Investment Rating - The report maintains a "Buy" rating for ASMPT, indicating a positive outlook for the company in the semiconductor packaging equipment industry [2][3]. Core Insights - ASMPT's Q2 2024 revenue reached HKD 33.4 billion, a year-over-year decline of 14.3% but a quarter-over-quarter increase of 6.5%. Net profit for the same period was HKD 1.37 billion, down 55.6% year-over-year and down 23.0% quarter-over-quarter [2]. - The semiconductor segment showed resilience with a revenue increase of 0.4% year-over-year and 20.9% quarter-over-quarter, driven by TCB equipment demand. In contrast, the SMT segment faced a significant revenue decline of 25.2% year-over-year [2]. - The company has made significant progress in TCB and HBM equipment, achieving industry-leading precision and securing new customer orders, including breakthroughs in the logic and HBM markets [2]. - Revenue forecasts for 2024-2026 have been adjusted to HKD 146.22 billion, HKD 176.76 billion, and HKD 204.78 billion, respectively, with net profit estimates of HKD 9.04 billion, HKD 15.53 billion, and HKD 22.21 billion [2]. Financial Performance Summary - Q2 2024 revenue: HKD 33.4 billion, down 14.3% YOY, up 6.5% QOQ [2] - Q2 2024 net profit: HKD 1.37 billion, down 55.6% YOY, down 23.0% QOQ [2] - Semiconductor revenue: HKD 16.6 billion, up 0.4% YOY, up 20.9% QOQ [2] - SMT revenue: HKD 16.8 billion, down 25.2% YOY, down 4.7% QOQ [2] - New orders in Q2 2024: HKD 17.4 billion for semiconductor, HKD 13.9 billion for SMT [2] Financial Projections - Revenue projections for 2024: HKD 14.622 billion, 2025: HKD 17.676 billion, 2026: HKD 20.478 billion [3][10] - Net profit projections for 2024: HKD 904 million, 2025: HKD 1.553 billion, 2026: HKD 2.221 billion [3][10] - EPS projections: 2024: HKD 2.18, 2025: HKD 3.75, 2026: HKD 5.36 [10]

Financial Performance - For the six months ended June 30, 2024, the sales revenue was HKD 6.48 billion (USD 829 million), a decrease of 17.1% year-on-year and 5.8% half-on-half[4]. - The net profit for the same period was HKD 314 million, down 49.6% year-on-year but up 255.2% half-on-half[4]. - The basic earnings per share for the first half of 2024 was HKD 0.76, a decrease of 50.0% year-on-year but an increase of 245.5% half-on-half[4]. - The gross margin for the first half of 2024 was 40.9%, an increase of 67 basis points year-on-year and 276 basis points half-on-half[3]. - The total new orders for the first half of 2024 amounted to HKD 6.32 billion (USD 809 million), a decrease of 3.6% year-on-year but an increase of 11.0% half-on-half[3]. - The forecasted sales revenue for the third quarter of 2024 is expected to be between USD 370 million and USD 430 million, representing a year-on-year decrease of 9.9% and a quarter-on-quarter decrease of 6.4%[3]. - The company declared an interim dividend of HKD 0.35 per share, down 42.6% from HKD 0.61 in 2023[5]. - The group’s basic earnings per share for the six months ended June 30, 2024, were HKD 0.76, compared to HKD 1.52 in the same period of 2023[28]. Segment Performance - The advanced packaging solutions segment showed strong momentum, contributing a higher percentage to the total new orders in the first half of 2024[6]. - The semiconductor solutions segment experienced a mixed performance, with increased customer inquiries but still showing scattered order patterns[6]. - Advanced packaging solutions accounted for approximately 25% of total sales revenue in the first half of 2024, amounting to about $210 million, driven by demand from generative AI and high-performance computing applications[7]. - Automotive applications contributed the highest proportion to total sales revenue at approximately 24% or $200 million in the first half of 2024, despite a slowdown in the automotive market[10]. - The photonics solutions segment received significant orders in the first half of 2024, driven by strong growth in optical transceivers to meet the demands of generative AI and 5G networks, with a projected CAGR of 31% from 2024 to 2028[9]. Order and Revenue Trends - The total backlog as of June 30, 2024, was HKD 6.40 billion (USD 820 million)[3]. - The total new order amount for advanced packaging solutions in the first half of 2024 showed significant year-on-year and half-year growth, with TCB solutions continuing to gain momentum in Q2 2024[7]. - The group’s sales revenue for Q2 2024 was HKD 3.34 billion (USD 427 million), representing a quarterly growth of 6.5% driven by the semiconductor solutions segment[14]. - The total new orders amounted to HKD 3.12 billion (USD 399 million), a slight quarterly decline of 2.4%, but an annual increase of 3.5%[14]. - The semiconductor solutions segment's sales revenue grew 20.9% quarter-over-quarter to HKD 1.66 billion (USD 213 million), driven by various business units[15]. - The semiconductor solutions segment's new orders increased 11.6% quarter-over-quarter to HKD 1.74 billion (USD 222 million), with a year-over-year growth of 36.7%[16]. Financial Position and Liquidity - The company maintained a strong liquidity position with total cash and bank deposits of HKD 5.44 billion and bank borrowings of HKD 2.53 billion as of June 30, 2024[13]. - As of June 30, 2024, the group's cash and bank deposits totaled HKD 5.44 billion (USD 688 million), an increase from HKD 4.80 billion as of December 31, 2023[21]. - As of June 30, 2024, the group’s unsecured bank borrowings amounted to HKD 2.5 billion, an increase from HKD 2.0 billion as of December 31, 2023[23]. - The group’s cash holdings are primarily in USD, EUR, and RMB, with hedging contracts established to mitigate foreign exchange risks[23]. Employee and Operational Insights - The group’s total employee cost for the first half of 2024 was HKD 2.53 billion, compared to HKD 2.49 billion in the same period of 2023[26]. - The group employed approximately 10,800 staff as of June 30, 2024, with a significant presence in China and Singapore[26]. - The group has implemented a global human resources information system (HRIS) to enhance operational efficiency across all locations[26]. Research and Development - The group plans to invest approximately HKD 250 million in R&D in 2024, maintaining a commitment to innovation and technology advancement[20]. - Research and development expenses for the six months ended June 30, 2024, were HKD 993.2 million, slightly down from HKD 999.9 million in the same period of 2023[27]. Corporate Governance - The company has adhered to all provisions of the corporate governance code as of June 30, 2024[62]. - The audit committee consists of four independent non-executive directors and one non-executive director, all with extensive experience in auditing and regulatory matters[63]. - The board of directors includes a diverse group of independent and non-executive members, ensuring a broad range of expertise[65]. Tax and Financial Expenses - The income tax expense for the six months ended June 30, 2024, was HKD 140,730, compared to HKD 255,993 for the same period in 2023[46]. - Total financial expenses for the six months ended June 30, 2024, were HKD 105,544, up from HKD 78,246 in the previous year[45].

Investment Rating - The report gives ASMPT a "Recommend" rating, citing its leading position in the semiconductor packaging equipment industry and growth potential driven by downstream computing applications [1] Core Views - ASMPT is a global leader in semiconductor packaging equipment, with strong product capabilities and a leading market share in die bonding and wire bonding equipment [1][18] - The company's advanced packaging business, driven by AI and high-performance computing, is expected to be a major growth driver, with a projected CAGR of 18% from 2024 to 2028 [1][23] - The SMT business is shifting focus to the automotive electronics market, which is expected to drive future growth [1][37] Business Overview SEMI Business - ASMPT holds a leading market share in die bonding (31% globally) and wire bonding (30% in China) equipment [18] - The advanced packaging segment contributed 22% of total revenue in 2023 (HK$3.1 billion), with TCB and HB equipment being key products for AI and HBM applications [1][22][23] - The SEMI business is expected to recover in 2024, driven by advanced packaging demand, with revenue projected to grow 25% YoY to HK$7.96 billion [42] SMT Business - The SMT business generated HK$8.33 billion in revenue in 2023, down 10% YoY, with automotive electronics being a key growth driver [1][37] - Revenue from automotive terminal applications reached approximately $410 million in 2023 [1][37] - The SMT business is expected to recover gradually, with revenue projected to grow 10% YoY in 2025 and 2026 [42] Financial Projections - Revenue is projected to grow from HK$14.7 billion in 2023 to HK$21.3 billion in 2026, with a CAGR of 13.2% [1][43] - Net profit is expected to increase from HK$715 million in 2023 to HK$2.89 billion in 2026, with a CAGR of 59.2% [1][43] - The PE ratio is expected to decline from 59x in 2023 to 14x in 2026, indicating significant earnings growth [1][43] Market Opportunities - The global semiconductor packaging equipment market is projected to grow from $5.78 billion in 2022 to $5.95 billion in 2025 [18] - The advanced packaging market is expected to grow from $44.3 billion in 2022 to $78.6 billion in 2028, driven by AI and high-performance computing [20][23] - The HBM market is expected to drive demand for TCB equipment, with ASMPT well-positioned to benefit from this trend [32][35] Competitive Advantages - ASMPT has a comprehensive product portfolio covering all major steps in the electronic manufacturing process [6] - The company has a strong R&D focus, with R&D expenses increasing from HK$1.95 billion in 2021 to HK$2.05 billion in 2023 [15] - Strategic acquisitions have strengthened ASMPT's product lines and market position, including the 2011 acquisition of SEAS and the 2014 acquisition of ALSI [18][19]

2024年4月25日 公司研究 先进封装加速出货，半导体行业缓慢复苏，24H2 业绩有望持续改善 ——ASMPT（0522.HK）2024 年一季度业绩点评 要点 增持（维持） 事件：公司发布24Q1业绩，营收4.01亿美金对应31.4亿港币，YoY-20%， 当前价：102.30港元 QoQ-8%，位于此前指引区间3.7~4.3亿美金的中值。其中半导体解决方案业 务营收 1.76 亿美金，YoY-11%，QoQ-14%，系半导体仍处下行周期；SMT 作者 业务营收2.26亿美金，YoY-26%，QoQ-3%，系SMT需求常态化。Q1毛利 率环比下滑 0.4pct 至 41.9%，系 SMT 业务毛利率下滑，部分被半导体业务 分析师：付天姿 毛利率增长而抵消；其中 SMT 业务毛利率环比下滑 1.2pct 至 39.7%，系产 执业证书编号：S0930517040002 021-52523692 品组合调整，半导体业务毛利率环比增长0.9pct至44.6%。24Q1净利润1.77 futz@ebscn.com 亿港币，YoY-44%，QoQ+135%，对应净利率5.7%，对应EPS 0.43港币。 半导体业务 ...

Investment Rating - Buy (maintained) [2] Core Views - Despite the weak recovery in traditional packaging business in 2024, TCB equipment shipments are expected to significantly exceed 2023 levels, with higher value and profit margins compared to traditional packaging, driving overall net profit recovery in 2024 [3] - TCB equipment is expected to continue rapid growth in 2025-2026, with traditional packaging business recovery and operational leverage driving profitability improvement, leading to high net profit growth in 2025-2026 [3] - The 2024 net profit forecast is revised down to HKD 1 billion from HKD 1.1 billion, while the 2025 net profit forecast remains at HKD 2 billion, and the 2026 net profit forecast is revised up to HKD 2.7 billion from HKD 1.9 billion, with YoY growth rates of 35.8%, 109.6%, and 31.7% respectively [3] - The current stock price of HKD 102.3 corresponds to 2024-2026 P/E ratios of 43.4x, 20.7x, and 15.7x, maintaining a "Buy" rating [3] Financial Performance - 2024Q1 revenue was USD 401 million, down 8% QoQ, within the guidance range of USD 370-430 million [4] - Semiconductor solutions division revenue fell 14% QoQ, while SMT business revenue declined 3% QoQ [4] - New orders in 2024Q1 were USD 409 million, up 17% QoQ, with 2024Q2 revenue guidance of USD 380-440 million, indicating a 2.2% QoQ growth at the midpoint, primarily driven by advanced packaging [4] TCB Equipment Prospects - TCB equipment is expected to see rapid growth due to its technological leadership, with significant progress in both logic and memory customers [5] - For logic customers, TCB equipment is expected to be adopted in the C2W process, requiring higher quantities and offering higher value due to precision control requirements [5] - For memory customers, the transition from 8hi to 12hi and 16hi HBM increases I/O density and thinner chips, making traditional MR solutions less viable and driving the adoption of TCB equipment [5] - TCB equipment for 12hi HBM is already in production and delivery, with further growth expected in 2025 as 12hi HBM becomes more widely adopted [5] Financial Forecasts - Revenue forecasts for 2024-2026 are HKD 14.424 billion, HKD 17.951 billion, and HKD 19.789 billion, with YoY growth rates of -1.86%, 24.46%, and 10.24% respectively [6] - Net profit forecasts for 2024-2026 are HKD 972 million, HKD 2.037 billion, and HKD 2.682 billion, with YoY growth rates of 35.84%, 109.64%, and 31.68% respectively [6] - Gross margins are expected to improve from 42.60% in 2024 to 46.16% in 2026, while net margins are forecasted to rise from 6.74% in 2024 to 13.56% in 2026 [6] - ROE is projected to increase from 6.31% in 2024 to 14.65% in 2026, with EPS growing from HKD 2.4 in 2024 to HKD 6.5 in 2026 [6]

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) 截至二零二四年三月三十一日止三個月之 二零二四年第一季度未經審核業績公布 訂單對付運比率高於一 先進封裝推動新增訂單總額按季增長 集團財務概要: 二零二四年第一季度 非香港財務報告準則計量1 二零二四年第二季度銷售收入預測 ASMPT Limited 董事會欣然宣布集團截至二零二四年三月三十一日止三個月之未經審核業績如 下： 業績摘要 ASMPT Limited 及其附屬公司 (「集團」或「ASMPT」) 於截至二零二四年三月三十一日止三個月 (「二零二四年第一季度」)錄得銷售收入為港幣31.4億元(4.01億美元)，按年減少19.9%。集團於 二零二四年第一季度綜合除稅後盈利為港幣1.77億元，去年度同期盈利則為港幣3.15億元。二零 二四年第一季度的每股基本盈利為港幣0.43元，而二零二三年第一季度的每股基本盈利 ...

Investment Rating - The report initiates coverage on ASMPT with a "Buy" rating and a target price of HK$150.00, representing a potential upside of 50% from the current price of HK$100.00 [1][8]. Core Insights - ASMPT is positioned as a leader in the thermocompression bonding (TCB) market, with the largest installed base globally and a strong technological advantage, making it the preferred solution for chip-to-substrate (C2S) and chip-to-wafer (C2W) bonding in AI and high-performance computing (HPC) applications [4][10]. - The advanced packaging segment has seen significant growth, contributing 22% of ASMPT's total sales in 2023, and is expected to drive valuation re-rating as the company shifts focus towards higher-margin, faster-growing advanced packaging solutions [6][8]. - The report highlights the importance of electrochemical deposition (ECD) equipment, which is increasingly recognized as a critical tool in advanced packaging, with potential for significant profit growth due to its high margins and strategic positioning in the market [5][20]. Summary by Sections Investment Overview - ASMPT is recognized as a key enabler in the TCB market, with its Firebird series being the leading technology for advanced packaging applications [4][9]. - The company has a strong customer base primarily consisting of foundries and integrated device manufacturers (IDMs), which supports its growth in advanced packaging [17]. Financial Analysis - The report forecasts a compound annual growth rate (CAGR) of 17% for ASMPT's sales from 2023 to 2026, driven by increasing orders in semiconductor solutions [2][6]. - The gross margin is expected to improve gradually, supported by high R&D investments and operational leverage [2][6]. Valuation - The target price of HK$150.00 is based on a 25x P/E ratio for 2025, which is above the historical average since 2020 when advanced packaging began contributing significantly to revenue [8][6]. - The report suggests that ASMPT's current stock price is undervalued compared to its global peers, considering its strategic shift towards higher-value advanced packaging [8][6].

Financial Performance - The company reported a revenue of 122.6 million, representing a decrease of 33.5% year-over-year[11]. - The gross margin for the period was 39.3%, down 72.8% compared to the previous year[11]. - Total revenue for the period was $14,697,489, a decrease from $19,363,495 in the previous period, representing a decline of approximately 24.5%[14]. - The net loss for the period was $(8,923,861), compared to a loss of $(11,397,547) in the previous period, indicating an improvement of about 21.7%[14]. - Operating income was $5,773,628, up from $7,965,948, reflecting a decrease of approximately 27.5%[14]. - ASMPT reported a revenue of $1.2 billion for Q2 2023, reflecting a 15% year-over-year increase[18]. - The company reported a significant increase in user engagement metrics, with a 37.0% rise in active users compared to the previous period[17]. - ASMPT Limited reported a revenue of $147.0 million, representing a 24.1% increase year-over-year[25]. - The company achieved a gross margin of 72.8%, with a net income of $7.45 million, reflecting a significant growth in profitability[25]. - ASMPT Limited reported a revenue of 1,493.1 million, down 8.7% year-over-year, with a net income of 6,919.3 million, down 27.7%[38]. - The company reported a revenue of 48.0 million, representing a 10.4% increase compared to the previous period[43]. - ASMPT Limited reported a revenue of 1.2 billion for the last quarter, representing a year-over-year increase of 15%[57]. - The company reported a revenue of 1.5 billion, reflecting a year-over-year growth of 32%[140]. - ASMPT LIMITED reported a revenue increase of 12% year-over-year, reaching $1.2 billion for the quarter[152]. User Engagement - User data shows a significant decline in engagement, with a drop of 71.4% in active users[12]. - User data indicated a 20% increase in active users across their platforms, reaching 2 million[19]. - User data showed a growth of 37% in active users, with a 10% increase in user engagement metrics[34]. - User data indicated a total of 711,501 compared to 2,618,067 in the previous period, representing a decrease of about 73%[120]. - User data showed a significant increase in customer demand, with a backlog of orders growing by 40% compared to the previous quarter[26]. - User data showed a total of 2,001,100 active users, with a growth of 2% in user engagement metrics[62]. - User data indicated a 20% increase in active users, reaching a total of 5 million users[117]. - User data showed a 25% increase in active users, totaling 2 million users across its platforms[146]. Strategic Initiatives - The company is strategically positioning itself to capitalize on the growth of generative AI and high-performance computing[1]. - Future guidance indicates a focus on expanding market presence and enhancing product offerings[1]. - The company is investing in new product development and technology advancements to drive future growth[1]. - The company is exploring potential mergers and acquisitions to strengthen its market position[1]. - New strategic initiatives are being implemented to enhance customer experience and satisfaction[1]. - The company plans to pursue strategic acquisitions to enhance its technology portfolio, with a budget allocation of $500 million for potential targets[17]. - ASMPT Limited is exploring potential acquisitions to enhance its technology portfolio and market reach[43]. - The company is exploring strategic acquisitions to enhance its product portfolio and market presence, with a budget of $300 million allocated for potential deals[151]. Market Expansion - The company aims to improve operational efficiency and reduce costs in the upcoming quarters[1]. - The company is focusing on market expansion strategies, targeting a 24.1% increase in market share in key regions[17]. - ASMPT plans to expand its market presence in Asia, targeting a 25% increase in market share by the end of 2024[19]. - The company is focusing on expanding its market presence in Asia, particularly in the semiconductor sector[43]. - ASMPT Limited plans to expand its market presence in Asia, targeting a 20% increase in market share over the next fiscal year[110]. - The company plans to expand its market presence in Asia, targeting a 30% increase in market share by 2025[118]. - The company is focusing on market expansion strategies, particularly in the Asia-Pacific region, to enhance its market share[107]. Research and Development - Research and development expenses increased to $1,036,011, up from $3,412,991, highlighting a commitment to innovation despite overall revenue decline[14]. - The company is investing $100 million in R&D for new product development, focusing on 5G and 6G technologies[19]. - ASMPT Limited's R&D expenses were reported at $1.82 million, indicating a focus on innovation and product development[25]. - The company is investing in new technologies, particularly in the area of advanced packaging solutions, to enhance its competitive edge[26]. - The company is investing in new product development, particularly in advanced packaging technologies, to enhance its market position[110]. - ASMPT LIMITED is investing $200 million in R&D for new technologies aimed at enhancing production capabilities[141]. - The company is enhancing its R&D capabilities, with a budget increase of 10% allocated for the upcoming fiscal year[134]. Financial Outlook - Future guidance indicates a projected revenue growth of 10% for the next quarter, with expectations of reaching $16 billion[17]. - Future guidance indicates a cautious outlook, with expectations of continued revenue challenges in the upcoming quarters[122]. - The company provided a future outlook with a revenue guidance of $160 million in revenue for the next quarter, reflecting a positive outlook[26]. - The company provided a future outlook with a revenue guidance of 30,828,033 million, indicating a projected growth of 7.44%[60]. - The company provided guidance for the next quarter, expecting revenue to be between $16.5 billion and $17 billion, indicating a potential growth of 4% to 7%[126]. - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues between $1.3 billion and $1.4 billion[149]. Sustainability Initiatives - The company is prioritizing sustainability initiatives as part of its long-term strategy, aiming to reduce its carbon footprint[46]. - The company has outlined plans to increase its operational efficiency, targeting a reduction in costs by 10% over the next year[47]. - The company emphasized its commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2025 as part of its corporate strategy[74]. - The company is committed to sustainability initiatives, with plans to reduce its carbon footprint by 20% over the next five years[134]. - The company is implementing a new strategy focusing on sustainability, aiming to reduce operational costs by 5% over the next year[136].

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Views - The company is expected to benefit from the gradual recovery of semiconductor demand and the increasing needs driven by AI, which may help it return to a growth trajectory [3][12]. - The advanced packaging equipment product portfolio is comprehensive, covering various chip packaging processes, including TCB, which is expected to see significant demand growth due to AI and digital economy trends [3][26]. - The company faced a significant decline in performance in 2023 due to industry demand downturn, but the fourth quarter showed signs of recovery with improved gross margins [12][15]. Summary by Sections 1. Global Leader in Semiconductor Backend Equipment Solutions - The company is a leading provider of semiconductor and electronic manufacturing hardware and software solutions, with a diverse product range [7]. - The advanced packaging market is expected to open new growth opportunities as demand recovers [12]. 2. AI and Digital Economy Driving High Computing Demand - The demand for high-performance chips, including GPUs and AI chips, is projected to grow significantly, with the global GPU market expected to reach $185.31 billion by 2027, reflecting a CAGR of 33% from 2021 to 2027 [21][24]. - The company is well-positioned to benefit from this trend due to its comprehensive coverage of advanced packaging solutions [3][29]. 3. TCB/Advanced Packaging Equipment Accelerating Iteration - The company’s TCB equipment is leading in precision and efficiency, with the second-generation TCB devices achieving improved throughput and accuracy [30][32]. - The TCB market is expected to grow significantly, with estimates suggesting a market size increase from $93 million in 2021 to $533 million by 2031, reflecting a CAGR of 19.1% [33]. 4. Financial Summary - In 2023, the company reported revenue of HKD 14.697 billion, a year-over-year decline of 24.10%, and a net profit of HKD 715.35 million, down 72.70% year-over-year [4][12]. - The fourth quarter of 2023 showed a gross margin improvement to 42.3%, up 8.7 percentage points year-over-year, indicating a potential recovery in profitability [14][15].

智通财经APP获悉，大华继显发布研究报告称，看好ASMPT(00522)的前景，是基于GenAI技术的加速发展，对高端人工智慧(AI)芯片的设计及要求提升，认为ASMPT作为全球领先的热压键合(TCB)芯片封装技术供应商，有望从中受益，因而，首次给予“买入”评级，目标价115港元。 该行指出，TCB是AI芯片演进的关键支柱。在TCB应用迅速扩张的推动下，全球TCB市场规模预计在2023至2026年的3年复合年增长率(CAGR)可达63%。尽管料ASMPT将因新进入者的竞争而失去部分市场份额，但预计其TCB业务仍将以49%的3年CAGR增长，其收入贡献将从2023年的6.4%大增至2026年的14.1%。此外，该行估计集团半导体解决方案(SEMI solutions)和其他先进封装解决方案将于今年复苏。 ...