Investment Rating - The report assigns a neutral investment rating to ASMPT (0522.HK) with expectations of revenue guidance for Q3 2024 indicating a decline compared to Q2 [32][33]. Core Insights - ASMPT reported Q2 2024 revenue of 427million,aquarter−over−quarterincreaseof6.5213 million, up 21.0% quarter-over-quarter and 0.9% year-over-year, driven by TCB technology and demand from high-end automotive applications [6][7]. - The SMT solutions segment faced challenges, with Q2 revenue of 215million,down4.9370 million and 430million,indicatingaquarter−over−quarterdeclineof6.4427 million, with a gross margin of 40.0% and an operating profit margin of 4.0%. New orders totaled 399million,reflectingaquarter−over−quarterdecreaseof2.4213 million, with a gross margin of 44.5%. New orders amounted to 222million,up11.6215 million, with a gross margin of 35.6%. New orders decreased to $177 million, down 15.7% quarter-over-quarter and 20.6% year-over-year [8][9]. Q3 2024 Guidance - The company maintains an optimistic outlook for advanced packaging, while the traditional packaging business is expected to recover slower than anticipated. The SMT market is expected to remain weak [9].
ASMPT(00522) 华创证券·2024-08-01 09:01