ASMPT盘中涨近7% 麦格理给予“跑赢大市”评级

Core Viewpoint - ASMPT reported a significant increase in annual net profit by 163.6% to HKD 902 million, with a dividend of HKD 1.13, indicating strong financial performance and growth potential in the semiconductor sector [1][4]. Financial Performance - ASMPT's stock price increased by 5.93% to HKD 116.40, with a trading volume of HKD 219 million [1][4]. - The company forecasts first-quarter sales revenue between USD 470 million and USD 530 million, reflecting a quarter-on-quarter decrease of 1.8% but a year-on-year increase of 29.5% [1][4]. - The gross margin is expected to improve, driven by increased sales of TCB and high-end die bonding machines, returning the semiconductor solutions segment's gross margin to the mid-40% range [1][4]. Market Outlook - Macquarie has upgraded ASMPT's rating to "Outperform" and raised the target price by 5% to HKD 140 [1][4]. - ASMPT's management significantly increased the total addressable market (TAM) for TCB, projecting it to reach USD 1.6 billion by 2028, with a compound annual growth rate (CAGR) of 30% from USD 759 million in 2025, surpassing previous forecasts [1][4]. - The updated TAM reflects rapid acceleration in investments related to artificial intelligence logic and high-bandwidth memory [1][4].