Investment Rating - The report maintains a "Buy" rating for ASMPT with a target price of 77.2 HKD, up from the previous 69 HKD [4][6]. Core Insights - ASMPT's 2Q25 revenue reached 34.0 billion HKD, showing a year-on-year increase of 1.8% and a quarter-on-quarter increase of 8.9%, closely aligning with Bloomberg consensus expectations [1][6]. - The order amount was 37.5 billion HKD, reflecting a year-on-year growth of 20.2% and a quarter-on-quarter growth of 11.9%, exceeding Bloomberg consensus expectations by 16% [1][2]. - The gross margin was reported at 39.7%, a slight decline of 33 basis points year-on-year and 119 basis points quarter-on-quarter, which is in line with expectations [1][2]. - Net profit for the quarter was 1.343 billion HKD, down 1.7% year-on-year but up 62.6% quarter-on-quarter, falling short of Bloomberg consensus expectations [1][2]. Revenue and Orders - The SEMI business revenue increased by 21.4% year-on-year and 0.8% quarter-on-quarter, driven by strong AI-related power management demand and improved OSAT capacity utilization in the Chinese market [2]. - SMT business revenue saw a year-on-year decline of 16.7% but a quarter-on-quarter increase of 22.6%, with orders increasing by 51.6% year-on-year and 29.3% quarter-on-quarter, driven by significant orders from smartphone clients and new AI server-related orders [2]. Advanced Packaging - Orders for TCB in the advanced packaging segment increased by 50% year-on-year in the first half of 2025, with successful installations for leading HBM3E 12H customers [3]. - The company is progressing towards mass production of AOR TCB for C2W applications, with competitive advantages in alignment and bonding accuracy for the second-generation HB tools expected to be delivered in Q3 [3]. Financial Projections - The report projects net profit increases of 3% for 2025, 8% for 2026, and 7% for 2027, resulting in net profits of 6.23 billion HKD, 10.35 billion HKD, and 16.27 billion HKD respectively [4][10]. - Corresponding EPS estimates are 1.50 HKD for 2025, 2.49 HKD for 2026, and 3.91 HKD for 2027 [4][10]. Valuation Metrics - The target price adjustment to 77.2 HKD is based on a 31x PE for 2026, compared to a comparable company average of 25.2x [4][32]. - The current market capitalization is approximately 26.32 billion HKD, with a closing price of 63.20 HKD as of July 23 [7].

Group 1 - The semiconductor sector in Hong Kong continues to strengthen, with ASMPT rising nearly 10% [1] - Hua Hong Semiconductor increased by over 8%, while SMIC and Shanghai Fudan both rose by over 5% [1] - Other companies such as Jingmen Semiconductor and Hongguang Semiconductor also experienced gains [1]

港股芯片股多数走强，ASMPT(00522.HK)涨超9%，华虹半导体(01347.HK)涨超7%，中芯国际 (00981.HK)涨超5%，上海复旦(01385.HK)涨超4%。 ...

Summary of ASMPT Conference Call Company Overview - The company reported a revenue of $837.6 million for the first half of 2025, representing a year-over-year increase of 31.7% driven by strong growth in advanced packaging business, which accounted for 39% of total revenue, approximately $326 million [2][3][4] Key Points Financial Performance - The overall revenue for the first half of 2025 was $837.6 million, with a year-over-year growth of 31.7% and a quarter-over-quarter growth of 6.1% [3] - Total orders reached $912.8 million, reflecting a year-over-year increase of 12.4% and a quarter-over-quarter increase of 10.5% [3] - Gross margin stood at 40.3%, with a quarter-over-quarter increase of 21 basis points but a year-over-year decrease of 65 basis points [3] - Operating profit for Q2 2025 was $169 million, showing a quarter-over-quarter increase of 5.9% and a year-over-year increase of 25.4% [10] - Adjusted net profit for Q2 was $134 million, with a quarter-over-quarter increase of 62.1% but a year-over-year decrease of 1.6% [10] Advanced Packaging Business - Advanced packaging business revenue accounted for 39% of total revenue, primarily due to strong demand for TCP tools, with TCB orders increasing by 50% year-over-year [2][4] - The company expects revenue for Q3 2035 to be between $400 million and $440 million, with a projected growth of 10% year-over-year [4][14] Market Dynamics - AI-driven demand in data centers has led to increased orders for new power management capabilities, particularly in the Chinese market [6] - The company has maintained close cooperation with leading CPU manufacturers and secured significant orders from a leading IDM company, enhancing its market share in photonics tools [7] Regional Performance - The Chinese market showed strong order growth, accounting for 36.7% of total revenue, driven by AI business performance and the electric vehicle market [8][13] - The company noted that the computer and communication market contributed 30% to total revenue, while the automotive market contributed 15% [12] Future Outlook - The company anticipates continued growth in TCB business driven by AI-related orders, with expectations for double-digit percentage growth in future bookings [4][14] - The semiconductor business is expected to gradually expand profit margins due to the increasing share of TCB and advanced packaging [20] Other Notable Insights - The SMT solutions segment reported revenue of $178.5 million in Q2 2025, with a quarter-over-quarter increase of 22.6% but a year-over-year decrease of 17.2% [11] - The company is actively assessing plans to return remaining capital to shareholders to enhance shareholder value [9] - The company has transitioned from trial production to mass production with leading foundries, leveraging advanced high-density ARTCB technology [18] Challenges and Risks - The company faces challenges in the semiconductor order flow, with expectations for improvement in Q3 driven by AI-related demand [16] - The TCB orders saw a decline in Q2, while HBM TCB orders remained stable, indicating potential waiting periods for logic application orders [22] This summary encapsulates the key insights and financial performance metrics from the ASMPT conference call, highlighting the company's growth trajectory, market dynamics, and future outlook.

July 23, 2025 12:31 AM GMT ASMPT Ltd | Asia Pacific M Update Mainstream semi start to benefit from AI demand Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research ASMPT released its 2Q25 earnings report, and below are the highlights: Ethan.Jia@morganstanley.com +852 3963-2287 Morgan Stanley Taiwan Limited+ Morgan Stanley Securities (China) Co., Ltd. i ...

Financial Data and Key Metrics Changes - The group achieved revenue of approximately US$837.6 million for the first half of 2025, with a year-on-year growth of 31.7% and a half-on-half growth of 6.1% [17] - The group's gross margin was 40.3%, up 121 basis points half-on-half but down 65 basis points year-on-year [18] - Adjusted net profit reached HKD218.1 million, up 95.7% half-on-half, but down 12.2% year-on-year [19][20] - For Q2 2025, revenue totaled approximately US$436.1 million, an increase of 8.9% quarter-on-quarter and 1.8% year-on-year [22] Business Line Data and Key Metrics Changes - Advanced Packaging (AP) revenue contributed around 39% of the group's total revenue, approximately US$326 million, driven by strong demand for thermal compression bonding (TCB) tools [8][9] - Semiconductor Solutions segment revenue grew to US$257.6 million in Q2 2025, up 1% quarter-on-quarter and 20.9% year-on-year [25] - SMT Solutions segment delivered revenue of US$178.5 million in Q2 2025, a 22.6% increase quarter-on-quarter but a 17.2% decline year-on-year [28] Market Data and Key Metrics Changes - China accounted for 36.7% of group revenue, with strong growth driven by AI demand [31] - The automotive end market contributed 15% to group revenue, supported by electric vehicle demand in China [30] - The computer end market became the largest contributor to group revenue, accounting for 30%, driven by AI-related applications [21] Company Strategy and Development Direction - The company expects sustained growth in Advanced Packaging, particularly benefiting from AI tailwinds and technological leadership [32] - The group aims to solidify its TCB market leadership in both memory and logic applications, projecting a total addressable market of US$1 billion by 2027 [32] - The mainstream business will be supported by momentum in China and emerging demand for AI data centers, although automotive and industrial markets are expected to remain soft [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued demand for AI-related applications, particularly in the semiconductor sector [5][6] - The company acknowledged uncertainties related to tariff policies but emphasized its global presence as a means to navigate potential impacts [33] - Management noted that the group has maintained a gross margin above 40% despite foreign exchange headwinds [7] Other Important Information - The group has maintained a diversified customer base, with the top five customers accounting for approximately 24.8% of total revenue in the first half of 2025 [31] - The company has an existing dividend policy of distributing about 50% of annual profits as dividends, with a recommended dividend of HKD0.26 per share for the first half of 2025 [20] Q&A Session Summary Question: Booking trend into the third quarter across different businesses - Management expects Q3 bookings to be slightly down quarter-on-quarter but up double digits year-on-year, with AI-related applications driving demand [38][40] Question: SMT bookings recovery in the second quarter - SMT bookings showed strong recovery due to bulk orders, but future orders may not be as material as those in Q2 [42] Question: Order opportunities for HBM in the next 12-18 months - Management is confident in continued order opportunities for HBM, particularly with the introduction of new AI chips [50][51] Question: Differentiation in hybrid bonding tools - The company believes its second-generation hybrid bonding tools will be competitive, addressing customer pain points effectively [103] Question: Sustainability of tax credits - Management indicated that the tax credits received in Q2 are a one-off and not expected to recur in the near term [82]

Financial Data and Key Metrics Changes - The group achieved revenue of approximately US$837.6 million for the first half of 2025, representing a year-on-year growth of 31.7% and a half-on-half growth of 6.1% [15] - The group's gross margin was 40.3%, up 121 basis points half-on-half but down 65 basis points year-on-year [16] - Adjusted net profit for the first half was HKD218.1 million, up 95.7% half-on-half but down 12.2% year-on-year [18] - For Q2 2025, revenue totaled approximately US$436.1 million, an increase of 8.9% quarter-on-quarter and 1.8% year-on-year [21] - The group's bookings reached US$912.8 million for the first half, showing a growth of 10.5% half-on-half and 12.4% year-on-year [15] Business Line Data and Key Metrics Changes - Advanced Packaging (AP) revenue contributed approximately 39% of the group's total revenue, amounting to around US$326 million, driven by strong demand for thermal compression bonding (TCB) tools [6][7] - The Semiconductor Solutions segment's revenue grew to US$257.6 million in Q2 2025, up 1% quarter-on-quarter and 20.9% year-on-year [24] - SMT Solutions segment revenue was US$178.5 million in Q2 2025, a 22.6% increase quarter-on-quarter but a decline of 17.2% year-on-year [27] Market Data and Key Metrics Changes - The computer end market became the largest contributor to group revenue, accounting for 30%, driven by AI-related applications [20] - The automotive end market contributed 15% to group revenue, supported by electric vehicle demand in China [20] - Revenue from China increased to 36.7% of group revenue, with strong growth driven by AI demand [31] Company Strategy and Development Direction - The company expects revenue for Q3 2025 to be between US$445 million and US$505 million, indicating confidence in sustained AP revenue and improvement in SMT revenue [32] - The group aims to solidify its TCB market leadership in both memory and logic applications, projecting a total addressable market of US$1 billion by 2027 [32] - The mainstream business will be supported by momentum in China and emerging demand for AI data centers, although automotive and industrial markets are expected to remain soft in the near term [33] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand driven by AI tailwinds across various markets, particularly in advanced packaging and mainstream businesses [4][5] - The company acknowledged uncertainties related to tariff policies but emphasized its global presence as a means to navigate potential impacts [33] - Management expressed confidence in maintaining gross margins above 40% despite foreign exchange headwinds [6] Other Important Information - The group maintained a diversified customer base, with the top five customers accounting for approximately 24.8% of total revenue in the first half of 2025 [31] - The company has an existing dividend policy of distributing about 50% of annual profits as dividends, recommending a dividend of HKD0.26 per share for the first half of 2025 [19] Q&A Session Summary Question: Booking trend into the third quarter across different businesses - Management expects Q3 bookings to be slightly down quarter-on-quarter but up double digits year-on-year, with strong momentum in AI-related bookings [38][40] Question: SMT bookings recovery in the second quarter - SMT bookings showed recovery due to bulk orders, but future orders may not be as material as those in Q2 [42] Question: Order opportunities within HBM and competition - Management is confident in their HBM market position and expects to continue winning orders due to their technological advantages [51][52] Question: Market share in hybrid bonding - The company is well-positioned in the hybrid bonding market with competitive features in their second-generation tools [103] Question: China revenue and localization trends - The company is seeing increased demand from the consumer market and electric vehicles in China, with a competitive pricing and margin profile [106]

The information contained in this presentation is provided for informational purpose only and should not be relied upon for the purpose of making any investment or for any other purpose. Some of the information used in preparing this presentation was obtained from third parties or public sources. The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, reasonablen ...

智通财经APP讯，ASMPT(00522)公布2025年中期业绩，销售收入为港币 65.3 亿元，按年增长0.7%，按 半年则减少 3.3%。新增订单总额为港币 71.1 亿元，按年增长12.4%，按半年亦增长10.5%;综合除税后 盈利为港币 2.17 亿元，按年减少 30.9%，按半年则增加 672.7%。经调整盈利为港币 2.18 亿元，按年减 少30.7%，按半年则增长95.7%。每股基本盈利为港币 0.52 元，拟派发中期股息每股港币 0.26 元。 集团的经调整经营盈利为港币 2.18 亿元，按半年增长 95.7%，按年则下降 30.7%。除经营利润受影响 外，按半年取得改善主要由税项抵免所推动，而部分则被因美元走弱而带来的外币匯兑不利影响所抵 销，尽管集团已有对冲措施。按年则取得下降，主要由于外币汇兑不利影响所致，而部份则被来自位于 欧洲和亚洲研发中心的税项抵免优惠所抵销。 此外，预计2025年第三季度销售收入将在4.45 亿美元至 5.05 亿美元之间，以其中位数计按年增长 10.8%，按季亦增长8.9%，高于市场预期。集团对取得可持续稳定的先进封装销售收入充满信心，并预 期表面贴装技术解决方 ...

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） 二零二五年中期業績新聞稿 有關 ASMPT Limited 及其附屬公司截至二零二五年六月三十日止六個月業績的 新聞稿附載於本公告。 承董事會命 董事 黃梓达 香港，二零二五年七月二十三日 於 本 公 告 日 期 ， 本 公 司 董 事 會 成 員 包 括 獨 立 非 執 行 董 事 ： 樂 錦 壯 先 生 （ 主 席）、張仰學先生、蕭潔雲女士及許明明女士；非執行董事： Hichem M'Saad 博士 及 Paulus Antonius Henricus Verhagen 先生； 執 行董 事 ： 黃 梓达 先 生及 Guenter Walter Lauber 先生。 （本公告之中英文版本如有任何歧義，概以英文版本為準。） [新聞稿] ASMPT 公布二零二五年中期業績 人工智能浪潮推動強勁需求 集團業績概覽 關鍵亮 ...