Zhi Tong Cai Jing·2026-01-13 06:25Core 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]