Chip machinery maker ASML said on Wednesday that “positive developments” on the chip market and €9 billion in new orders in the fourth quarter were not enough to upgrade the company’s sales forecast for 2024.

The company published its fourth quarter and full year figures on Wednesday, which were rewarded with a 6% boost in early trading on the Amsterdam blue chip index.

“In spite of the positive signs … we maintain our conservative view for the total year and expect 2024 revenue to be similar to 2023,” said chief executive Peter Wennink. “We also expect 2024 to be an important year to prepare for significant growth that we expect for 2025.”

The Veldhoven-based company booked net sales of €27.6 billion and net income of €7.8 billion last year. In 2022, the company booked net profit of €5.6 billion.

ASML said last June that strict controls on exports to China would not materially affect its profits because there was enough demand from other countries to compensate for the loss of Chinese trade.

ASML makes machinery used by the likes of Intel and Taiwan’s TSMC in their chip production processes.