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。 ...

Investment Rating - The report maintains a rating of "Buy" for ASMPT, expecting a price increase of 5% to 15% relative to the industry index over the next six months [10] Core Views - The company's Q4 earnings showed a sequential recovery, driven by increased orders in advanced packaging due to AI demand [1] - The overall performance in 2023 was impacted by a decline in consumer electronics demand, particularly in personal computers and smartphones, leading to a significant drop in sales revenue [2] - The semiconductor solutions segment saw a revenue decline of 37% year-on-year, while the surface mount technology solutions segment experienced a 10% decline [2] - The automotive and advanced packaging markets are expected to grow, with the automotive market projected to increase from approximately $1.8 billion in 2024 to $2.6 billion by 2028, representing a compound annual growth rate (CAGR) of about 10% [2] Financial Summary - In 2023, ASMPT reported sales revenue of HKD 14,697 million, a decrease of 24.1% year-on-year, and a net profit of HKD 715 million, down 72.7% year-on-year [1][2] - The company’s gross margin for 2023 was 39.3%, a decline of 1.86 percentage points year-on-year, while the profit margin was 5.1%, down 8.45 percentage points year-on-year [2] - For Q4 2023, the company achieved sales revenue of HKD 3,400 million, a year-on-year decrease of 21.4%, but a sequential increase of 493.4% in profit to HKD 76 million [1][2] - The forecast for net profit for 2024 to 2026 is HKD 1,243 million, HKD 2,009 million, and HKD 2,409 million respectively, with corresponding EPS of HKD 3.00, HKD 4.85, and HKD 5.81 [5]

电子/半导体 公 司 研 ASMPT（00522.HK） 基本面尚在复苏起点，AI 先进封装仍是持久主线 究 2024年02月29日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证 书编号：S0790521110001 日期 2024/2/29 港 当前股价(港元) 95.950  基本面尚在复苏起点，AI先进封装仍是持久主线，维持“买入”评级 股 一年最高最低(港元) 98.350/57.650 考虑到费用刚性，2024 年公司预计将额外新增 2.5 亿港币的营运支出，我们将 公 2024-2025年归母净利润预测由20/25亿港币下调至11/20亿港币，新增2026年 司 总市值(亿港元) 397.72 信 流通市值(亿港元) 397.72 净利润预测19亿港币，对应同比增速分别为57%/81%/-9%，EPS分别为2.7/4.9/4.5 息 总股本(亿股) 4.15 港币，当前股价91.95港币对应2024-2026年PE分别为35.2/19.4/21.3倍，考虑 更 新 流通港股(亿股) 4.15 到公司仍处在基本面复苏起点，AI 仍是持久 ...

智通财经APP讯，ASMPT(00522)发布截至2023年12月31日止年度业绩，销售收入为147亿港元，同比减少24.1%;公司持有人应占盈利7.15亿港元，同比下降72.7%;每股基本盈利为1.73港元，拟派发末期股息每股0.26港元及特别现金股息每股0.52港元。 在充满挑战的下行周期年度，集团的业绩受到半导体解决方案分部的影响。半导体解决方案分部的销售收入按年下降37%，而表面贴装技术解决方案分部则下降10%，表面贴装技术解决方案分部的销售收入占集团总销售收入约57%。这突显了集团广泛的业务组合优势，因为其两个分部遵循不同的业务周期，这在一定程度上帮助集团抵御了下行周期所产生的影响。 集团的资产负债表持续稳健，于2023年年底取得强劲的现金和银行存款达港币48.0亿元(2022年年底：港币44.2亿元)。于2023年年底，净现金创纪录达港币28.0亿元(2022年年底：港币21.7亿元)。 ...

Financial Performance - For the fiscal year ending December 31, 2023, ASMPT Limited reported a revenue of HKD 14.7 billion (USD 1.88 billion), a decrease of 24.1% year-on-year[7]. - The adjusted net profit for the fiscal year was HKD 7.45 billion, reflecting a year-on-year decline of 71.5%[6]. - The gross profit margin for the fiscal year was 39.3%, down 186 basis points compared to the previous year[6]. - The total new orders for the fiscal year amounted to HKD 12.26 billion (USD 1.57 billion), a decrease of 33.5% year-on-year[6]. - The basic earnings per share for the fiscal year was HKD 1.73, down 72.8% year-on-year[7]. - The group reported a net loss of HKD 29,767,000 in 2023, compared to a net gain of HKD 86,546,000 in 2022[98]. - The company reported a significant decrease in inventory, which fell to HKD 6,315,473 thousand in 2023 from HKD 7,450,163 thousand in 2022, a reduction of 15.21%[68]. - The company reported a profit margin of 4.8% for the year ended December 31, 2023, compared to an adjusted profit margin of 5.1%[123]. Dividends - The board proposed a final dividend of HKD 0.26 per share, significantly lower than the previous year's final dividend of HKD 1.90 per share[8]. - The interim dividend for 2023 was declared at HKD 0.61 per share, down from HKD 1.30 per share in 2022, a reduction of 53.0%[105]. - The total proposed special dividend for 2023 is HKD 0.52 per share, a new introduction compared to no special dividend in 2022[106]. - The group declared dividends of HKD 1.04 billion in 2023, down from HKD 1.61 billion in 2022[48]. Market and Segment Performance - The surface mount technology solutions segment showed resilience, driven by ongoing demand in automotive and industrial end markets[11]. - The company emphasized the growing demand for advanced packaging solutions driven by generative AI and high-performance computing applications[11]. - Automotive applications accounted for approximately 22% of total sales revenue in 2023, equating to about $410 million, primarily due to increased business with electric vehicle manufacturers[14]. - The advanced packaging solutions contributed approximately 22% to total sales revenue in 2023, also around $410 million, with a projected market growth from $1.7 billion in 2024 to $3.3 billion by 2028, reflecting a compound annual growth rate of about 18%[15]. - The semiconductor solutions division experienced a 37% year-on-year decline in sales revenue, while the surface mount technology solutions division saw a 10% decrease, contributing approximately 57% to total sales revenue[28]. Research and Development - The group invested approximately HKD 2,050 million in research and development in 2023, slightly up from HKD 2,030 million in 2022, and has published over 2,000 patents and patent applications[44]. - The group maintains a commitment to invest in R&D across different industry cycles, which is crucial for staying at the forefront of technological development[44]. - The company incurred research and development expenses of HKD 553,438,000 for the three months ended December 31, 2023, compared to HKD 524,467,000 in the previous year, reflecting a 5.5% increase[63]. Cash and Financial Position - The group's cash and bank deposits reached HKD 4,800 million (USD 612 million) at the end of 2023, up from HKD 4,420 million at the end of 2022[33]. - The group holds available bank financing of HKD 5.92 billion (USD 758 million), up from HKD 3.41 billion (USD 437 million) in 2022[48]. - The group's debt-to-equity ratio as of December 31, 2023, was 0.127, improved from 0.142 in 2022[48]. - The company’s bank loans increased significantly to HKD 2,000,000 thousand in 2023 from HKD 250,000 thousand in 2022, a rise of 700%[68]. Employee and Governance - The group employed approximately 10,800 staff as of December 31, 2023, with significant representation in various countries including 5,100 in mainland China[58]. - The group has implemented a global employee engagement survey with approximately 90% participation, reflecting its commitment to becoming a high-performance organization[53]. - The company has complied with all corporate governance codes as per the listing rules during the year ended December 31, 2023[125]. Future Outlook - The company forecasts first-quarter 2024 sales revenue to be between USD 370 million and USD 430 million, representing a year-on-year decline of 20.0%[5]. - The group is optimistic about the long-term outlook for the semiconductor industry, anticipating a recovery in 2024 driven by structural trends such as electric vehicle adoption and advancements in AI[42]. Compliance and Sustainability - The company aims to achieve net-zero emissions for Scope 1 and Scope 2 by 2035 as part of its commitment to reducing carbon footprint[60]. - The company is a founding member of the Semiconductor Climate Consortium, focusing on increasing access to and supply of low-carbon energy globally[60]. - The company is actively assessing global trends and regulatory developments to ensure compliance and mitigate financial risks associated with legal requirements[61].

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) 截至二零二三年九月三十日止三個月之 二零二三年第三季度未經審核業績公布 先進封裝 在疲弱行業中表現亮麗 集團財務概要: 二零二三年第三季度  銷售收入為港幣34.7億元(4.44 億美元)，按年-23.8%，按季亦-10.9%  新增訂單總額為港幣 29.6 億元(3.79 億美元)，按年-18.3%，按季亦-1.8%  毛利率為34.2%，按年-670 點子，按季亦-594 點子  經營利潤率為1.9%，按年-1,254 點子，按季亦-802 點子  盈利為港幣1,280 萬元，按年-97.9%，按季亦-95.9% ...

Share Incentive Plan - As of December 31, 2022, the total number of shares authorized for grant under the employee share incentive plan was 36,260,733 shares at the beginning and 33,188,633 shares at the end of the year[3] - As of June 30, 2023, the total number of shares authorized for grant under the plan was 33,188,633 shares at the beginning and 30,741,633 shares at the end of the six-month period[4] Shares Granted - During the year ended December 31, 2022, 2,633,700 shares were granted on March 15, 2022, representing approximately 0.64% of the weighted average number of shares issued during the year[3] - In the six months ended June 30, 2023, 2,447,000 shares were granted on March 30, 2023, accounting for approximately 0.59% of the weighted average number of shares issued during that period[4]

Financial Performance - For the first half of 2023, ASMPT Limited reported sales revenue of HKD 7.82 billion (USD 998 million), a decrease of 25.3% year-on-year and 12.1% half-on-half [16]. - The total new orders amounted to HKD 6.56 billion (USD 838 million), down 43.9% year-on-year and 2.7% half-on-half [12]. - The gross profit margin was 40.3%, down 89 basis points year-on-year and 86 basis points half-on-half [12]. - The operating profit margin was 10.9%, down 804 basis points year-on-year and 318 basis points half-on-half [12]. - Net profit for the first half of 2023 was HKD 623 million, a decrease of 64.1% year-on-year and 29.5% half-on-half [16]. - The company declared an interim dividend of HKD 0.61 per share, down 53.1% from HKD 1.30 in the previous year [17]. - The group's sales revenue for the first half of 2023 was HKD 7,818.4 million, down 12.1% compared to the previous half and 25.3% year-on-year [27]. - The group reported a net profit of HKD 307.9 million in Q2 2023, down 2.3% quarter-on-quarter and 66.0% year-on-year [27]. - The company reported a total comprehensive income of HKD 591.04 million for the first half of 2023, compared to HKD 1.18 billion in the same period of 2022, reflecting a decline of 50.0% [62]. - For the six months ended June 30, 2023, the company reported a profit of HKD 625,376,000, compared to a profit of HKD 2,695,654,000 for the same period in 2022, representing a decrease of approximately 76.8% [70]. Market and Industry Outlook - The semiconductor industry remains weak, but the company is positioned to benefit from growth in generative AI, high-performance computing, and the automotive sector [19]. - In the first half of 2023, the automotive end market contributed approximately 23% to the group's total sales revenue, amounting to about $230 million [25]. - The group expects to receive more logic and memory TCB orders in the second half of 2023 due to increasing demand from wafer foundry and OSAT customers [23]. - The company expects Q3 2023 sales revenue to range between USD 410 million and USD 480 million, indicating a year-on-year and quarter-on-quarter decline of 23.4% and 10.5%, respectively [44]. Order and Backlog Information - As of June 30, 2023, the total backlog of orders was HKD 7.78 billion (USD 993 million) [12]. - The group's total unfulfilled orders as of the end of the first half of 2023 amounted to HKD 7,780 million (approximately $993 million), with an order-to-delivery ratio of 0.84 [28]. - The total new orders for the group in Q2 2023 were HKD 3,016.4 million, representing a decrease of 14.9% quarter-on-quarter and 35.1% year-on-year [27]. Research and Development - The company invested approximately HKD 1 billion in research and development in the first half of 2023, with over 2,500 R&D personnel globally [45]. - Research and development expenses for the first half of 2023 were HKD 999.99 million, slightly down from HKD 1.00 billion in the same period of 2022 [60]. Employee and Compensation - For the first half of 2023, the total employee cost of the group was HKD 2.49 billion, down from HKD 2.68 billion in the same period of 2022, reflecting prudent management despite a downturn in the semiconductor industry [52]. - The compensation for directors and other key management personnel during the period amounted to HKD 31,865,000, an increase from HKD 31,350,000 for the same period last year [132]. Financial Position and Liquidity - The group's cash and bank deposits totaled HKD 3,770 million as of June 30, 2023, while bank borrowings stood at HKD 2,000 million [31]. - As of June 30, 2023, the company's cash and bank deposits totaled HKD 3,770 million, down from HKD 4,420 million at the end of 2022 [47]. - The company's debt-to-equity ratio as of June 30, 2023, was 0.127, compared to 0.142 at the end of 2022 [47]. - Cash and cash equivalents decreased from HKD 4,262,886,000 to HKD 3,533,161,000, indicating a liquidity contraction [64]. - The company reported a significant reduction in bank loans, with current bank loans increasing to HKD 2,000,000,000 from HKD 250,000,000 [66]. Acquisitions and Goodwill - The acquisition of Beijing Borui Advanced Technology Co., Ltd. was completed for RMB 27,000,000 (approximately HKD 30,842,000) on April 28, 2023 [136]. - The goodwill generated from the acquisition of Borui is estimated at HKD 22,162,000, reflecting control premium and expected synergies [140]. - The acquisition of Soft Rock Technologies Sdn. Bhd. was completed for MYR 7,033,000 (approximately HKD 12,902,000) on February 16, 2023 [141]. - The goodwill generated from the acquisition of SRT is valued at HKD 10,907,000, reflecting the premium paid for control and expected synergies [145]. Shareholder Information - Major shareholders include ASM International N.V. and ASM Pacific Holding B.V., each holding 24.97% of the company's shares [161]. - The total number of shares issued as of June 30, 2023, was 412,504,333 [163]. - The total number of shares purchased in the market during the period was 362 shares at a cost of HKD 22,839,000 [130]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2023 [165]. - The company has adopted the standard code of corporate governance and confirmed compliance by all directors during the reporting period [166].

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) 截至二零二三年三月三十一日止三個月之 第一季度未經審核業績公布 宏觀經濟儘管充滿挑戰 二零二三年第一季度銷售收入依然高於預測之中位數 集團財務概要: 二零二三年第一季度  銷售收入為港幣39.2億元(5.00 億美元)，按年-25.6%，按季亦-9.5%  新增訂單總額為港幣 35.5 億元(4.53 億美元)，按年-49.7%，按季則+13.8%  毛利率為40.4%，按年-21 點子，按季亦-98點子  經營利潤率為11.9%，按年-717 點子，按季亦-181 點子 ...