ASMPT20250513 摘要 • ASMPT 业务主要包括半导体解决方案和 SMT 解决方案，前者毛利率为 40%-45%，后者约为 30%。半导体解决方案涵盖后工序工具如 die bond、wire bond、TCB 等，以及 Mini/Micro LED 相关工具，并提供激 光切割和铜电镀沉积等中端工具。 • 关税对 ASMPT 的直接影响有限，但间接影响需关注，客户投资决策受关 税不确定性影响。公司通过全球生产基地（包括中国、新加坡、马来西亚 等）的灵活发货应对关税问题。中美关系缓和可能影响未来关税政策。 • 美国市场占 ASMPT 收入的 16%，贡献相对较小。TSMC 在亚利桑那州建 厂对美国市场有积极影响。公司可灵活调整生产基地应对关税，但需关注 客户投资意愿和新工厂投放等间接影响。 • ASMPT 的 TTEC 设备在存储和逻辑市场取得进展，已获得领先 XPM 客户 大订单并交付，与韩国客户建立合作，并与美国 CPU 公司及领先 foundry 在 TCB 领域合作，正逐步实现量产。 • Hybrid bonding 技术尚未大规模应用，成本高于 TCB，预计未来两三年 内 TCB 仍具优势 ...

Investment Rating - The report assigns a neutral investment rating to ASMPT (00522.HK) based on its performance and market outlook [2][49]. Core Insights - ASMPT's Q1 2025 performance met expectations with sales revenue of $402 million, a slight year-over-year decline of 0.5% and a quarter-over-quarter decrease of 8.2%. The gross margin was 40.9%, showing a quarter-over-quarter increase of 3.71 percentage points but a year-over-year decrease of 0.97 percentage points [3][8][9]. - The company reported a total new order amount of $431 million, reflecting a quarter-over-quarter increase of 2.9% and a year-over-year increase of 4.8%, driven primarily by the surface mount technology (SMT) segment [3][8]. - For Q2 2025, ASMPT expects sales revenue to be between $410 million and $470 million, with a median forecast indicating a year-over-year increase of 3.0% and a quarter-over-quarter increase of 9.6% [17][18]. Summary by Sections 1. Q1 2025 Company Performance - **Overall Performance**: Sales revenue for Q1 2025 was $402 million, aligning with previous forecasts. The gross margin was 40.9%, with a notable quarter-over-quarter improvement [3][8]. - **Segment Performance**: - **Semiconductor Solutions**: Generated $256 million in sales, a year-over-year increase of 44.7%, benefiting from AI developments and strong TCB equipment performance [11]. - **Surface Mount Technology**: Sales were $146 million, reflecting a year-over-year decline of 35.6%, impacted by weak demand in automotive and industrial markets [13]. 2. Company Future Outlook - ASMPT anticipates a stable growth trajectory for its mainstream business, despite uncertainties related to tariffs. The company remains confident in the demand for advanced packaging (AP) and TCB solutions, particularly in AI and high-performance computing applications [17][29]. 3. Q&A Session Highlights - The company expects Q2 orders to remain consistent with previous quarters, particularly in the advanced packaging sector, driven by ongoing demand in storage and logic fields [19][20]. - The impact of tariffs on operations has been minimal so far, with some customers reassessing their investment strategies due to the tariff environment [20][29].

Group 1 - The core viewpoint is that Daiwa Capital Markets has reduced the target price for ASMPT (00522.HK) to HKD 68 and has lowered its net profit forecast for the company [1] Group 2 - The adjustment in target price reflects a more cautious outlook on ASMPT's financial performance amid changing market conditions [1] - The revision in net profit estimates indicates potential challenges the company may face in maintaining profitability [1]

Financial Data and Key Metrics Changes - The group achieved revenue of US$401.5 million, meeting the midpoint of revenue guidance [3][7] - Group bookings totaled US$431.2 million, showing a 2.9% quarter-on-quarter growth and 4.8% year-on-year growth [7] - Group gross margin exceeded 40%, rebounding due to a better product mix [6][8] - Adjusted net profit was HKD83.2 million, up 1.6% quarter-on-quarter but down 53.1% year-on-year [9] Business Line Data and Key Metrics Changes - The semiconductor (semi) segment contributed approximately 64% of the group's revenue, with revenue of US$255.6 million, up 0.6% quarter-on-quarter and 44.7% year-on-year [9][10] - Semi bookings were US$222.9 million, down 19.5% quarter-on-quarter but up 11.4% year-on-year [10][11] - The surface mount technology (SMT) segment delivered revenue of US$145.9 million, a decline of 20.3% quarter-on-quarter and 35.6% year-on-year [12] - SMT bookings were US$208.4 million, up 46.5% quarter-on-quarter, driven by strong seasonal demand [12] Market Data and Key Metrics Changes - The mainstream business continued to be affected by soft demand from automotive and industrial end markets, with growth trajectory difficult to forecast [6][14] - The company noted stabilization in the automotive and industrial end markets, although they remained soft [12][14] Company Strategy and Development Direction - The focus for 2025 is on securing additional orders from both high volume manufacturing (HVM) and logic customers [5][14] - The company remains confident in the demand for advanced packaging (AP) and TCB solutions for AI and high-performance computing applications [14][105] - The global manufacturing footprint provides flexibility to navigate potential tariff impacts [14][105] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining AP revenue and expects mainstream business to improve due to seasonality and better-than-expected Q1 bookings [14] - The indirect impact of tariffs makes the growth trajectory difficult to forecast, but management remains optimistic about the overall market growth [14][26] Other Important Information - The company completed the delivery of the bulk of ECB orders to a leading memory maker, with further orders expected [4][5] - The strong progress in DCB solidifies the company's leadership in the market [5] Q&A Session Summary Question: Booking direction in the second quarter and advanced packaging booking momentum - Management remains confident that Q2 bookings will be within a similar range compared to the last few quarters, assuming no unexpected impacts from tariffs [21][22] Question: Impact of tariffs on SMT business and capacity expansion - Management noted that while there hasn't been significant direct impact on operations, some customers are evaluating their investment timing and location due to tariffs [26][27] Question: Magnitude of orders from the second HBM customer - Orders from the second HBM customer are smaller compared to the first but are considered meaningful, with two orders already received [42] Question: Progress on chip on wafer tools and customer decisions - Management indicated significant progress from qualification to pilot production, with expectations for orders in the second half of 2025 [50][52] Question: Confidence in follow-on orders from the leading HBM customer - Management is hopeful for follow-on orders and is actively engaging with multiple HBM players [62] Question: OpEx management and future profitability - Management emphasized a balance between protecting future R&D investments and maintaining sensible cost control measures [99][100]

Q1 2025 Results Presentation 30th April 2025 Disclaimer 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 ...

Financial Data and Key Metrics Changes - The company achieved group revenue of US$401.5 million, meeting the midpoint of revenue guidance [3] - Group bookings totaled US$431.2 million, showing a 2.9% growth quarter on quarter and 4.8% growth year on year [7] - Group gross margin exceeded 40%, rebounding due to a better product mix [6] - Adjusted net profit was HKD83.2 million, up 1.6% quarter on quarter but down 53.1% year on year [9] Business Line Data and Key Metrics Changes - The semiconductor (semi) segment contributed approximately 64% of the group’s revenue, with revenue growing to US$255.6 million, up 0.6% quarter on quarter and 44.7% year on year [9] - Semi bookings were US$222.9 million, down 19.5% quarter on quarter but up 11.4% year on year [10] - The surface mount technology (SMT) segment delivered revenue of US$145.9 million, a decline of 20.3% quarter on quarter and 35.6% year on year [12] - SMT bookings were US$208.4 million, up 46.5% quarter on quarter, driven by strong seasonal system in package (SiP) bookings [12] Market Data and Key Metrics Changes - The mainstream business continued to be affected by soft demand from automotive and industrial end markets, making growth difficult to forecast [6] - The company noted stabilization in the automotive and industrial end markets, although they remained soft [12] Company Strategy and Development Direction - The focus for 2025 is on securing additional orders from both high volume manufacturing (HVM) and logic customers [5] - The company remains confident in the demand for advanced packaging (AP) and TCB solutions for AI and high-performance computing applications [14] - The global manufacturing footprint provides flexibility to navigate potential tariff impacts [14][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining AP revenue and expects mainstream business to improve due to seasonality and better than expected Q1 bookings [14] - The indirect impact of tariffs makes the growth trajectory difficult to forecast, but management is monitoring the situation closely [25][100] Other Important Information - The company completed the delivery of the bulk of ECB orders to a leading memory maker, with further orders expected [4] - The strong progress in DCB solidifies the company's leadership in the market [5] Q&A Session Summary Question: Booking direction in the second quarter and advanced packaging booking momentum - Management remains confident that Q2 bookings will be within a similar range compared to the last few quarters, assuming no unexpected impacts from tariffs [21] Question: Impact of tariffs on SMT business and capacity expansion - Management noted no significant direct impact on operations but acknowledged that some customers are evaluating their investment timing and location due to tariffs [25] Question: Magnitude of orders from the second HBM customer - Orders from the second HBM customer are smaller compared to the first but meaningful, with two orders received [46] Question: Progress on chip on wafer tools and customer decisions - Significant progress has been made from qualification to pilot production, with expectations for orders in the second half of 2025 [58] Question: Confidence in follow-on orders from the leading HBM customer - Management is hopeful for follow-on orders and is working hard to secure them [70] Question: Shareholder returns and potential buyback policies - The company is evaluating options for returning capital to shareholders but does not believe it is the right time for a share buyback due to macro uncertainties [107] Question: OpEx management and future profitability - The company is mindful of cost levels and has conducted restructuring programs, balancing R&D investments with cost control [110]

Group 1 - The core revenue for ASMPT in the first quarter was 3.12 billion HKD, slightly below the forecast of 3.2 billion HKD [1] - The net profit for the first quarter was reported at 83.6 million HKD [1]

Financial Performance - Q1 2025 sales revenue reached HKD 31.2 billion (USD 4.02 billion), down 0.5% year-on-year and down 8.2% quarter-on-quarter[6] - Total new orders amounted to HKD 33.5 billion (USD 4.31 billion), up 4.8% year-on-year and up 2.9% quarter-on-quarter[6] - Operating profit was HKD 1.60 billion, down 33.3% year-on-year but up 3,044.6% quarter-on-quarter[6] - Adjusted profit was HKD 832 million, down 53.1% year-on-year but up 1.6% quarter-on-quarter[13] - The total profit for the period was HKD 82.6 million, compared to HKD 4.2 million in the previous quarter and HKD 177.5 million in the same quarter last year[21] - The company’s basic earnings per share for the period was HKD 0.01, compared to HKD 0.43 in the same quarter last year[20] - Basic and diluted earnings per share for the three months ended March 31, 2025, were HKD 0.20, compared to HKD 0.01 in the previous quarter[25] Segment Performance - Semiconductor Solutions segment sales revenue increased to HKD 19.9 billion (USD 2.56 billion), up 44.7% year-on-year[14] - Semiconductor Solutions segment gross margin was 46.3%, up 368 basis points quarter-on-quarter and up 167 basis points year-on-year[14] - The Surface Mount Technology Solutions segment reported total new orders of HKD 1,620.8 million (USD 208 million), a quarterly increase of 46.5% but a year-over-year decrease of 1.4%[16] - Sales revenue for the segment was HKD 1,134.8 million (USD 146 million), reflecting a quarterly decline of 20.3% and a year-over-year decline of 35.6%[16] - The gross margin for the segment was 31.5%, up 180 basis points quarter-over-quarter but down 827 basis points year-over-year[17] - The segment recorded a loss of HKD 5.3 million, indicating a negative profitability rate of -0.5%[18] - The semiconductor solutions segment achieved a profit margin of 11.9%, up from 3.8% in the previous quarter[24] - The surface mount technology solutions segment reported a loss margin of -0.5%, down from a profit margin of 1.4% in the previous quarter[24] Future Outlook - The company expects Q2 2025 sales revenue to be between USD 410 million and USD 470 million, with a median forecast of +3.0% year-on-year and +9.6% quarter-on-quarter[5] - The company expects sales revenue for the second quarter of 2025 to be between USD 410 million and USD 470 million, with a year-over-year increase of 3.0% at the median[19] - The company remains confident in the demand for advanced packaging solutions, particularly in artificial intelligence and high-performance computing applications[19] Cost Management - Operating expenses decreased by 11.3% quarter-on-quarter due to stringent cost control measures[13] - The group incurred restructuring costs of HKD 879 for the three months ended March 31, 2025, compared to HKD 95,325 in the previous quarter[27] Market Conditions - The segment's performance is influenced by the ongoing weakness in the overall market, despite some stabilization in the automotive and industrial end markets[16] - The company will continue to monitor the impact of tariffs and adjust its strategies accordingly to maintain flexibility in its global production layout[19] Other Financial Metrics - Interest income for the three months ended March 31, 2025, was HKD 25,710, a decrease from HKD 27,999 in the previous quarter[24] - Total sales revenue for the group was HKD 3,124,593, down 8.2% from HKD 3,403,352 in the previous quarter[24] - The group reported a pre-tax profit of HKD 106,733 for the three months ended March 31, 2025, compared to HKD 11,380 in the previous quarter[24] - Adjusted profit for the three months ended March 31, 2025, was HKD 83,224, reflecting a slight increase from HKD 82,093 in the previous quarter[27] - Semiconductor solutions revenue for the three months ended March 31, 2025, was HKD 1,989,768, an increase of 0.1% compared to HKD 1,978,748 for the previous quarter[24] - Surface mount technology solutions revenue decreased by 20.3% to HKD 1,134,825 from HKD 1,424,604 in the previous quarter[24]

Financial Data and Key Metrics - Group revenue for Q3 2024 was $428.5 million, flat quarter-on-quarter (QoQ) but down 3.7% year-on-year (YoY) [21] - Group bookings for Q3 2024 were $406.1 million, up 7.1% YoY and slightly up QoQ [21] - Group gross margin improved to 41.0%, up 94 basis points QoQ and 683 basis points YoY [21] - Adjusted net profit was HKD29.5 million, down QoQ and YoY, mainly due to a foreign exchange loss of HKD108 million [20] - Group backlog at the end of Q3 2024 was $806 million, down QoQ due to SMT backlog consumption [19] Business Line Performance - SEMI revenue was $229.4 million, up 0.7% QoQ, contributing 53.5% to group revenue [22] - SEMI bookings were $237.9 million, up 7.0% QoQ, driven by demand for mainstream wire bonders and die bonders [23] - SMT revenue was $199.2 million, down 7.5% QoQ, with bookings at $168.2 million, down 5.4% QoQ [24] - SMT maintained its leading market position despite ongoing market softness [24] Market Performance - Advanced Packaging (AP) bookings remained robust, driven by thermal compression bonding (TCB) and photonics solutions [9] - TCB solutions contributed significantly to AP bookings and revenue, with strong demand for high bandwidth memory (HBM) applications [11][13] - Photonics solutions saw meaningful order wins, particularly for 800G optical transceivers in data centers [15] Company Strategy and Industry Competition - The company's broad-based portfolio allows it to mitigate weaknesses in one segment with strengths in another, such as AP momentum offsetting mainstream weakness [10] - The company is confident in its AP business prospects, with SMT bookings bottoming out and SEMI mainstream business on a recovery path, albeit slower than anticipated [27] - The company is expanding its internal capacity for TCB production, doubling up in 2025 compared to 2024 [50] Management Commentary on Operating Environment and Future Outlook - The semiconductor industry recovery remains uneven, with non-AI-related cyclical demand recovering slower than expected [6] - Generative AI demand is vigorous, driving significant capital spending from major AI players globally [8] - The company expects Q4 2024 revenue to be between $380 million to $460 million, with a midpoint of $420 million, down 3.5% YoY and 2% QoQ [27] Other Important Information - The company proposed to dispose of a stake in its strategic joint venture, Advanced Assembly Materials International Limited (AAMI), to Shenzhen Original Advanced Compounds Co, Ltd (SOAC) [25] - This disposal is expected to create additional value for shareholders, with the group receiving no less than 20% of SOAC shares and immediate cash flow [26] Q&A Session Summary Question: Booking outlook for Q4 2024 - Group bookings are expected to be flat QoQ, with SEMI up due to AP demand and SMT down due to market softness [30] Question: Sustainability of TCB orders into 2025 - The AI momentum is expected to continue into 2025, driving demand for HBM and TCB solutions [33] Question: Potential TCB shipments in 2025 - The company does not comment on specific numbers but believes the HBM market is exciting and will continue to grow [37] Question: TCB tools for memory vs. logic - Memory tools are expected to take over in terms of volume compared to logic in 2025 due to increasing HBM demand [38] Question: Revenue recognition for bulk TCB orders - Revenue recognition will follow the shipment schedule, with production ramping up in Q4 2024 and Q1 2025 [57] Question: Photonics and silicon photonics commercialization timeline - Photonics demand is already strong, while silicon photonics is still in its infancy and expected to pick up by 2026 [62][63] Question: FX impact on financials - The company experienced a significant FX loss in Q3 due to US dollar depreciation, but a strengthening dollar could lead to positive FX impacts [83][84] Question: SEMI margin sustainability - The high SEMI margin in Q3 was due to high absorption from TCB production ramp, but future margins could fluctuate due to product mix and volume effects [88] Question: Component and capacity shortage concerns - The company mitigates supply chain risks through risk buys, ensuring timely delivery of TCB tools [91] Question: Shareholder return policy and CapEx - The group's CapEx runs between HKD400 million to HKD600 million annually, with no updates on dividend policy [99]

ASMPT enabling the Q3 2024 Results Presentation 30 October 2024 Disclaimer 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 ...