Investment Rating - The report assigns a neutral investment rating to ASMPT (0522.HK) with expectations of revenue guidance for Q3 2024 indicating a decline compared to Q2 [32][33]. Core Insights - ASMPT reported Q2 2024 revenue of $427 million, a quarter-over-quarter increase of 6.5% but a year-over-year decrease of 14.1%. The gross margin was 40.0%, slightly down from the previous quarter [4][5]. - The semiconductor solutions segment showed strong performance with Q2 revenue of $213 million, up 21.0% quarter-over-quarter and 0.9% year-over-year, driven by TCB technology and demand from high-end automotive applications [6][7]. - The SMT solutions segment faced challenges, with Q2 revenue of $215 million, down 4.9% quarter-over-quarter and 24.8% year-over-year, primarily due to a slowdown in the automotive and industrial markets [8][9]. - The company expects Q3 2024 revenue to be between $370 million and $430 million, indicating a quarter-over-quarter decline of 6.4% and a year-over-year decline of 9.9% [9]. Summary by Sections Overall Performance - Q2 2024 revenue was $427 million, with a gross margin of 40.0% and an operating profit margin of 4.0%. New orders totaled $399 million, reflecting a quarter-over-quarter decrease of 2.4% but a year-over-year increase of 3.9% [4][5]. Revenue Breakdown by Business Semiconductor Solutions - Revenue for Q2 2024 was $213 million, with a gross margin of 44.5%. New orders amounted to $222 million, up 11.6% quarter-over-quarter and 37.0% year-over-year [6][7]. SMT Solutions - Revenue for Q2 2024 was $215 million, with a gross margin of 35.6%. New orders decreased to $177 million, down 15.7% quarter-over-quarter and 20.6% year-over-year [8][9]. Q3 2024 Guidance - The company maintains an optimistic outlook for advanced packaging, while the traditional packaging business is expected to recover slower than anticipated. The SMT market is expected to remain weak [9].

Investment Rating - The report maintains a "Buy" rating for ASMPT (0522.HK) [2] Core Views - The semiconductor recovery is slower than expected, with traditional packaging and SMT (Surface Mount Technology) businesses under pressure, while advanced packaging driven by AI is seen as a long-term growth point for the company [1][2] - The company reported Q2 2024 revenue of USD 427 million (HKD 3.34 billion), a year-on-year decrease of 14.3% but a quarter-on-quarter increase of 6.5%, exceeding previous guidance [1] - The semiconductor solutions segment saw revenue of USD 213 million, up 21% year-on-year, while SMT revenue was USD 215 million, down 25% year-on-year [1] Summary by Sections Financial Performance - Q2 2024 adjusted net profit was HKD 137 million, down 56% year-on-year and 23% quarter-on-quarter, with a net profit margin of 4.1% and EPS of HKD 0.33 [1] - The company’s guidance for Q3 2024 revenue is between USD 370 million and USD 430 million, indicating a quarter-on-quarter decrease of 6.4% [1] Order Trends - Total new orders in Q2 2024 were USD 399 million, down 2.4% quarter-on-quarter, primarily due to a decline in SMT orders [1] - New orders for the semiconductor business increased by 12% quarter-on-quarter to USD 220 million, driven by advanced packaging solutions [1] Long-term Growth Drivers - The demand for AI chips and HBM (High Bandwidth Memory) is expected to accelerate shipments of TCB (Thermal Compression Bonding) equipment in 2025/2026 [1] - The company is optimistic about the growth of its advanced packaging business, particularly in TCB and HBM equipment, due to strong customer demand and ongoing R&D progress [1] Profit Forecast and Valuation - The net profit forecast for 2024-2026 has been revised down to HKD 5.65 billion, HKD 13.41 billion, and HKD 20.04 billion, reflecting a year-on-year growth rate of -21.0%, +137.4%, and +49.4% respectively [1][2] - The report highlights the potential for significant revenue growth in advanced packaging, despite short-term pressures on traditional packaging and SMT businesses [1]

L 迁泰将投告 ASMPT (522 HK) SMT 及传统非我业务地联组期业务 부휴坏充是新版合 2024 年 7 月 25 日 | 中国香港本學体 SMT 远待统对境业务管承临菊地示 Q2 BB ratio 啊灌到 1 以下 ASMPT 发布 2Q24 业绩，2Q24 意款 33.4 亿港币，同比下降 14.3%，环比 增长 6.5%，符合此前的指引：毛利率同比下降 0.1pct，环比下降 1.8pct 圣 40.0%: 冷利润为 1.37 亿港币，同比下降 55.5%，环比下降 22.7%，並落 侏子彭拷一致预期 35%: 新增订半 31.2 亿港币，订半收入比（BB ratio） 回落科 1 以下, 主国汽车及工业终站市场编码予获 SMT 业务订单环比下降, 传统并装业务移复线设。公司预计 3Q24 容教中包贫将环比下降 6.4%，同 比下降 9.9%，计半环比也有长个住餐下降。表们切然看好公司 TCB 考先进 村菜业务的成长性，位 SMT 业务组期价持仓利汽车和工业宽茶编码范景， 传统对装业务完条修复较慢。 预计 2024/2025/2026 辛归草冷利润为 5.75/14.73/25.50 亿港币 ...

Investment Rating - The investment rating for ASMPT is maintained as "Buy" [2][4]. Core Insights - The SMT business is underperforming, and while TCB is expected to drive profit improvement in HBM applications, the overall recovery in 2024 is anticipated to be weaker than expected [4][5]. - The company has revised its net profit forecasts for 2024-2025 down to HKD 6 billion and HKD 14 billion, respectively, due to the underperformance of the SMT business [4]. - TCB equipment is expected to see rapid growth, particularly in logic and storage applications, with significant orders already received from HBM customers [6]. Financial Summary - For Q2 2024, the company reported revenue of USD 427 million, a 6.5% increase quarter-on-quarter, driven by advanced packaging and consumer electronics market recovery [5]. - The company expects Q3 2024 revenue to be in the range of USD 370-430 million, indicating a potential 6.4% decline at the median [5]. - The projected financial metrics for 2024-2026 include: - Revenue: HKD 12.936 billion (2024E), HKD 15.585 billion (2025E), HKD 18.505 billion (2026E) - Net Profit: HKD 550 million (2024E), HKD 1.418 billion (2025E), HKD 2.677 billion (2026E) - EPS: HKD 1.3 (2024E), HKD 3.4 (2025E), HKD 6.5 (2026E) [7].

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]

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 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 ...