Investment Rating - The report maintains a positive outlook on ASMPT, indicating strong performance and growth potential in the advanced packaging sector [1][11]. Core Insights - ASMPT reported robust financial results for the first half of 2025, with revenue reaching $837.6 million, a year-on-year increase of 31.7%, and an operating profit of $329.3 million, up 79.5% quarter-on-quarter [1][11]. - The advanced packaging (AP) business is a key growth driver, accounting for 39% of total revenue, with TCB tools being the largest revenue source, showing a 50% increase in orders [2][12]. - The company expects Q3 revenue guidance of $445-455 million, reflecting a year-on-year growth of approximately 10.8% and a quarter-on-quarter increase of 8.9%, surpassing market consensus [1][11]. Revenue Breakdown - The Semiconductor Solutions (Semi) segment generated Q2 revenue of $257.6 million, up 20.9% year-on-year, driven by growth in the AP business, particularly TCB tools [3][14]. - The SMT segment reported Q2 revenue of $178.5 million, a quarter-on-quarter increase of 22.6%, primarily fueled by demand from the Chinese market, including AI servers and electric vehicles [3][14]. Long-term Growth Prospects - ASMPT forecasts the TCB market to reach a total addressable market (TAM) of $1 billion by 2027, with HBM, C2W logic, and advanced memory packaging identified as key growth areas [3][15]. - Despite anticipated short-term declines in Q3 orders, year-on-year growth is expected to continue, supported by AI-driven TCB orders and demand for mainstream semiconductor equipment [3][15].