以下文章来源于TrendForce集邦 ，作者TrendForce TrendForce集邦 . TrendForce集邦咨询是一家全球高科技产业研究机构，研究领域横跨存储器、AI服务器、集成电路与半 导体、晶圆代工、显示面板、LED、AR/VR、新能源（含太阳能光伏、储能和电池）、AI机器人及汽 车科技等，提供前瞻性行业研究报告、产业分析 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 TrendForce集邦，谢谢。 根据TrendForce集邦咨询最新半导体封测研究报告，2024年全球封测(OSAT)市场面临技术升级 和产业重组的双重挑战。从营收分析，日月光控股、Amkor（安靠）维持领先地位，值得关注的 是，得益于政策支持和本地需求带动，长电科技和天水华天等封测厂营收皆呈双位数成长，对既 有市场格局构成了强大的挑战。 TrendForce集邦咨询表示，2024年全球前十大封测厂合计营收为415.6亿美元，年增3%。 | 排名 | 公司 | | 营收(USD Billion) | | Top10营收占比 | | | --- | --- | --- | --- | --- | --- | --- ...

Industry Insights - The global OSAT market is facing dual challenges of technological upgrades and industry restructuring in 2024 [1] - The top ten OSAT companies are projected to generate a combined revenue of $41.56 billion in 2024, reflecting a year-on-year growth of 3% [2][3] Company Performance - ASE Holdings (日月光控股) remains the leader with a revenue of $18.54 billion in 2024, a slight decrease of 0.7% from 2023, holding a market share of 44.6% [3][5] - Amkor (安靠) ranks second with a revenue of $6.32 billion, down 2.8% year-on-year, primarily due to weak demand in automotive electronics [3][6] - JCET (长电科技) is third with a revenue of $5 billion, showing a significant growth of 19.3%, driven by improving demand in consumer electronics and AI PC markets [3][7] - TFME (通富微电) ranks fourth with a revenue of $3.32 billion, up 5.6%, benefiting from recovering demand in communications and consumer electronics [3][8] - PTI (力成科技) is fifth with a revenue of $2.28 billion, reflecting a modest growth of 1% due to transitional challenges in advanced packaging [3][9] - TSHT (天水华天) ranks sixth with a revenue of $2.01 billion, achieving the highest growth rate of 26% among the top ten OSAT companies, supported by advancements in packaging technology [3][10] - WiseRoad (智路封测) is seventh with a revenue of $1.56 billion, up 5%, driven by semiconductor demand recovery [3][11] - Hana Micron (韩亚微) ranks eighth with a revenue of $0.92 billion, growing 23.7% due to strong performance from memory clients [3][12] - KYEC (京元电子) is ninth with a revenue of $0.91 billion, down 14.5%, impacted by the sale of a subsidiary but benefiting from growth in AI server and HPC chip markets [3][13] - ChipMOS (南茂科技) rounds out the top ten with a revenue of $0.71 billion, up 3.1%, driven by stable demand in automotive and OLED sectors [3][14] Market Trends - The 2024 OSAT market indicates a restructuring of the value chain, with increasing demands for advanced packaging technologies driven by AI and edge computing [14] - The market is characterized by a dual-axis trend of "mature leaders' stability and the rise of regional new forces," setting the stage for future competition in advanced packaging and heterogeneous integration technologies [14]

Group 1 - Albert Anthony is a Croatian-American media personality and analyst for financial media platforms Investing.com and Seeking Alpha, focusing on dividend stocks and general market commentary [1] - Since 2023, Albert Anthony has gained over 1,000 followers and has covered more than 200 companies across multiple sectors [1] - He has experience as an analyst in the IT sector and was part of the IT team at a top 10 financial firm in the US [1] Group 2 - Albert Anthony holds a B.A. from Drew University and has completed coursework through the Corporate Finance Institute and Coursera [1] - In 2025, he plans to launch a new book on Amazon discussing his methodology as an analyst and how he rates stocks [1] - The Albert Anthony brand is owned by Albert Anthony & Co., a sole proprietorship registered in Austin, Texas [1]

Core Viewpoint - The global semiconductor sales continue to grow in Q1 2025, but there is a significant performance divergence among major chip manufacturers, influenced by market and product differences, particularly in AI and storage sectors, while automotive chip manufacturers are struggling [1]. Chip Design (Including IDM) - Texas Instruments (TI) reported Q1 revenue of $4.07 billion, a year-over-year increase of 11% and a sequential increase of 2%. The company expects Q2 revenue between $4.17 billion and $4.53 billion [3]. - STMicroelectronics (ST) reported Q1 revenue of $2.52 billion, a year-over-year decline of 27.3%, with a net profit of $56 million, down 89.1% [5]. - NXP's Q1 revenue was $2.84 billion, down 9% year-over-year, with a significant decline in automotive market revenue [6]. - Qualcomm's Q1 revenue reached $10.98 billion, a year-over-year increase of 16.9%, driven by growth in mobile, automotive, and IoT sectors [8]. - MediaTek's Q1 revenue was NT$153.31 billion, up 14.9% year-over-year, exceeding operational targets due to increased market demand [9]. Semiconductor Manufacturing - TSMC's Q1 revenue was $25.53 billion, a year-over-year increase of 35.3%, with a gross margin of 58.8% [42]. - UMC reported Q1 revenue of NT$57.86 billion, a year-over-year increase of 5.9%, with a focus on 22/28nm process technology [46]. - World Advanced's Q1 revenue was NT$11.949 billion, a year-over-year increase of 24%, achieving a net profit of NT$2.414 billion [48]. Chip Distribution - WPG Holdings reported Q1 revenue of NT$248.83 billion, a year-over-year increase of 36.8%, driven by demand from AI and related sectors [58]. - Winstek Technology's Q1 revenue was NT$247.4 billion, a year-over-year increase of 28% [60]. - Arrow Electronics reported a 6% year-over-year decline in sales, totaling $5.3 billion [64]. Domestic Semiconductor Companies - Over 70% of semiconductor companies listed in A-shares reported year-over-year revenue growth in Q1 2025, with 60.63% of companies showing profit increases [35]. - Weir Shares reported a 14.68% year-over-year revenue increase in Q1, with a net profit increase of 55.25% [38]. - Zhaoyi Innovation's Q1 revenue was 1.909 billion yuan, a year-over-year increase of 17.32% [40].

Investment Rating - The report assigns a neutral investment rating for Amkor, indicating expectations of performance within a range of -10% to +10% relative to the benchmark index over the next six months [49]. Core Insights - Amkor's Q1 2025 revenue reached $1.322 billion, a year-over-year decrease of 3.2% and a quarter-over-quarter decline of 18.8%, aligning closely with the upper end of the performance guidance [3][8]. - The gross margin for Q1 2025 was 11.9%, down 2.9 percentage points year-over-year and 3.2 percentage points quarter-over-quarter, while net profit was $26 million, reflecting a significant decline of 64.4% year-over-year [3][8]. - The company anticipates Q2 2025 revenue guidance between $1.375 billion and $1.475 billion, with a gross margin forecast of 11.5% to 13.5% [5][16]. Summary by Sections Overall Performance - In Q1 2025, Amkor achieved revenue of $1.322 billion, with communication business revenue exceeding expectations and other terminal markets performing as anticipated [3][8]. - The company reported a gross profit of $158 million, with a gross margin of 11.9%, and a net profit of $26 million, primarily impacted by increased R&D costs [3][8]. Performance by End Market 1. **Communication Market**: Revenue accounted for 40% of total sales, with a year-over-year decline of 19%, mainly due to decreased revenue from iOS devices [4][10]. 2. **Automotive and Industrial Market**: This segment represented 21% of revenue, with a 6% year-over-year decline, although demand for advanced packaging solutions remains strong [4][10]. 3. **Consumer Market**: Contributing 17% to total revenue, this market saw a 23% year-over-year increase, driven by the growing demand for wearable and connected devices [4][10]. 4. **Computing Market**: Accounting for 22% of revenue, this segment experienced a 21% year-over-year increase, with multiple collaborations in data centers and networking [4][11]. Q2 2025 Guidance - Amkor's revenue guidance for Q2 2025 is set at $1.375 billion to $1.475 billion, with a gross margin forecast of 11.5% to 13.5% [5][16]. - The company expects net profit guidance between $17 million and $57 million, with anticipated improvements in gross margin driven by appropriate capacity utilization [5][16].

Financial Performance - Net sales decreased by $43.9 million, or 3.2%, to $1,321.6 million for the three months ended March 31, 2025, compared to $1,365.5 million for the same period in 2024, primarily due to lower sales in the communications end market [98]. - Gross margin for the three months ended March 31, 2025, decreased to 11.9% from 14.8% in the same period of 2024, impacted by lower net sales and factory utilization [99]. - Operating income margin decreased by 300 basis points to 2.4% for the three months ended March 31, 2025, from 5.4% for the same period in 2024, primarily due to decreased gross margin and increased research and development expenses [100]. - The communications end market sales decreased by 19% compared to 2024, primarily due to lower supported content in premium tier smartphones, while consumer and computing end markets grew by 23% and 21%, respectively [103]. - Free cash flow for the three months ended March 31, 2025, was $(49.981) million, a decrease from $74.165 million in the same period of 2024 [134]. - The company experienced a decrease in cash flow provided by operating activities for the three months ended March 31, 2025, totaling $24.149 million, down from $162.312 million in 2024 [130]. Capital Expenditures and Investments - Capital expenditures totaled $79.9 million for the three months ended March 31, 2025, compared to $96.2 million for the same period in 2024, focusing on advanced packaging and test equipment [101]. - Capital expenditures for the three months ended March 31, 2025, amounted to $79.9 million, with expectations for total capital expenditures in 2025 to be approximately $850 million [128][129]. - The company signed a Direct Funding Agreement in December 2024 for up to $407 million in government incentives under the CHIPS Act, contingent on achieving construction and production milestones [118]. - The company began delivering advanced packages from the Vietnam Facility in Q3 2024 and plans to build an advanced packaging and test facility in Arizona, supported by up to $407 million in funding from the U.S. Department of Commerce [91]. Research and Development - Research and development expenses increased by 19.6% to $38.2 million for the three months ended March 31, 2025, compared to $45.7 million for the same period in 2024, driven by new advanced packaging technology projects [108]. Liquidity and Cash Management - As of March 31, 2025, cash and cash equivalents and short-term investments totaled $1,057.6 million and $505.2 million, respectively [96]. - The company assesses liquidity based on expectations regarding sales, operating expenses, and capital spending, believing current cash flow will be sufficient for at least the next 12 months [112]. - As of March 31, 2025, the company had cash and cash equivalents and short-term investments totaling $1,562.7 million, with $1,350.7 million held offshore by foreign subsidiaries [115]. - The company declared total quarterly cash dividends of $20.4 million during the three months ended March 31, 2025, and anticipates continuing future dividends [127]. Debt and Borrowing - As of March 31, 2025, the company had total debt of $1,149.3 million, with $236.5 million due within 12 months [120]. - The company has a maximum borrowing capacity of $600.0 million under the 2022 Singapore Revolver, with $57.6 million available to be borrowed under term loan credit facilities as of March 31, 2025 [119]. - The total fixed rate debt amounts to $1,019,912,000 with a fair value of $1,008,176,000 [144]. - The average interest rate for fixed rate debt is 4.3% [144]. - The total variable rate debt is $134,000,000 with a fair value of $133,512,000 [144]. - The average interest rate for variable rate debt is 5.1% [144]. - Total debt maturities amount to $1,153,912,000 with a fair value of $1,141,688,000 [144]. - The largest portion of fixed rate debt is due in 2027, totaling $642,085,000 [144]. - The average interest rate for fixed rate debt due in 2027 is 5.8% [144]. - The company has no variable rate debt maturing in 2027 [144]. - The remaining fixed rate debt for 2025 is $124,320,000 [144]. - The company’s total debt includes maturities across various years, with significant amounts due in 2026 and 2028 [144]. Operating Expenses - Selling, general and administrative expenses decreased by 11.0% to $80.4 million for the three months ended March 31, 2025, compared to $90.3 million for the same period in 2024 [106].

Q1 2025 Financial Results April 2025 © 2025 Amkor Technology, Inc. 1 Disclaimer Non-GAAP Measures Presenter Introductions Giel Rutten President and Chief Executive Officer Megan Faust Executive Vice President and Chief Financial Officer © 2025 Amkor Technology, Inc. 2 Jennifer Jue Vice President, Investor Relations This presentation contains certain measures that are not defined terms under U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures should not be considered in isolation ...

Financial Data and Key Metrics Changes - Amkor reported revenue of $1,320 million for Q1 2025, reflecting a 3% year-on-year decline [15][20] - EPS was $0.09, impacted by higher R&D costs [5][19] - Gross profit was $158 million with a gross margin of 11.9%, lower sequentially and year-on-year due to reduced volumes [18] - Operating income was $32 million, representing 2.4% of sales [19] - Net income was $21 million, with first quarter EBITDA at $197 million and an EBITDA margin of 14.9% [19][20] - Total liquidity at the end of the quarter was $2,200 million, with total debt of $1,150 million and a debt to EBITDA ratio of 1.1x [20] Business Line Data and Key Metrics Changes - Communications revenue decreased by 19% year-on-year, primarily due to lower revenue within the iOS ecosystem [15][16] - Computing revenue increased by 21% year-on-year, driven by engagements across data center, networking, and PC customers [15][16] - Automotive and industrial revenue declined by 6% year-on-year but remained stable sequentially [16] - Consumer market revenue increased by 23% year-on-year, driven by hearable programs utilizing advanced SiP technology [17] Market Data and Key Metrics Changes - The communications segment is expected to see sequential growth in Q2, reflecting efforts to optimize line utilization [16] - The computing segment is anticipated to grow sequentially in Q2, driven by strong demand for new PC devices [16] - The automotive market is recovering, with strength in advanced packaging driven by ADAS and infotainment applications [13][16] Company Strategy and Development Direction - Amkor's strategy is based on three pillars: strengthening technology leadership, expanding geographic footprint, and partnering with lead customers in growth markets [8][23] - The company is focused on advanced packaging and test solutions, particularly in high-performance computing and AI [9][10] - Plans for a new advanced packaging facility in Arizona are on track, with construction expected to begin in the second half of 2025 [11][20] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring tariffs and trade regulations, with operations largely unaffected due to a diversified global footprint [6][22] - The outlook for the automotive and industrial markets remains cautious, with expectations of single-digit growth in Q2 [38] - Management expressed confidence in the long-term strategy to achieve profitable growth despite current market uncertainties [14][23] Other Important Information - The company expects Q2 revenue between $1,375 million and $1,475 million, representing growth of 8% sequentially at the midpoint [20] - Gross margin for Q2 is expected to be between 11.5% and 13.5%, reflecting modest improvement in utilization [21] Q&A Session Summary Question: Insights on Q1 performance and Q2 expectations - Management noted that Q1 performance was better than expected due to strength in communications and computing segments, with no significant pull-ins observed from customers [27][28] Question: CapEx plans in light of tariffs - Management confirmed that CapEx plans remain unchanged at $850 million, with flexibility to adjust if unexpected events arise [29][31] Question: Communications segment outlook for the second half - Management indicated that fundamentals for the communications segment remain strong, but uncertainties due to trade restrictions could impact volumes [36] Question: Automotive market guidance - Management believes the automotive market has hit a trough, with cautious optimism for growth driven by advanced packaging applications [38] Question: Arizona expansion opportunities - Management sees TSMC's expansion as an opportunity for Amkor, evaluating ways to accelerate and scale up operations in Arizona [44][46] Question: Revenue generation from RDL technology - Management expects revenue from RDL technology to begin towards the end of the year or early next year, with multiple devices in qualification [54] Question: AI's impact on smartphone growth - Management believes AI will drive innovation in premium smartphones, but predicting its impact on unit growth this year is challenging [75]

Core Insights - Amkor Technology (AMKR) reported quarterly earnings of $0.09 per share, matching the Zacks Consensus Estimate, but down from $0.24 per share a year ago [1] - The company posted revenues of $1.32 billion for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 3.63%, but down from $1.37 billion year-over-year [2] - Amkor Technology shares have declined approximately 31.7% year-to-date, compared to a 6.1% decline in the S&P 500 [3] Earnings Performance - Over the last four quarters, Amkor has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $0.14 on revenues of $1.33 billion, and for the current fiscal year, it is $1.43 on revenues of $6.17 billion [7] Market Outlook - The estimate revisions trend for Amkor Technology is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The Electronics - Semiconductors industry, to which Amkor belongs, is ranked in the top 21% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - Amkor reported Q1 2025 revenue of $1.32 billion, a decrease of 18.8% from Q4 2024 and a decrease of 3.2% from Q1 2024[2][3] - Gross margin for Q1 2025 was 11.9%, down from 15.1% in Q4 2024 and 14.8% in Q1 2024[3][11] - Operating income for Q1 2025 was $32 million, representing an operating income margin of 2.4%, compared to $134 million and 8.3% in Q4 2024[3][11] - Net income attributable to Amkor in Q1 2025 was $21 million, with earnings per diluted share of $0.09, down from $0.43 in Q4 2024[3][18] - Net income for the three months ended March 31, 2025, was $21.853 million, a decrease of 63.5% compared to $59.786 million in the same period of 2024[22] Guidance and Projections - Amkor's guidance for Q2 2025 includes net sales of $1.32 billion and EBITDA of $197 million[5] - Full year 2025 capital expenditures are projected to be approximately $850 million[6] Product Mix and Customer Base - Advanced products accounted for 80.5% of total net sales in Q1 2025, while mainstream products made up 19.5%[11] - The company maintained a diversified customer base, with 71% of net sales coming from the top ten customers[11] Cash and Investments - Total cash and short-term investments as of March 31, 2025, was $1.6 billion, while total debt stood at $1.1 billion[3][20] - Cash, cash equivalents, and restricted cash at the end of the period totaled $1.058 billion, down from $1.119 billion at the beginning of the period, indicating a net decrease of $75.984 million[22] - Payments for property, plant, and equipment were $79.897 million, a decrease from $96.169 million in the previous year, showing a reduction of 17.0%[22] - Net cash used in investing activities was $63.054 million, down from $86.103 million, representing a decrease of 26.8% year-over-year[22] - Payments of long-term debt amounted to $25.493 million, a decrease from $29.100 million, reflecting a reduction of 12.5%[22] - The company experienced a net cash used in financing activities of $42.251 million, down from $69.877 million, indicating a decrease of 39.6%[22] - The effect of exchange rate fluctuations resulted in a positive impact of $5.172 million on cash and cash equivalents, contrasting with a negative impact of $8.164 million in the previous year[22] Risks and Future Outlook - The company continues to face risks related to the cyclical nature of the semiconductor industry and potential downturns in global economic conditions[23] - Future performance may be affected by the company's ability to develop new proprietary technology and manage operational risks effectively[24] Dividends - Amkor paid a quarterly dividend of $0.08269 per share on April 2, 2025[4]