智通财经网·2025-10-30 07:17Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for ASMPT (00522), highlighting strong AI demand and a recovery in mainstream business and SMT, with expectations for accelerated shipments in TCB by Q4 2025 and in 2026, despite one-time costs from restructuring [1] Group 1: Financial Forecasts - The company adjusted its net profit forecasts for 2025-2027 to HKD 2.03 billion, HKD 13.51 billion, and HKD 19.35 billion, reflecting changes of -66%, +42%, and +41% respectively compared to previous estimates [1] - Year-on-year changes in net profit are projected at -41.2% for 2025, +565.2% for 2026, and +43.2% for 2027 [1] Group 2: Business Developments - The company is deepening its focus on TCB and HB, with expectations for accelerated shipments in Q4 2025 and 2026 [1] - In TCB, the company has validated HBM4 with key customers in the logic sector, anticipating orders from leading foundry clients starting in Q4 2025 [1] - In the storage sector, the company has secured multiple orders for HBM4-12H, with one major client as a primary supplier [1] - The company is also progressing in HB, with ongoing deliveries and multiple projects at different evaluation stages [1] Group 3: Restructuring Impact - The voluntary liquidation of the Shenzhen subsidiary AEC resulted in a short-term loss for the company, but is expected to improve long-term profitability [2] - The restructuring and inventory write-off in Q3 incurred costs of HKD 3.55 billion, but is projected to enhance gross margins and save HKD 1.28 billion annually [2]