ASMPT(00522) 民生证券·2024-07-25 02:01Investment Rating - The report maintains a "Buy" rating for ASMPT, indicating a positive outlook for the company in the semiconductor packaging equipment industry [2][3]. Core Insights - ASMPT's Q2 2024 revenue reached HKD 33.4 billion, a year-over-year decline of 14.3% but a quarter-over-quarter increase of 6.5%. Net profit for the same period was HKD 1.37 billion, down 55.6% year-over-year and down 23.0% quarter-over-quarter [2]. - The semiconductor segment showed resilience with a revenue increase of 0.4% year-over-year and 20.9% quarter-over-quarter, driven by TCB equipment demand. In contrast, the SMT segment faced a significant revenue decline of 25.2% year-over-year [2]. - The company has made significant progress in TCB and HBM equipment, achieving industry-leading precision and securing new customer orders, including breakthroughs in the logic and HBM markets [2]. - Revenue forecasts for 2024-2026 have been adjusted to HKD 146.22 billion, HKD 176.76 billion, and HKD 204.78 billion, respectively, with net profit estimates of HKD 9.04 billion, HKD 15.53 billion, and HKD 22.21 billion [2]. Financial Performance Summary - Q2 2024 revenue: HKD 33.4 billion, down 14.3% YOY, up 6.5% QOQ [2] - Q2 2024 net profit: HKD 1.37 billion, down 55.6% YOY, down 23.0% QOQ [2] - Semiconductor revenue: HKD 16.6 billion, up 0.4% YOY, up 20.9% QOQ [2] - SMT revenue: HKD 16.8 billion, down 25.2% YOY, down 4.7% QOQ [2] - New orders in Q2 2024: HKD 17.4 billion for semiconductor, HKD 13.9 billion for SMT [2] Financial Projections - Revenue projections for 2024: HKD 14.622 billion, 2025: HKD 17.676 billion, 2026: HKD 20.478 billion [3][10] - Net profit projections for 2024: HKD 904 million, 2025: HKD 1.553 billion, 2026: HKD 2.221 billion [3][10] - EPS projections: 2024: HKD 2.18, 2025: HKD 3.75, 2026: HKD 5.36 [10]