混合键合，好消息不断

Core Viewpoint - BE Semiconductor Industries (Besi) has reported an increase in first-quarter orders due to rising demand from Asian foundries for AI-related data center applications, indicating a positive outlook for the company's hybrid bonding solutions [1][2]. Group 1: Orders and Demand - Besi's first-quarter order volume reached €131.9 million (approximately $150.1 million), reflecting an 8.2% increase compared to Q4 2024, which is seen as a key indicator for future growth [1]. - The company received hybrid bonding orders for HBM4 applications from two leading memory chip manufacturers and an additional order from a major Asian foundry for logic chips [1]. Group 2: Financial Performance - Despite a 30% decline in Besi's stock price this year, the stock rose by 9% as of the last trading day, with analysts noting that new orders are "very positive" and highlight long-term growth potential [2]. - The company's revenue for the quarter was €144.1 million, a 6.1% decrease quarter-over-quarter, with expectations for Q2 revenue to remain at a similar level, with a fluctuation range of ±5% [2]. Group 3: Market Outlook - The global trade war has created uncertainty, making it difficult for the company to predict the timing and path of demand recovery [2]. - Besi anticipates that the mainstream packaging market will begin to recover in the second half of the year, depending on end-market trends and the evolution of global trade restrictions [2]. - Advanced packaging demand for AI applications remains strong, primarily benefiting from new equipment and use cases planned for 2026 to 2028 [2].