ASMPT(HK:00522) EBSCN·2024-04-25 10:31Investment Rating - The report maintains a "Buy" rating for ASMPT (0522.HK) [2][3]. Core Insights - ASMPT's Q1 2024 revenue was USD 401 million (HKD 3.14 billion), down 20% YoY and 8% QoQ, aligning with previous guidance [2]. - The semiconductor solutions segment generated revenue of USD 176 million, down 11% YoY and 14% QoQ, reflecting the ongoing downturn in the semiconductor market [2]. - The SMT segment reported revenue of USD 226 million, down 26% YoY and 3% QoQ, indicating a normalization of SMT demand [2]. - The overall gross margin decreased by 0.4 percentage points to 41.9%, primarily due to a decline in SMT gross margin, partially offset by an increase in semiconductor gross margin [2]. - Net profit for Q1 2024 was HKD 177 million, down 44% YoY but up 135% QoQ, with a net profit margin of 5.7% and EPS of HKD 0.43 [2]. - The company saw an increase in new orders to USD 409 million, up 17% QoQ, with both semiconductor and SMT segments showing growth in new orders [2]. - The backlog ratio improved to above 1, indicating a stable order fulfillment rate, with an unfulfilled order amount of USD 849 million [2]. - The company expects Q2 2024 revenue to be in the range of USD 380-440 million, which is below Bloomberg's consensus estimate of USD 470 million, due to slower-than-expected semiconductor market recovery [2]. - Looking ahead to 2025, the report is optimistic about the recovery in the semiconductor market and the acceleration of TCB and HB shipments, which are expected to drive significant revenue and profit growth [2]. Financial Summary - Revenue projections for ASMPT are as follows: HKD 15.73 billion in 2024, HKD 19.65 billion in 2025, and HKD 22.05 billion in 2026, with respective growth rates of 7.1%, 24.9%, and 12.2% [3]. - Net profit forecasts are adjusted to HKD 1.365 billion for 2024, HKD 2.563 billion for 2025, and HKD 3.354 billion for 2026, reflecting growth rates of 90.8%, 87.8%, and 30.9% respectively [3]. - The EPS is projected to be HKD 3.29 in 2024, HKD 6.18 in 2025, and HKD 8.09 in 2026 [3].