ASMPT（0522.HK）2024 年中报点评 先进封装进展顺利，SMT 需求下行短期压制业绩 2024 年 07 月 25 日 事件：7 月 24 日，ASMPT 发布 2024 年中报，公司 2024 年 Q2 单季度实现营 收 33.4 亿港元，YOY -14.3%，QOQ +6.5%；实现净利润 1.37 亿港元，YOY - 55.6%，QOQ -23.0%。 ➢ Q2 业绩符合预期，SMT 需求走弱 Q3 指引承压。公司 24Q2 单季度营收 33.4 亿港元（4.27 亿美元），YOY -14.3%，QOQ +6.5%，接近前期指引上限 （指引 3.8-4.4 亿美元）。分业务来看，半导体业务保持了较好的增长趋势，SMT 业务则仍受限于需求下行： 半导体方面，24Q2 实现收入 16.6 亿港元，YOY +0.4%，QOQ +20.9%，净利 润 0.9 亿港元，YOY +218.3%，毛利率 44.5%，YOY +1.83pct，新签订单 17.4 亿港元，YOY +36.7%，QOQ +11.6%。高增长主要来自 TCB 设备的拉动。 SMT 方面，24Q2 实现收入 16.8 亿港元，YO ...

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分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） 截至二零二四年六月三十日止六個月之 二零二四年度未經審核中期業績公布 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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  銷售收入為港幣 31.4億元(4.01 億美元)，按年-19.9%，按季亦-7.8%  新增訂單總額為港幣32.0 億元(4.09 億美元)，按年-9.8%，按季則+17.0%  毛利率為41.9%，按年+145 點子，按季則-40 點子  經營利潤率為7.6%，按年-425 點子，按季則+218 點子 ...

2024 年4 月9 日 半导体: 中性 授权转发报告/ 首次覆盖报告 ASMPT (522 HK, 买入, 目标价: HK$150.00) 变现正确的先进封装技术路径指日可待；首次覆盖给予“买 入”评级 目标价: HK$150.00 当前股价: HK$100.00 股价上行/下行空间 +50% • 热压键合领域（先进封装键合方案中成本/性能之首选）无可匹敌的技术领头羊；电化 52周最高/最低价 (HK$) 108.80/57.65 学沉积设备是ASMPT 先进封装扩张故事中的一颗隐藏宝石。 市值 (US$mn) 5,295 • 盈利能力与快速增长、利润率更高的先进封装业务挂钩，推动估值重塑。 当前发行数量(百万股) 415 • 首次覆盖给予“买入”评级，目标价150.00 港元为市场最高（25x 2025E P/E）。 三个月平均日交易額 18 (US$mn) 此港股通报告之英文版本于2024 年4 月3 日上午6 时由华兴证券（香港）发布。中 流通盘占比 (%) 75 文版由华兴证券的王一鸣（证券分析师登记编号：S1680521050001）审核。如果您想 主要股东 (%) ASMI 25 进一步讨论本报 ...

先 進 封 裝 業 績 穩 健 戰略布局迎接生成式人工智能及高性能計算的增長 ...

股 票 研 究 [Table_industryInfo] 电子元器件 [ Table_Main[ AI Tn Safb Mol]e _ PT Tit（le] 0522） [评Tab级le_：Inv est] 增持 当前价格（港元）： 97.85 半导体需求逐步复苏，AI 驱动先进封装业务高增 2024.03.28 海 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 58.20- 舒迪(分析师) 陈豪杰(研究助理) 108.30 公 021-38676666 021-38038663 当前股本（百万股） 415 司 shudi@gtjas.com chenhaojie026733@gtjas.com 当前市值（百万港元） 40,559 证书编号 S0880521070002 S0880122080153 （ 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 国 AI+数字经济催生高算力需求，公司全面覆盖先进封装解决方案，并加速迭代TCB设 备，有望深度受益。 ASMPT 恒生指数 香 摘要： 港 45% [T able投_S资um建m议ar：y]2 023 年公 ...

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。 ...