Core Insights - The Hang Seng Index Company announced its quarterly review results, including the addition of Sinopharm to the Hang Seng Index, increasing the number of constituent stocks from 88 to 89 [1] - The Hang Seng Tech Index will include Li Auto while removing ASMPT from its constituents [1] Group 1 - The Hang Seng Index will now consist of 89 stocks following the inclusion of Sinopharm [1] - The addition of Sinopharm reflects a strategic move to enhance the index's representation of the healthcare sector [1] - The Hang Seng Tech Index's adjustment indicates a shift in focus towards electric vehicle manufacturers like Li Auto [1]

格隆汇11月21日丨根据联交所最新权益披露资料显示，2025年11月17日，ASMPT(00522.HK)获JPMorgan Chase & Co.以每股均价77.8447港元增持好仓27.67 万股，涉资约2153.96万港元。 | FREE FREE | 大股東/董事/最高行政人員名稱作出披露的 買入 / 南出或涉及的股每股的平均價 | | | | 特有機容的设分數目 | 估已發行的 有關事件的日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | (請參閱上述*註解)有孜崇權版(日/月/年) | | | | | | | | 分目分析 | | CS20251120E00306 | JPMorgan Chase & Co. | 1101(L) | 276,699(L | HKD 77.8447 | 29.186.437(L | 7.00(L)17/11/2025 | | | | | | | 3,026,358(S) | 0.72(S) | | | | | | | 23,665,415(P) | 5.68(P) | | 股份代號: | 005 ...

香港联交所最新资料显示，11月17日，摩根大通增持ASMPT(00522)27.6699万股，每股作价77.8447港 元，总金额约为2153.96万港元。增持后最新持股数目约为2918.64万股，最新持股比例为7%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月17日，摩根大通增持ASMPT(00522)27.6699万股， 每股作价77.8447港元，总金额约为2153.96万港元。增持后最新持股数目约为2918.64万股，最新持股比 例为7%。 ...

Core Viewpoint - The Hong Kong technology stocks experienced a broad rally, with the Hang Seng Technology Index opening up by 0.7% on November 20, 2023 [1] Group 1: Stock Performance - Baidu Group (SW) saw an increase of 3.24%, with a year-to-date gain of 38.81% and a total market capitalization of 315.72 billion [2] - Hua Hong Semiconductor rose by 3.17%, marking a significant year-to-date increase of 283.37%, with a market cap of 144.08 billion [2] - ASMPT increased by 2.93%, with a year-to-date gain of 3.94% and a market cap of 32.17 billion [2] - Kuaishou (W) rose by 2.52%, with a year-to-date increase of 59.21% and a market cap of 281.44 billion [2] - Lenovo Group increased by 2.49%, with a year-to-date gain of 0.97% and a market cap of 122.43 billion [2] - BYD Electronics rose by 2.19%, but has a year-to-date decline of 18.95%, with a market cap of 75.66 billion [2] - SMIC (中芯国际) increased by 2.19%, with a year-to-date gain of 134.59% and a market cap of 596.81 billion [2] - Horizon Robotics (W) saw an increase of 1.87%, with a year-to-date gain of 111.94% and a market cap of 111.79 billion [2] - Tongcheng Travel rose by 1.78%, with a year-to-date increase of 20.53% and a market cap of 51.02 billion [2] - JD Health increased by 1.64%, with a year-to-date gain of 142.70% and a market cap of 218.34 billion [2] - Midea Group rose by 1.56%, with a year-to-date increase of 23.19% and a market cap of 673.98 billion [2] - SenseTime (W) increased by 1.43%, with a year-to-date gain of 42.95% and a market cap of 82.38 billion [2] - Alibaba (W) rose by 1.21%, with a year-to-date increase of 96.77% and a market cap of 3 trillion [2] - Meituan (W) saw a smaller increase of 0.97%, with a year-to-date decline of 34.77% and a market cap of 604.73 billion [2]

Group 1: Event Overview - The 8th China International Import Expo (CIIE) has commenced at the National Exhibition and Convention Center in Shanghai, showcasing international semiconductor industry vendors and their latest collaborative innovations with Chinese industries [1] Group 2: High-End Storage Products - The global storage industry is projected to reach a market size of $193.8 billion in 2025, driven by AI computing, with a year-on-year growth of 17%, and DRAM expected to account for 67% of this market [2] - Major storage companies showcased GDDR7, a product designed for high-performance computing systems that can work in tandem with AI accelerators, alongside other products like PM1753 [2] - SK Hynix introduced several products including GDDR6-AiM and eSSD, highlighting GDDR7's 60% speed increase and over 50% energy efficiency improvement compared to its predecessor [4] Group 3: AI Innovations - "Artificial Intelligence+" is recognized as a core driver for high-quality economic development, enhancing collaboration between overseas companies and China's industry [7] - AMD's booth featured the Ryzen Mini AI workstation, equipped with the Ryzen AI MAX+ 395 processor, which integrates CPU, GPU, and NPU capabilities, addressing challenges in data security and deployment costs for developers and SMEs [7] - The cost of deploying AI solutions has significantly decreased, with local AI conference solutions being developed based on AMD's workstation, making them more accessible to enterprises [9] Group 4: Equipment Manufacturers - Key semiconductor equipment manufacturers participated in the expo, showcasing their capabilities in providing solutions for various packaging nodes and advanced packaging processes [12] - ASMPT announced a $50 million semiconductor packaging equipment order with Gansu Tianshui Huaten Electronics Group, indicating strong demand in the market [12] - ASML presented advancements in lithography technology, including the TWINSCAN NXT:870B, which can produce over 400 wafers per hour, and the TWINSCAN XT:260, which enhances production efficiency by four times for advanced packaging [13] Group 5: Collaborative Spirit - The event emphasized the importance of openness and collaboration among companies, reflecting China's willingness to deepen market engagement and foster partnerships in the semiconductor sector [13]

Core Viewpoint - ASMPT's Q3 revenue met expectations, benefiting from advanced packaging and mainstream business driven by AI technology [1] Financial Performance - Gross margin was 35.7%, influenced by product mix [1] - Net loss was 269 million yuan, primarily due to the liquidation of the Shenzhen factory; adjusted profit for the quarter was 102 million yuan after excluding restructuring costs and inventory write-offs [1] Future Outlook - Revenue forecast for 2025 was reduced by 5% to 13.56 billion yuan, and net profit forecast was cut by 75% to 250 million yuan due to order cancellations and the restructuring of the Shenzhen factory, which has been completed [1] - 2026 profit forecast remains unchanged [1] - The rating of "outperforming the industry" is maintained, supported by market optimism regarding the company's AP business and an upward adjustment of the market valuation center [1] - Target price increased by 25% to 90 HKD [1]

Core Insights - ASMPT reported third-quarter results that met expectations, driven by advanced packaging and mainstream business benefiting from AI technology [1] - The gross margin was 35.7%, influenced by the product mix [1] - The net loss was 269 million yuan, primarily due to the impact of the Shenzhen factory liquidation; adjusted profit for the quarter was 102 million yuan after excluding restructuring costs and inventory write-offs [1] Financial Performance - Third-quarter new orders totaled 463 million USD, with a cancellation from a high-density substrate manufacturer affecting the original order total of 487 million USD [1] - Revenue for the third quarter met expectations, but profit fell short of the bank's forecasts [1] - Revenue forecast for 2025 was reduced by 5% to 13.56 billion yuan, and net profit forecast was cut by 75% to 250 million yuan; 2026 profit forecast remains unchanged [1] Market Outlook - The company maintains a "outperform" rating due to positive market sentiment towards its AP business and an upward shift in market valuation [1] - Target price was raised by 25% to 90 HKD [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | ASMPT Limited | | | | | | 呈交日期: | 2025年11月3日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00522 | 說明 | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 500,000,000 HKD | | 0.1 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | HKD | | | | 本月底結 ...

Core Insights - ASMPT reported 3Q25 revenue of HKD 36.61 billion (USD 4.68 billion), a year-on-year increase of 9.5% and a quarter-on-quarter increase of 7.6%, aligning with expectations, primarily benefiting from AI-driven advanced packaging and mainstream businesses [1] - The gross margin was 35.7%, down 5.32 percentage points year-on-year and 4.05 percentage points quarter-on-quarter, mainly due to product mix effects [1] - The net loss was HKD 2.69 billion, significantly impacted by the Shenzhen factory liquidation; adjusted profit for the quarter was HKD 1.02 billion after excluding restructuring costs and inventory write-offs [1] Revenue and Orders - In 3Q25, semiconductor business revenue was USD 2.40 billion, down 6.5% quarter-on-quarter but up 5.0% year-on-year, with new orders of USD 2.08 billion, down 1.7% quarter-on-quarter and down 12.4% year-on-year [1] - SMT business secured USD 2.55 billion in orders, down 5.0% quarter-on-quarter but up 51.8% year-on-year, driven by advanced packaging demand and electric vehicle demand in China [1] Future Guidance and Developments - The company guided for 4Q25 revenue between USD 4.7 billion and USD 5.3 billion, with a midpoint indicating a year-on-year increase of 14.3% and a quarter-on-quarter increase of 6.8% [1] - Continuous development of new products in advanced packaging, including TCB solutions for 12-layer fourth-generation high-bandwidth memory, has received multiple HBM orders [2] - The company’s C2W ultra-fine pitch TCB plasma active removal solution has passed quality and reliability certification from leading wafer foundry clients and is ready for mass production [2] Profit Forecast and Valuation - Due to one-time order cancellations and the Shenzhen factory restructuring, the company has lowered its 2025 revenue forecast by 5% to HKD 135.60 billion and net profit forecast by 75% to HKD 2.5 billion, while maintaining the 2026 profit forecast [2] - The current stock price corresponds to a 22x 2026e P/E ratio, with a maintained outperform rating and a target price increase of 25% to HKD 90, reflecting a 24x 2026e P/E ratio and a 10% upside potential [2]