智通财经网·2026-03-04 05:57Core Viewpoint - Citigroup has reiterated a "Buy" rating for ASMPT (00522) with a target price of HKD 125, highlighting a positive performance in Q4 2025 with revenue growth of 31% year-on-year to HKD 4.254 billion [1] Financial Performance - ASMPT's Q4 2025 revenue increased by 31% year-on-year to HKD 4.254 billion, driven by growth in both Semiconductor Solutions (SEMI) and Surface Mount Technology (SMT) segments [1] - Gross margin slightly decreased by 0.8 percentage points to 36.5%, influenced by a weak automotive and industrial market affecting the product mix [1] Future Guidance - The company has provided guidance for Q1 2025 revenue between HKD 3.7 billion and HKD 4.1 billion, with the median exceeding market expectations of HKD 3.8 billion [1] - There is an increase in new orders for Semiconductor Solutions, indicating strong demand for advanced packaging [1] - Citigroup believes that the traditional business has bottomed out and is on a recovery path [1]