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 策略方案評估 ASMPT Limited（「ASMPT」或「本公司」）謹此宣布，其正就其表面貼裝技術 （「SMT」）解決方案分部啟動策略方案評估（「評估」）。評估乃本公司轉型歷程 之一部分，亦體現其持續致力於保障所有持份者（包括員工、客戶及供應商）利益之 同時，為股東實現價值最大化。 評估旨在識別最有利於支持 SMT 解決方案分部長期增長及成功之潛在機遇，同時使本 公司可聚焦於日益增長之半導體（「SEMI」）解決方案分部。 評估將考慮 SMT 解決方案分部之一系列選項，可能包括但不限於出售、合營、分拆及 上市，或保留並支持 SMT 解決方案分部之戰略發展以確保其長期成功及價值創造。 作為全球市場及技術領導者，SMT 解決方案分部結合深度工藝技術、創新科技、行業 領先硬件、軟件及服務解決方案。其獨特之產品組合為汽車、工業、消費電子及半導 體終端市場之電子製造及關鍵應用提供集成解 ...

Group 1 - Hong Kong chip stocks continue their recent upward trend, with notable gains observed in several companies [1] - Zhaoyi Innovation (03986.HK) increased by 11.67%, reaching HKD 260.2 [1] - Huahong Semiconductor (01347.HK) rose by 4.37%, trading at HKD 103.8 [1] - ASMPT (00522.HK) saw a rise of 3.62%, priced at HKD 98.7 [1] - SMIC (00981.HK) experienced a 2.13% increase, with shares at HKD 79 [1]

Group 1 - Chip stocks continue their recent upward trend, with notable increases: Zhaoyi Innovation (603986) up 11.67% to HKD 260.2, Huahong Semiconductor (01347) up 4.37% to HKD 103.8, ASMPT (00522) up 3.62% to HKD 98.7, and SMIC (00981) up 2.13% to HKD 79 [1] - On January 13, the U.S. relaxed export regulations for Nvidia's H200 chips to China, allowing sales that will be subject to approval and security review by the U.S. Department of Commerce, which will also collect fees from related transactions [1] - First Shanghai's research report indicates that the impact of the H200's release on the domestic computing power industry chain is very limited, primarily due to the different application scenarios between H200 and domestic computing power, which focuses on small to medium models and inference applications [1] Group 2 - The report highlights that by 2026, domestic computing power is expected to undergo a generational upgrade, with new products targeting performance levels comparable to H100, while the cost-performance ratio of H200 in inference scenarios is not competitive [1] - Domestic computing power is evolving towards super-node development, which is expected to further enhance the cost-performance ratio of domestic computing solutions [1]

Core Viewpoint - Chip stocks continue to rise, with notable increases in companies such as Zhaoyi Innovation, Huahong Semiconductor, ASMPT, and SMIC, following the easing of export restrictions on Nvidia's H200 chips to China by the U.S. government [1] Group 1: Stock Performance - Zhaoyi Innovation (03986) increased by 11.67%, reaching 260.2 HKD [1] - Huahong Semiconductor (01347) rose by 4.37%, reaching 103.8 HKD [1] - ASMPT (00522) saw a rise of 3.62%, reaching 98.7 HKD [1] - SMIC (00981) increased by 2.13%, reaching 79 HKD [1] Group 2: Regulatory Changes - On January 13, the U.S. relaxed regulations on the export of Nvidia's H200 chips to China, allowing sales to proceed under the oversight of the U.S. Department of Commerce [1] - The U.S. government will charge fees on related transactions, as stated by former President Trump [1] Group 3: Industry Impact - First Shanghai's report indicates that the impact of the H200's release on the domestic computing power industry is limited [1] - The primary reason is that the H200's main application is in training, while domestic computing power focuses on small to medium models and inference applications, leading to low overlap in application scenarios [1] - By 2026, domestic computing power is expected to undergo a generational upgrade, with new products targeting performance levels comparable to the H100, while the H200's cost-effectiveness in inference scenarios is deemed low [1] - Domestic computing power is evolving towards super-node development, which will further enhance its cost-performance ratio [1]

Core Viewpoint - The semiconductor industry is experiencing growth driven by AI computing power and storage demand, with expectations for a strong expansion cycle in domestic semiconductor equipment by 2026, leading to significant order growth in the sector [1] Group 1: Industry Insights - The global semiconductor industry is heating up due to dual drivers of AI computing power and storage demand [1] - Dongwu Securities predicts that the domestic semiconductor equipment sector will enter a strong expansion cycle by 2026, with order growth in the semiconductor equipment industry expected to exceed 30%, potentially reaching over 50% [1] - The high prosperity of the industry is supported by clear expectations for future growth [1] Group 2: Company Performance - Financial reports indicate that ASMPT has seen a continuous year-on-year increase in new orders for six consecutive quarters [1] - The resurgence in demand for AI servers and domestic market needs is driving the recovery of Surface Mount Technology (SMT) [1] - The company is entering a new upward cycle with the expansion of High Bandwidth Memory (HBM), supported by improvements in advanced packaging, SMT structure, and cost optimization, leading to a turning point in gross margin and profitability [1] - The performance elasticity of ASMPT is expected to be significant from 2025 to 2027, with a positive outlook on the company's market share growth in China [1]

Core Viewpoint - ASMPT's stock price increased by 4.28% to HKD 93.9, with a trading volume of HKD 179 million, driven by the rising demand in the global semiconductor industry due to AI computing power and storage needs [1] Industry Summary - The global semiconductor industry is experiencing growth, with East Wu Securities predicting a strong expansion cycle for domestic semiconductor equipment starting in 2026, with order growth in the semiconductor equipment sector expected to exceed 30%, potentially reaching over 50% [1] - The semiconductor industry is characterized by high prosperity, supported by clear expectations for future growth [1] Company Summary - ASMPT has seen a continuous year-on-year increase in new orders for six consecutive quarters, driven by the synergy between AI server demand and domestic market needs, leading to a recovery in Surface Mount Technology (SMT) [1] - The company is entering a new upward cycle with the expansion of High Bandwidth Memory (HBM), and improvements in advanced packaging, SMT structure, and cost optimization are contributing to a turning point in gross margin and profitability [1] - Financial projections indicate significant earnings elasticity for ASMPT from 2025 to 2027, with a positive outlook on the company's market share growth in China [1]

Group 1 - The core viewpoint of the article highlights that the company is positioned to benefit significantly from the growing demand for advanced packaging equipment driven by global AI and HPC trends, with a complete equipment matrix covering key processes [1] - The company holds the largest global market share in TCB and has successfully upgraded and mass-produced HB equipment, indicating strong competitive positioning in the advanced packaging sector [1] - The company has seen a continuous increase in new orders for six consecutive quarters, driven by the resonance of AI server demand and domestic market recovery, suggesting a positive outlook for revenue growth [1] Group 2 - The company is expected to experience a significant increase in advanced packaging revenue and global market share due to structural expansion in the industry, particularly with the ramp-up of HBM production and ongoing equipment procurement cycles [1] - The improvement in profit margins is attributed to a higher proportion of high-margin products, structural enhancements in SMT, and cost optimization, indicating a turning point in profitability [1] - The geopolitical landscape and domestic substitution trends are expected to enhance the company's market share in China, as it is the only packaging equipment manufacturer capable of supplying ECD, benefiting from local supply chain policies [1] Group 3 - The company is projected to achieve revenue of HKD 141.14 billion, 165.73 billion, and 189.05 billion for the years 2025-2027, representing year-on-year growth rates of 6.69%, 17.42%, and 14.07% respectively [2] - The expected net profit for the same period is HKD 4.19 billion, 11.13 billion, and 17.15 billion, with corresponding PE ratios of 85, 32, and 21 times, indicating a clear growth trajectory [2] - The investment recommendation is to "overweight" the stock based on the company's long-term growth logic, order recovery, and profit structure improvement [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is positioned to benefit from the accelerating domestic semiconductor equipment replacement and improved order visibility driven by advanced packaging technology [1]. - The company has a comprehensive equipment matrix in advanced packaging, with a leading market share in TCB (Thermal Compression Bonding) and has upgraded its HB (Hybrid Bonding) equipment for mass production [8]. - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 141.14 billion, HKD 165.73 billion, and HKD 189.05 billion, respectively, reflecting year-on-year growth rates of 6.69%, 17.42%, and 14.07% [8]. Summary by Sections 1. Market Performance - The company has experienced a significant market performance shift, with a 44% increase compared to the previous year, while the semiconductor index has shown varied performance [4]. 2. Profit Forecast - The company’s revenue is projected to decline by 24.10% in 2023, followed by a gradual recovery with expected growth rates of 6.69%, 17.42%, and 14.07% from 2025 to 2027 [7]. - The net profit is forecasted to recover from a low of HKD 345 million in 2024 to HKD 1.715 billion by 2027, indicating a strong rebound in profitability [7]. 3. Valuation Recovery - The company is expected to benefit from the long-term trend of advanced packaging, with a clear growth logic supported by order recovery and improved profit structure [8]. - The company’s TCB market share is projected to reach 35%-40% by 2027, with a total potential market exceeding USD 1 billion [66]. 4. Advanced Packaging Growth - The advanced packaging market is anticipated to surpass traditional packaging by 2025, driven by the increasing demand for AI and high-performance computing [36]. - The global advanced packaging market is expected to grow at a CAGR of approximately 10% until 2023, with significant contributions from government policies and diverse downstream demand [37]. 5. Geopolitical and Domestic Market Dynamics - The company is expected to gain market share in China due to the acceleration of domestic substitution and geopolitical factors, with a focus on local supply chain control [8]. - The company has established a strong local presence in China, with a significant portion of its revenue derived from the region, indicating a strategic advantage in the domestic market [35].

Core Viewpoint - ASMPT is experiencing accelerated recovery in its SMT business driven by the resonance of AI server demand and domestic market needs, entering a new upcycle alongside HBM capacity expansion [1][2][3] Group 1: Advanced Packaging Equipment - The global AI and HPC markets are driving rapid penetration of advanced packaging processes such as TCB and Hybrid Bonding, leading to a sustained increase in equipment demand [1] - The company has a comprehensive equipment matrix in advanced packaging, covering key processes including deposition, TCB, HB, Fan-out, and SiP, with the highest global market share in TCB [1] - With the initiation of HBM capacity expansion and the continuation of advanced logic equipment procurement cycles, the company is expected to gain significant incremental growth during the structural expansion of the industry [1] Group 2: Orders and Profitability - The company has seen a continuous year-on-year increase in new orders for six consecutive quarters, with AI server and domestic demand driving the accelerated recovery of SMT [2] - The improvement in the proportion of advanced packaging, structural enhancements in SMT, and cost optimization have led to a turning point in gross margin and profitability, with significant earnings elasticity expected from 2025 to 2027 [2] Group 3: Market Share and Geopolitical Factors - In the context of U.S. export controls and accelerated domestic substitution, capital expenditure among domestic packaging and testing firms remains high, benefiting the company as the only vendor capable of supplying ECD in packaging equipment [3] - The company is expected to continue benefiting from supply chain autonomy and domestic policy dividends due to its deep local network and leading customer resources [3] Group 4: Investment Outlook - The company is expected to benefit from long-term trends in advanced packaging, order recovery, and improvements in profitability structure, with clear growth logic [3] - Projected revenues for 2025, 2026, and 2027 are estimated at HKD 141.14 billion, 165.73 billion, and 189.05 billion, representing year-on-year growth of 6.69%, 17.42%, and 14.07% respectively, with corresponding net profits of HKD 4.19 billion, 11.13 billion, and 17.15 billion [3]

Core Viewpoint - ASMPT is experiencing accelerated recovery in its SMT business due to the resonance of AI server demand and domestic market needs, while the SEMI sector is entering a new upcycle with the expansion of HBM capacity. The company is rated "Buy" for the first time [1]. Group 1: Advanced Packaging Equipment - The global AI and HPC markets are driving rapid penetration of advanced packaging processes such as TCB and Hybrid Bonding, leading to a sustained increase in equipment demand. The company has a complete equipment matrix in advanced packaging, covering key areas such as deposition, TCB, HB, Fan-out, and SiP, with the highest global market share in TCB. The HB equipment has undergone generational upgrades and is now in mass production. As HBM expansion begins and the equipment procurement cycle for advanced logic continues, the company is expected to gain significant incremental growth during the industry's structural expansion, with increasing revenue and global market share in advanced packaging [2]. Group 2: Orders and Profitability - The company has seen a continuous year-on-year increase in new orders for six consecutive quarters, driven by the resonance of AI server demand and domestic needs, leading to a recovery in SMT. The SEMI sector is also entering a new upcycle with HBM expansion. The increase in the proportion of advanced packaging, improvements in SMT structure, and cost optimization are contributing to a turning point in gross margin and profitability, with significant earnings elasticity expected from 2025 to 2027 [3]. Group 3: Market Share and Geopolitical Factors - In the context of U.S. export controls and accelerated domestic substitution, capital expenditure among domestic packaging and testing companies remains high. As the only packaging equipment manufacturer with ECD supply capabilities, the company is expected to benefit from supply chain autonomy and domestic policy dividends, leveraging its deep local network and leading customer resources [4]. Group 4: Investment Recommendations - The company is expected to benefit from long-term trends in advanced packaging, order recovery, and improvements in profitability structure. Revenue projections for 2025-2027 are estimated at HKD 141.14 billion, 165.73 billion, and 189.05 billion, representing year-on-year growth of 6.69%, 17.42%, and 14.07%, respectively. The projected net profit attributable to shareholders is HKD 4.19 billion, 11.13 billion, and 17.15 billion, with corresponding PE ratios of 85, 32, and 21 times for 2025-2027. The company is rated "Buy" for the first time [4].