Bernstein: Panlin Group's first quarter revenue was $8.222 billion, with a WFE guidance of at least $200 billion by 2027 According to Tide Research, Bernstein reported on October 22, 2026 that Lam Research's revenue for the first quarter of the 2027 fiscal year was $8.222 billion, with earnings per share of $2.20 and a gross profit margin of 52.4%. The proportion of revenue from China increased to 35%; Q2 revenue guidance of $8.6 billion; The outlook for wafer fab equipment (WFE) in 2027 is at least $200 billion, still limited by cleanroom space. Bernstein's judgment is that the first quarter performance slightly exceeded expectations, with gross profit margin reaching a 20-year high. The guidance for the second quarter is constrained by the supply chain, and delayed shipments will be compensated for in the March quarter. The expectation of over 250 billion US dollars by some buyers is unrealistic, and the constraints of clean rooms make it difficult to achieve this goal. The actual demand is higher than these levels. Maintaining the winning rating, the target price has been lowered from $385 to $350.