证 券 研 究 报 告 ASMPT（00522.HK）2025Q1 业绩点评及业绩说明会纪要 25Q1 业绩符合预期，先进封装业务长期向好 会议地点：线上 事项： 2025 年 4 月 30 日，ASMPT（00522.HK）发布 2025 年一季报并召开业绩交流 会，2025 年 Q1 公司销售收入为 4.02 亿美元，同比-0.5%，环比-8.2%；毛利率 40.9%，同比-0.97pct，环比+3.71pct。 评论： 1. 业绩情况：2025 年 Q1 公司销售收入为 4.02 亿美元，同比-0.5%，环比-8.2%， 符合前期预测（为 3.7 亿美元至 4.3 亿美元之间）；毛利率 40.9%，环比上升 3.71pct，同比-0.97pct；新增订单总额 4.31 亿美元，环比+2.9%，主要因表面贴 装技术解决方案分部订单增加，半导体解决方案分部订单从 2024 年第四季度 高基数回落部分抵销增长；同比+4.8%。 2. 公司业绩展望：公司预计 2025 年第二季度销售收入介于 4.1-4.7 亿美元， 中位数同比+3.0%，环比+9.6%。分业务看，在半导体解决方案部门（SEMI） 的先进封装业 ...

大华继显：削减ASMPT(00522.HK)目标价至68港元，下调净利润预测。 ...

Financial Data and Key Metrics Changes - The group achieved revenue of US$401.5 million, meeting the midpoint of revenue guidance [3][7] - Group bookings totaled US$431.2 million, showing a 2.9% quarter-on-quarter growth and 4.8% year-on-year growth [7] - Group gross margin exceeded 40%, rebounding due to a better product mix [6][8] - Adjusted net profit was HKD83.2 million, up 1.6% quarter-on-quarter but down 53.1% year-on-year [9] Business Line Data and Key Metrics Changes - The semiconductor (semi) segment contributed approximately 64% of the group's revenue, with revenue of US$255.6 million, up 0.6% quarter-on-quarter and 44.7% year-on-year [9][10] - Semi bookings were US$222.9 million, down 19.5% quarter-on-quarter but up 11.4% year-on-year [10][11] - The surface mount technology (SMT) segment delivered revenue of US$145.9 million, a decline of 20.3% quarter-on-quarter and 35.6% year-on-year [12] - SMT bookings were US$208.4 million, up 46.5% quarter-on-quarter, driven by strong seasonal demand [12] Market Data and Key Metrics Changes - The mainstream business continued to be affected by soft demand from automotive and industrial end markets, with growth trajectory difficult to forecast [6][14] - The company noted stabilization in the automotive and industrial end markets, although they remained soft [12][14] Company Strategy and Development Direction - The focus for 2025 is on securing additional orders from both high volume manufacturing (HVM) and logic customers [5][14] - The company remains confident in the demand for advanced packaging (AP) and TCB solutions for AI and high-performance computing applications [14][105] - The global manufacturing footprint provides flexibility to navigate potential tariff impacts [14][105] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining AP revenue and expects mainstream business to improve due to seasonality and better-than-expected Q1 bookings [14] - The indirect impact of tariffs makes the growth trajectory difficult to forecast, but management remains optimistic about the overall market growth [14][26] Other Important Information - The company completed the delivery of the bulk of ECB orders to a leading memory maker, with further orders expected [4][5] - The strong progress in DCB solidifies the company's leadership in the market [5] Q&A Session Summary Question: Booking direction in the second quarter and advanced packaging booking momentum - Management remains confident that Q2 bookings will be within a similar range compared to the last few quarters, assuming no unexpected impacts from tariffs [21][22] Question: Impact of tariffs on SMT business and capacity expansion - Management noted that while there hasn't been significant direct impact on operations, some customers are evaluating their investment timing and location due to tariffs [26][27] Question: Magnitude of orders from the second HBM customer - Orders from the second HBM customer are smaller compared to the first but are considered meaningful, with two orders already received [42] Question: Progress on chip on wafer tools and customer decisions - Management indicated significant progress from qualification to pilot production, with expectations for orders in the second half of 2025 [50][52] Question: Confidence in follow-on orders from the leading HBM customer - Management is hopeful for follow-on orders and is actively engaging with multiple HBM players [62] Question: OpEx management and future profitability - Management emphasized a balance between protecting future R&D investments and maintaining sensible cost control measures [99][100]

Q1 2025 Results Presentation 30th April 2025 Disclaimer The information contained in this presentation is provided for informational purpose only and should not be relied upon for the purpose of making any investment or for any other purpose. Some of the information used in preparing this presentation was obtained from third parties or public sources. The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no ...

ASMPT (00522) Q1 2025 Earnings Call April 29, 2025 08:30 PM ET Company Participants Justin Tham - VP & CFORobin Ng - Group CEO & Group Executive DirectorKatie Xu - EVP & Group CFOGokul Hariharan - Managing DirectorLeping Huang - Managing Director Conference Call Participants Donnie Teng - AnalystSunny Lin - AnalystKevin Chen - Analyst Justin Tham Good morning and good evening, ladies and gentlemen. This is Justin Tang, and I will be moderating today's call. On behalf of ASMPT Limited, welcome to our first q ...

ASMPT第一季度营收31.2亿港元，预估32亿港元；第一季度 净利润8,360万港元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 ASMPT LIMITED (於開曼群島註冊成立之有限公司) (股份代號: 0522) 截至二零二五年三月三十一日止三個月之 二零二五年第一季度未經審核業績公布 ASMPT Limited 董事會欣然宣布集團截至二零二五年三月三十一日止三個月之未經審核業績。 二零二五年第一季度概要 業績摘要 二零二五年第二季度銷售收入預測 將介乎 4.1 億美元至 4.7 億美元之間，以其中位數計按年+3.0%，按季亦+9.6% 有關上述經調整盈利及經調整每股基本盈利之詳情，請參閲本業績公告之「香港財務報告準則計量與非香港財 務報告準則計量之對賬」一節。 第1頁（共10頁） 第一季度銷售收入達到預測的中位數 新增訂單總額勝過預期 毛利率回升至 40.9% 高頻寬記憶體 TCB 支持客戶的大批量生產 擴大 TCB 客戶群 銷售收入為港幣 31.2 億元(4.02 億美元)，按年-0.5%，按季亦-8.2% 新增訂單總額為 ...

Financial Performance - Total sales revenue for 2024 was HKD 13.23 billion (USD 1.69 billion), a decrease of 10.0% year-on-year[10]. - Operating profit for 2024 was HKD 558 million, down 49.4% year-on-year[10]. - Basic earnings per share for 2024 were HKD 0.83, a decrease of 52.0% year-on-year[10]. - Adjusted earnings for 2024 were HKD 4.26 billion, down 42.8% year-on-year[10]. - The group's consolidated profit after tax for the year was HKD 342 million (adjusted to HKD 426 million according to non-Hong Kong Financial Reporting Standards), a year-on-year decrease of 51.9%[37]. - The total annual revenue for the group decreased by 10.0% to HKD 13.23 billion (USD 1.69 billion), with adjusted profit down by 42.8% to HKD 426 million[30]. - The group's adjusted profit decreased by 42.8% year-on-year to HKD 4.26 billion ($0.54 billion) in 2024[58]. - The total employee cost for the group in 2024 was HKD 5.19 billion, an increase from HKD 5.02 billion in 2023[81]. Orders and Backlog - The total amount of new orders for 2024 was HKD 12.75 billion (USD 1.63 billion), an increase of 4.0% year-on-year[10]. - As of December 31, 2024, the total backlog of orders was HKD 6.05 billion (USD 0.79 billion)[10]. - The total unfulfilled orders at the end of the year reached HKD 6.05 billion ($0.79 billion), with an order-to-delivery ratio of 0.96[55]. - Total new orders for the group reached HKD 12.75 billion ($1.63 billion) in 2024, reflecting a year-on-year increase of 4%[53]. Market Trends and Focus Areas - The company remains optimistic about growth in the semiconductor industry driven by AI applications and advanced packaging trends[14]. - The company is focusing on expanding its market presence in electric vehicles, 5G technology, and IoT[14]. - The company reported a decline in demand from consumer electronics and automotive sectors due to weak consumer spending[15]. - The demand for advanced packaging solutions is driven by the growth in artificial intelligence and high-performance computing applications, with significant orders from major AI companies[42]. - The automotive end market is projected to contribute approximately 20% or $340 million to the group's total sales revenue in 2024, despite a weak market[52]. Segment Performance - The semiconductor solutions segment recorded a year-on-year revenue growth of 24.1% in Q4 2024, driven by strong demand for advanced packaging solutions[30]. - The surface mount technology solutions segment experienced a year-on-year revenue decline of 21.3%, consistent with the overall weak market performance[30]. - The semiconductor solutions segment accounted for approximately 51% of total sales revenue in 2024, with a year-on-year growth of 6.9%[54]. - The surface mount technology solutions division recorded total new orders of HKD 1.11 billion (USD 142 million) in Q4 2024, down 15.8% quarter-over-quarter and 25.9% year-over-year, reflecting a weak global automotive and industrial end market[67]. Research and Development - The company plans to allocate a significant portion of new R&D resources to high-potential areas, including next-generation products like TCB and hybrid bonding[27]. - The group invested approximately HKD 2.08 billion in R&D in 2024, compared to HKD 2.05 billion in 2023, maintaining a strong commitment to technological leadership[71]. - The company is committed to ongoing cost optimization and improving overall profitability in the long term[31]. Dividends and Shareholder Returns - A special dividend of HKD 0.25 per share is proposed, with a total annual dividend of HKD 0.67 per share for 2024[30]. - The total dividend for the fiscal year 2024 is HKD 0.67 per share, down from HKD 1.39 per share in 2023[38]. - The board proposed a final dividend of HKD 0.07 per share and a special dividend of HKD 0.25 per share, compared to HKD 0.26 and HKD 0.52 per share respectively in 2023[38]. Sustainability and Governance - The company continues to focus on sustainability, achieving significant progress in environmental initiatives and aiming for a 25% female board representation by 2025[28]. - ASMPT is committed to achieving net-zero emissions by 2035, with interim targets of a 30% reduction by 2026 and 50% by 2030[82]. - The board aims to achieve a 25% representation of female directors by the end of 2025[83]. - The company emphasizes a positive corporate culture to support employee development and corporate citizenship[146]. Leadership and Management - Leadership transitions are underway, with key promotions aimed at enhancing R&D capabilities and aligning strategies with market demands[25]. - Dr. Hichem M'Saad appointed as CEO and Chairman of ASM International N.V. on May 13, 2024, previously served as CTO since May 16, 2022[111]. - ASM's executive team includes Mr. Guenter Walter Lauber, who has over 20 years of experience in the SMT equipment industry and has been with ASM since its acquisition of SMT business in 2011[113]. - The company emphasizes its leadership in advanced packaging technology and end-to-end solutions to meet stringent industry demands[114]. Corporate Governance - The board consists of ten directors, with two being female, and 60% of the board members are independent non-executive directors[148][152]. - The company has a strong governance structure with a diverse board, including members with backgrounds in law, finance, engineering, and technology[104][105][106][109][110]. - The board has complied with the listing rules requiring at least three independent non-executive directors, with two possessing relevant financial expertise[150]. - The company has adopted a board independence policy to ensure independent opinions are obtained[153]. Employee and Shareholder Engagement - The employee share incentive plan allows for the issuance of up to 40,667,133 new shares, representing 10% of the issued shares as of the approval date in 2019[119]. - The maximum number of shares that can be purchased under the plan for the fiscal year ending December 31, 2025, is 8,329,172 shares, which would result in a 2% dilution for shareholders if fully allocated[120]. - Major shareholders include ASM International N.V. and ASM Pacific Holding B.V., each holding 103,003,000 shares, accounting for 24.73% of the company's equity[127].

Investment Rating - The report maintains a "Buy" rating for ASMPT with a target price of 69 HKD [6][4]. Core Views - The advanced packaging (AP) business is expected to drive revenue growth, with a projected market size of 4 billion USD by 2029, reflecting an 18% CAGR [3][4]. - Despite a decline in overall revenue for 2024, the AP segment showed a 23% year-on-year growth, becoming a key growth engine for the company [1][2]. Summary by Sections 4Q24 Performance Review - ASMPT reported 34.0 billion HKD in revenue for 4Q24, slightly exceeding market expectations, with a year-on-year decline of 10% for the full year [1]. - SEMI business revenue increased by 11% quarter-on-quarter, driven by sales growth in advanced packaging products [2]. - The TCB segment secured significant orders from leading HBM customers, marking a breakthrough in the logic and HBM applications [2]. 1Q25/2025 Outlook - The company anticipates 1Q25 revenue between 370-430 million USD, which is below market expectations [3]. - The demand for advanced packaging remains strong, with expectations for continued growth in this segment [3]. Investment Recommendations - The report projects net profits for 2025, 2026, and 2027 to increase by 75%, 58%, and 58% respectively, reaching 6.05 billion HKD in 2025 [4]. - The target price of 69 HKD is based on a 30x PE for 2026, considering the company's technological advantages in AI-driven advanced packaging [4].

Investment Rating - The report maintains a "BUY" rating for the company with a target price (TP) revised to HK$98.00 from the previous HK$107.00, reflecting a 53% upside potential based on the current price of HK$64.05 [1][4][7]. Core Insights - The company reported 4Q24 revenue at the upper range of guidance, driven by strong Advanced Packaging (AP) growth, although weak margins in both Semiconductor (SEMI) and Surface Mount Technology (SMT) segments led to net income missing estimates. The report emphasizes a positive outlook on structural demand for TCB and other AP tools, particularly in AI applications, despite challenges in mainstream and non-AI sectors [4][10][11]. - The earnings forecasts for 2025 and 2026 have been cut by 28% and 16% respectively, reflecting adjustments in revenue and margin expectations due to competitive dynamics in the packaging business [4][7][27]. Revenue and Earnings Forecasts - Revenue projections for the years ending December are as follows: - 2025E: HK$14,934 million - 2026E: HK$17,908 million - 2027E: HK$20,458 million - Reported net profit estimates are: - 2025E: HK$1,286 million - 2026E: HK$1,771 million - 2027E: HK$2,265 million - Core EPS estimates are: - 2025E: HK$3.088 - 2026E: HK$4.253 - 2027E: HK$5.439 [8][31]. Financial Performance - The company reported a flat revenue of HK$3.4 billion in 4Q24, with gross profit margins decreasing to 37.2%, down from 42.3% in 4Q23. The operating profit margin fell significantly to 0.1% [10][20]. - The 4Q24 results showed a net income of HK$4 million, a drastic decline of 94% year-over-year, primarily due to weak demand in automotive and industrial sectors, along with a one-time restructuring cost of HK$95 million [10][20]. Market Position and Growth Potential - The report highlights that AP revenues are expected to exceed 30% of total revenues and contribute over 50% to net income from 2025 onwards, indicating a strong growth trajectory driven by AI demand [4][11]. - The company aims to capture 35-40% of the global TCB market share by 2027, with significant investments planned for R&D in AP tools [10][11]. Valuation Metrics - The report uses a valuation multiple of 23x the 2026E EPS to assess the company's value, reflecting a competitive landscape in the mainstream packaging business [7][26]. - Key financial metrics include: - Core P/E for 2025E: 20.7x - EV/EBITDA for 2025E: 14.1x - P/B ratio for 2025E: 1.7x [8][31].