM.