Zhi Tong Cai Jing·2026-03-05 23:52Core Viewpoint - ASMPT is experiencing strong demand for AI, with a recovery in mainstream business and SMT, and TCB equipment is expected to accelerate shipments in 2026, with the TCB market projected to reach $1.6 billion by 2028, enhancing the long-term outlook for TCB business [1] Financial Performance - For Q4 2025, ASMPT's revenue reached approximately $509 million, corresponding to HKD 3.96 billion, with a year-over-year increase of 30.9% and a quarter-over-quarter increase of 12.2%, driven mainly by enhanced sales in SEMI and SMT businesses [2] - The semiconductor solutions business generated $246 million in revenue, up 19.5% year-over-year and 9.4% quarter-over-quarter, primarily due to AI-related applications and growth in photonic packaging demand [3] - The SMT business revenue was $263 million, reflecting a year-over-year increase of 43.8% and a quarter-over-quarter increase of 15%, driven by demand from AI server motherboards, Chinese electric vehicles, and confirmed bulk orders for smartphones [3] Business Structure Optimization - ASMPT is optimizing its business structure by focusing on back-end packaging, having completed the sale of its AAMI business for approximately HKD 11.1 billion, which had not been consolidated in recent years [4] - The NEXX business has been designated for termination and sale, with an expected revenue of about $100 million in 2025, allowing the company to concentrate resources on back-end packaging [4] Order Growth and Market Outlook - Overall new orders in Q4 2025 amounted to approximately $500 million, representing a year-over-year increase of 28.2% and a quarter-over-quarter increase of 5.0%, with a backlog of $793 million at the end of the period [5] - The company anticipates Q1 2026 revenue guidance of $470 million to $530 million, with a year-over-year increase of 29.5%, driven by TCB and high-end die bonder shipments [6] TCB Business Expansion - TCB revenue is projected to grow approximately 146% year-over-year in 2025, achieving record growth, with the global TCB equipment market expected to reach around $1.6 billion by 2028 [7] - The company aims to capture a market share of 35% to 40% in the TCB sector, with ongoing advancements in both logic and memory fields [7]