大型科技股涨跌不一。谷歌大跌超7%，苹果跌超1%，此前苹果称计划在其浏览器中添加AI搜索功能。ARM美股盘后跌超10%。公司预计第一财季营收10亿 ~11亿美元，分析师预期11亿美元。 热门中概股多数下跌，纳斯达克中国金龙指数收跌2.34%。文远知行跌近8%，百度跌近5%，阿里巴巴跌超3%。 富时A50期指连续夜盘收跌0.29%，报13187点。 美东时间周三，美股尾盘快速拉升，三大指数集体收涨。截至收盘，道指涨0.7%，标普500指数涨0.43%，纳指涨0.27%。 美东时间周三，美股尾盘快速拉升，三大指数集体收涨。道指涨0.7%，标普500指数涨0.43%，纳指涨0.27%，费城半导体指数涨1.74%。 周三（5月7日）纽约尾盘，离岸人民币（CNH）兑美元北京时间04:59报7.2283元，较周二纽约尾盘跌185点，日内整体交投于7.1892~7.2296元区间。 商品方面，COMEX黄金期货跌1.47%，报3372.6美元/盎司；COMEX白银期货跌2.32%，报32.605美元/盎司。 WTI 6月原油期货收跌1.02美元，跌幅1.73%报58.07美元/桶。布伦特7月原油期货收跌1.03美元，跌幅1 ...

Financial Performance - Consolidated - Total net revenues for Q1 2025 were NT$148,153 million, a 9% decrease QoQ and a 12% increase YoY[3] - ATM (Assembly, Testing, and Material) revenue was NT$85,606 million, representing 57.8% of total net revenues[3] - EMS (Electronic Manufacturing Services) revenue was NT$61,860 million, accounting for 41.7% of total net revenues[3] - Net income attributable to shareholders of the parent was NT$7,554 million[3] Financial Performance - ATM - ATM revenue in Q1 2025 reached NT$85,606 million, a 2% decrease QoQ but a 17% increase YoY[3] - Packaging accounted for 80.0% of ATM net revenues, totaling NT$69,360 million[7] - Testing contributed 18.5% to ATM net revenues, amounting to NT$16,004 million[7] - ATM gross profit was NT$19,611 million, with a gross margin of 22.6%[7] Financial Performance - EMS - EMS net revenues for Q1 2025 were NT$62,295 million, a 17% decrease QoQ and a 5% increase YoY[17] - EMS gross profit was NT$5,528 million, resulting in a gross margin of 8.9%[17] Balance Sheet Items - Cash and cash equivalents stood at NT$77,100 million as of March 31, 2025[19] - Total assets amounted to NT$774,177 million[19] - Total liabilities were NT$439,154 million[19] - Total equity (including non-controlling interest) was NT$335,023 million[19] Q2 2025 Outlook - The company projects ATM revenue growth of 9% to 11% QoQ in NT dollar terms[24] - The company anticipates ATM gross margin to increase by 140-180 basis points QoQ[24] - The company expects EMS revenue to decline by 10% YoY in NT dollar terms[24] - The company forecasts EMS operating margin to decline by 100 basis points YoY[24]

Financial Data and Key Metrics Changes - The company recorded fully diluted EPS of $1.64 and basic EPS of $1.75 for the first quarter, with consolidated net revenues declining by 9% sequentially but increasing by 12% year over year [9][12] - Gross profit was NT$24.9 billion with a gross margin of 16.8%, improving by 0.4 percentage points sequentially and 1.1 percentage points year over year [10][12] - Operating profit was NT$9.7 billion, down NT$1.5 billion sequentially but up NT$2.2 billion year over year, with an operating margin decline of 0.4 percentage points sequentially and an improvement of 0.9 percentage points year over year [11][12] Business Line Data and Key Metrics Changes - In the ATM business, revenues were NT$86.7 billion, down NT$1.7 billion sequentially but up NT$12.8 billion year over year, representing a 2% decline sequentially and a 17% increase annually [15] - The EMS business reported revenues of NT$62.3 billion, declining NT$12.6 billion or 17% sequentially, while increasing NT$2.9 billion or 5% year over year [23] Market Data and Key Metrics Changes - The company noted a potential shallower seasonal dip in EMS business due to customers adjusting order flow patterns, indicating a more stable demand environment [6][23] - The computing segment within the ATM business saw significant growth, particularly driven by stable high demand for AI products, while other segments like handsets were seasonally impacted [19] Company Strategy and Development Direction - The company aims to minimize short-term noise to focus on long-term signals, emphasizing the importance of technological trends and process improvements to maintain competitive advantages [7][8] - The company is committed to increasing its market share in the testing segment, targeting a contribution of 19% to 20% of overall ATM revenue by year-end [21][22] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter outlook, expecting ATM revenues to grow by 9% to 11% quarter over quarter, while EMS revenues are projected to decline by 10% year over year [30][31] - The management acknowledged the challenges posed by macroeconomic volatility but remains focused on long-term strategic investments [6][8] Other Important Information - The company anticipates a peak in net debt to equity ratio at around 60% in the third quarter of the year, with total unused credit lines amounting to NT$358.4 billion [26] - Capital expenditures for the first quarter totaled NT$892 million, with significant investments planned for machinery and equipment to support future product demands [27][28] Q&A Session Summary Question: AI test market share and CapEx on testing - Management confirmed aggressive investments in the test segment, aiming to increase market share, particularly in AI chip testing, with a target of reaching 20% of ATM revenue by year-end [34][36] Question: U.S. investments and capacity planning - The company is evaluating opportunities for operations in the U.S. to support customer demand, with no specific investment size or timing details available yet [42][44] Question: Market share in AI testing across different products - Management indicated that while they do not have a detailed breakdown of market share by product, they are focused on expanding their test business across all areas, including AI chips [47][49] Question: Impact of tariffs on business - Management stated that the direct exposure to U.S. tariffs is minimal, with less than 10% of EMS shipments going directly to the U.S., and they do not anticipate significant impacts from potential tariffs [93][94] Question: General demand outlook for consumer electronics and automotive - Management noted a gradual recovery in most sectors, with high-end automotive showing better momentum, while lower-end segments are still undergoing inventory corrections [97]

Financial Data and Key Metrics Changes - The company reported fully diluted EPS of $1.64 and basic EPS of $1.75 for Q1 2025, with consolidated net revenues declining by 9% sequentially but increasing by 12% year over year [8][12] - Gross profit was NT$24.9 billion with a gross margin of 16.8%, improving by 0.4 percentage points sequentially and 1.1 percentage points year over year [9][10] - Operating profit was NT$9.7 billion, down NT$1.5 billion sequentially but up NT$2.2 billion year over year, with an operating margin of 7.1% [11][13] Business Line Data and Key Metrics Changes - ATM business revenues were NT$86.7 billion, down NT$1.7 billion sequentially but up NT$12.8 billion year over year, representing a 2% decline sequentially and a 17% increase annually [15] - EMS business revenues were NT$62.3 billion, declining NT$12.6 billion or 17% sequentially, while increasing NT$2.9 billion or 5% year over year [22] Market Data and Key Metrics Changes - The company noted a potential shallower seasonal dip in EMS business due to customers adjusting order flow patterns [6] - The computing segment within the ATM business saw significant growth, driven by stable high demand for AI products, while handsets and communications devices were seasonally impacted [18] Company Strategy and Development Direction - The company aims to minimize short-term noise to focus on long-term signals, emphasizing the importance of technological trends and process improvements [7][8] - The company is committed to expanding its test business, targeting a market share increase to 19%-20% of overall ATM revenue by year-end [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about volatility impacting long-term planning but remains focused on core industry trends [6][7] - For Q2 2025, ATM revenues are expected to grow by 9% to 11% quarter over quarter, while EMS revenues are projected to decline by 10% year over year [30][31] Other Important Information - The company anticipates a peak in net debt to equity ratio at around 60% in Q3 2025, with total unused credit lines amounting to NT$358.4 billion [25] - Capital expenditures for Q1 2025 totaled NT$892 million, with significant investments in testing operations [26][27] Q&A Session Summary Question: AI test market share increase - Management confirmed that the focus is on expanding market share in AI chip testing, particularly for GPUs, and emphasized the economic returns from test investments [34][37] Question: U.S. investments and capacity - Management is evaluating opportunities for U.S. operations to support customer needs but has not finalized investment details [40][42] Question: Market share in AI testing - Management stated they are a dominant player in wafer sort testing and are aggressively moving into final testing, expecting significant growth in the second half of the year [48][50] Question: Tariff impact - Management indicated that the direct exposure to U.S. tariffs is minimal, with less than 10% of EMS shipments going directly to the U.S. [94][96] Question: General demand outlook - Management noted a gradual recovery in consumer electronics, with automotive demand showing better momentum, particularly in high-end segments [97][98]

Core Viewpoint - ASE Technology Holding Co., Ltd. reported a net revenue of NT$148,153 million for Q1 2025, reflecting an 11.6% increase year-over-year but an 8.7% decrease sequentially. The net income attributable to shareholders was NT$7,554 million, up from NT$5,660 million in Q1 2024 but down from NT$9,312 million in Q4 2024 [1][3][16]. Financial Performance - **Net Revenues**: NT$148,153 million in Q1 2025, up 11.6% YoY, down 8.7% QoQ [1][16]. - **Net Income**: NT$7,554 million in Q1 2025, up from NT$5,660 million in Q1 2024, down from NT$9,312 million in Q4 2024 [1][16]. - **Earnings Per Share**: Basic EPS of NT$1.75 (US$0.106) and diluted EPS of NT$1.64 (US$0.100) for Q1 2025 [1][16]. Revenue Breakdown - **ATM Operations**: Net revenues of NT$86,668 million, up 17.3% YoY, down 1.9% QoQ [5][15]. - **EMS Operations**: Net revenues of NT$62,295 million, up 4.9% YoY, down 16.8% QoQ [5][18]. Cost Structure - **Cost of Revenues**: NT$123,260 million for Q1 2025, down from NT$135,633 million in Q4 2024 [6][16]. - **Raw Material Costs**: NT$72,343 million, representing 49% of total net revenues [6]. - **Labor Costs**: NT$16,997 million, representing 11% of total net revenues [6]. Margins - **Gross Margin**: Increased to 16.8% in Q1 2025 from 16.4% in Q4 2024 [6]. - **Operating Margin**: Decreased to 6.5% in Q1 2025 from 6.9% in Q4 2024 [6]. Non-Operating Items - **Net Interest Expense**: NT$1,256 million [6]. - **Net Foreign Exchange Loss**: NT$1,675 million, primarily due to the appreciation of the U.S. dollar against the New Taiwan dollar [6]. - **Net Gain on Valuation of Financial Assets**: NT$2,873 million [6]. Customer Concentration - The top five customers accounted for approximately 44% of total net revenues in Q1 2025, with two customers each contributing over 10% [12]. - The top ten customers contributed 61% of total net revenues in Q1 2025, compared to 60% in Q4 2024 [12]. Capital Expenditures - Equipment capital expenditures in Q1 2025 totaled US$892 million, with significant allocations to packaging and testing operations [12]. Liquidity and Capital Resources - Current ratio was 1.04 and net debt to equity ratio was 0.41 as of March 31, 2025 [12]. - Total unused credit lines amounted to NT$358,413 million [12]. Company Overview - ASE Technology Holding Co., Ltd. is a leading provider of semiconductor manufacturing services, offering comprehensive solutions in assembly and testing, with a global presence across multiple countries [9].

Core Viewpoint - ASE Technology Holding Co., Ltd. has filed its annual report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission, making it available on its website and the SEC's website [1] Group 1 - The 2024 Form 20-F includes audited financial statements that are available to shareholders upon request and free of charge [1] - Shareholders can request hard copies of the audited financial statements by contacting Citibank Shareholder Services [1]

Financial Performance and Risks - The company recorded net foreign exchange losses of NT$2,459.5 million in 2022, net foreign exchange gains of NT$998.1 million in 2023, and net foreign exchange losses of NT$5,538.4 million (US$168.9 million) in 2024[96]. - The company recognized impairment charges of NT$388.8 million, NT$146.6 million, and NT$176.0 million (US$5.4 million) in 2022, 2023, and 2024, respectively, primarily related to property, plant and equipment, and other intangible assets[101]. - The company faces potential tax uncertainties that may arise from operations or changes in tax laws, which could adversely affect financial condition and results of operations[107]. - Future dividends may be affected by the company's financial condition, cash balances, and other factors, with no assurance of continued declaration of dividends[147]. - The company is subject to various laws and regulations regarding environmental compliance, which may require additional funds and could adversely affect financial condition[115]. - The company may incur significant expenses to comply with environmental regulations aimed at reducing carbon emissions, which could negatively impact financial performance[119]. Environmental and Operational Strategies - The company has established a wastewater reclamation recycling system and implemented water use strategies to address risks related to water shortages[120]. - The company plans to purchase solar photovoltaic and onshore wind power and negotiate for offshore wind power to transition towards net-zero emissions[121]. - The company conducts evaluations for potential overseas plant expansions in Southeast Asia, Northeast Asia, Europe, and the Americas to mitigate regional political risks[131]. Market and Shareholder Considerations - Approximately 58.5%, 55.4%, and 55.1% of the company's operating revenues in 2022, 2023, and 2024, respectively, were derived from operations in Taiwan[128]. - The market for the company's Common Shares and ADSs may not be liquid, affecting price volatility and execution of buy and sell orders[138]. - Holders of Common Shares and ADSs may experience dilution due to stock bonuses, share options, or additional equity issuance[152]. - Future sales of Common Shares or ADSs by the company or shareholders could negatively affect market prices[163]. - Short selling practices may drive down the trading price of the ADSs, impacting market perception[165]. - Negative publicity from short selling could lead to significant resource expenditure for the company to defend against allegations[167]. Operational Risks - The company is subject to risks from public health epidemics, natural disasters, and other disruptive events that could materially affect its business and financial condition[126]. - The company has experienced interruptions to its production schedule primarily due to power outages caused by earthquakes, which could significantly disrupt operations[132]. - The company is vulnerable to natural disasters, including earthquakes and typhoons, which could severely disrupt normal operations and adversely affect results[132]. - The company faces risks related to cyberattacks that could disrupt business operations and adversely affect financial condition[123]. Shareholder Rights and Restrictions - As of December 31, 2024, approximately 227,621 thousand share options and restricted stocks were outstanding[153]. - The ability to deposit Common Shares into the ADS facility is restricted by R.O.C. law, potentially affecting liquidity and market price[153]. - Holders of ADSs will not have the same voting rights as Common Shareholders, which may impact the value of their ADSs[157]. - The right of holders of ADSs to participate in rights offerings is limited, which could lead to dilution of their holdings[158]. Financial Market Trends - The TWSE Weighted Index peaked at 24,390.03 on July 11, 2024, and reached a low of 17,161.79 on January 17, 2024, with the trading price of the company's Common Shares ranging from NT$123.0 to NT$193.5 per Share[145].

Financial Data and Key Metrics Changes - Consolidated revenues grew by 2% year-on-year in 2024, with ATM revenues up by 3% year-on-year [9][31] - For Q4 2024, fully diluted EPS was TWD 7.23, while basic EPS was TWD 7.52 [31][20] - Gross profit for the year was TWD 96.9 billion, improving by TWD 5.2 billion year-on-year or by 6% [100] - Operating profit for the year was TWD 39.2 billion, declining by TWD 1.1 billion [102] Business Line Data and Key Metrics Changes - The testing business grew by 9% year-on-year in 2024, with Q4 growth at 18% year-on-year [11][79] - ATM business revenues for Q4 2024 were TWD 88.3 billion, up 3% sequentially and 8% year-on-year [39][107] - EMS revenues for Q4 2024 were TWD 74.9 billion, declining by 1% sequentially and 5% year-on-year [120] Market Data and Key Metrics Changes - Leading-edge advanced packaging and testing revenues exceeded USD 600 million, accounting for around 6% of ATM revenues, up from USD 250 million in 2023 [10][79] - The overall equipment utilization was in the mid- to high 60s [86] - The company expects total semiconductor revenues to reach $1 trillion in the next decade, driven by AI and IoT-related products [14][82] Company Strategy and Development Direction - The company plans to invest significantly in R&D, human capital, and advanced packaging capacity in preparation for an AI-led super cycle [13][81] - The company aims to double its CapEx to around USD 2 billion in multiple new sites to support aggressive expansion [65][68] - The company is focused on maintaining flexibility and agility in handling business model evolutions to widen its competitive moat [14][83] Management's Comments on Operating Environment and Future Outlook - Management noted a soft recovery in some segments due to inventory correction and lagging end market demand [10][78] - The company expects its ATM business to outgrow the logic semiconductor market, driven by strong momentum in leading-edge advanced packaging and testing [12][80] - Management acknowledged uncertainties ahead that could change the overall business landscape but remains focused on executing plans for 2025 [70] Other Important Information - Operating expenses increased by TWD 6.4 billion for the year, primarily due to the ramp-up of leading-edge advanced packaging services [101][90] - The effective tax rate for the year was 18.6%, with expectations for a slight decrease in the coming year due to government incentive programs [104][36] - The company recorded a net nonoperating gain of TWD 2.5 billion for the year, primarily from foreign currency hedging activities [103][34] Q&A Session Summary Question: What is the outlook for the first quarter of 2025? - The company projects ATM revenue to decline by mid-single digits quarter-over-quarter and EMS revenue to decline slightly year-over-year [62][61] Question: How does the company plan to address the inflationary environment? - Management indicated that higher operating expenses are due to active R&D investment and that they expect operating expense ratios to decline as revenues grow [68][69] Question: What are the expectations for the gross profit margin in 2025? - The company expects ATM gross profit margin to recover to the structural target of 24% to 30% as capacity ramps up [66][68]

Third Quarter 2024 Earnings Release ASE Technology Holding aseglobal.com 31 October, 2024 Safe Harbor Notice This presentation contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Although these forward-looking statements, which ma ...

Financial Data and Key Metrics - Consolidated net revenues increased 14% sequentially and 4% year-over-year to TWD26.4 billion with a gross margin of 16.5%, improving 0.1 percentage points sequentially and 0.3 percentage points year-over-year [4] - Operating profit was TWD11.5 billion, up TWD2.5 billion sequentially and TWD0.1 billion year-over-year, with an operating margin increase of 0.8 percentage points sequentially [5] - Net income for the quarter was TWD9.7 billion, representing an increase of TWD1.9 billion sequentially and TWD0.9 billion year-over-year [6] - The NT dollar depreciated 0.3% against the US dollar sequentially and 2.7% annually, positively impacting gross and operating margins by 0.1 percentage points sequentially and 0.7 percentage points annually [6][7] Business Line Performance - ATM revenues were TWD85.8 billion, up 10% sequentially and 3% annually, with a gross profit margin of 23.1%, up 1 percentage point sequentially and 0.9 percentage points year-over-year [9][10] - EMS revenues were TWD75.4 billion, improving 20% sequentially and 6% year-over-year, with a gross margin decline of 0.6 percentage points sequentially to 9% [15] - Test business grew 6% year-to-date compared to 1% for the assembly business, with test business expected to see a more pronounced pickup in Q4 [14] Market Performance - Leading-edge advanced packaging and seasonal ramps of communications devices drove better-than-anticipated Q3 performance [3] - The Automotive segment showed an increase in overall business, contributing to EMS revenue growth [17] - The company expects leading-edge advanced packaging revenues to double in FY2025, driven by AI, high-performance computing, and high-end networking and communications [20][21] Strategic Direction and Industry Competition - The company is investing heavily in leading-edge advanced packaging and testing, with capital expenditures expected to exceed annual depreciation and amortization levels of $1.9 billion [22][23] - The company is focusing on expanding capacity for leading-edge services, which are becoming more complex and require higher precision, leading to increased capital intensity [21][22] - The company is preparing for significant growth in leading-edge packaging and testing, with a focus on AI, networking, and communications [20][21] Management Commentary on Operating Environment and Future Outlook - The company expects Q4 ATM revenues to grow slightly quarter-over-quarter with flattish gross margins, while EMS revenues are expected to decline mid-single-digit quarter-over-quarter with a 1 percentage point decline in operating margin [27] - The company anticipates a challenging environment for EMS due to earlier seasonality and lackluster general demand [26] - Leading-edge products, particularly in AI and networking, are expected to drive strong growth, while seasonal products like communications and handset-related products remain stable [24][25] Other Important Information - The company had cash, cash equivalents, and current financial assets of TWD78.4 billion at the end of Q3, with total interest-bearing debt increasing by TWD29.3 billion to TWD213.2 billion [18] - Machinery and equipment capital expenditures for Q3 totaled $603 million, with $312 million used in packaging operations and $274 million in testing operations [19] Q&A Session Summary Question: Update on leading-edge advanced packaging revenue targets for 2025 - The company maintains its target of doubling leading-edge packaging and test revenue, with leading-edge expected to account for low teens percentage of overall ATM revenue [32][33] Question: Relationship with TSMC and competition from Amkor - The company is partnering with TSMC to expand capacity, with a natural division of work based on customer requests and economic considerations [39] - The company is focused on meeting current demand and is not overly concerned about competition from Amkor in the near term [39] Question: Gross margin trends and impact of leading-edge advanced packaging - The company expects margins to improve in 2025 as leading-edge capacity expands and test business grows, but margins will be front-end loaded due to higher investment costs [64][65] Question: Customer concentration in leading-edge advanced packaging - Customer concentration is high currently but is expected to become more broad-based in 2025 as demand diversifies [54] Question: Utilization rates and semiconductor market outlook - Utilization rates for packaging and testing were 65% to 70% in Q3 and are expected to remain similar in Q4 [55] - The general semiconductor market is expected to remain lukewarm in 2025, with leading-edge and AI-related business being the bright spots [57] Question: Investment in testing business and return profile - The company is investing across all aspects of testing, including wafer sort, final test, and burn-in, with a focus on turnkey services [61] - The return profile for leading-edge advanced packaging is expected to remain close to the rule of thumb of $1 of investment generating $1 of revenue [73] Question: Impact of edge AI on communications segment - Edge AI is expected to drive growth in the communications segment, but the timing and magnitude of this impact remain uncertain [76] Question: Smartphone and automotive demand trends - The company sees typical seasonality in smartphone demand and stable conditions in other segments, with some softness in automotive and industrial [87] Question: Burn-in testing and cost structure - The company is not yet able to comment on the cost structure for burn-in testing, as it depends on future business requirements [88]