特别申明： 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 点击注册小程序 1）TCB方面，持续生产出货。逻辑芯片方面，订单增长势头保持，已完成领先客户12层HBM3E批量安 装，另一客户Q2启动HBM4小批量生产；逻辑领域C2S订单大量交付，C2W新一代TCB从试产至批量生 产。2）光子和CPO方面，赢得重要订单。光子工具（支持800G及以上收发器）和CPO布局，CPO已在 25H1获全球收发器制造商及整合设备制造商订单。3）HB方面，预计Q3开启交付。公司预计Q3交付HB （混合式焊接）工具给一名HBM客户。 风险提示： 关税不确定性风险；市场需求不及预期；TCB/HB渗透率不及预期。 发布日期： 2025- 07-25 报告摘要 事件： 公司于2025年7月23日发布25Q2业绩。Q2营收符合指引。营收 ...

Core Viewpoint - ASMPT's 2Q25 earnings fell short of expectations primarily due to foreign exchange impacts on gross profit margin (GPM) and strategic research and development (R&D) investments, yet the blended book-to-bill (B/B) ratio improved to 1.11, indicating strong order gains across the semiconductor (SEMI) and surface mount technology (SMT) sectors, supporting robust revenue guidance for 3Q25 [1][2] Financial Performance - 2Q25 revenue increased by 2% year-over-year to HK$3.4 billion, aligning closely with midpoint guidance, while GPM and operating profit margin (OPM) decreased by 1.2 percentage points and 0.1 percentage points quarter-over-quarter to 39.7% and 5.0% respectively, mainly due to high operating expenses (OPEX) and strategic investments [2] - Adjusted net income (NI) decreased by 3% year-over-year to HK$131 million, reflecting the impact of OPEX and foreign exchange [2] Future Guidance - 3Q25 revenue guidance is set between US$445 million and US$505 million, exceeding market expectations by 1%, with the midpoint reflecting a 10.8% year-over-year and 8.9% quarter-over-quarter increase, driven by strong SEMI orders and SMT orders from a leading smartphone customer [3] - Management anticipates strong growth in advanced packaging (AP) and a recovery in mainstream demand, particularly from China and AI data centers, although there are concerns regarding soft near-term demand in automotive and industrial sectors [3] Advanced Packaging (AP) Insights - In 1H25, AP revenue constituted 39% of total revenue, marking a record high, with TCB orders increasing by 50% due to significant installations and shipments for HBM clients [4] - ASMPT has established the largest TCB installed base globally, surpassing 500 tools, and is expected to continue its growth trajectory in TCB and other AP tool orders in 2H25 [4] Valuation Adjustments - The revenue estimate for SMT has been increased by 3% to account for demand recovery driven by China and AI, while SEMI revenues have been reduced by 2% due to delayed TCB orders [6] - The group GPM is expected to remain above 40%, but net income forecasts have been lowered by 15%/4%/3% to reflect the impact of high OPEX [6]

投资建议：给予目标价77.2 港元，维持"买入"评级AI 和中国市场需求驱动下，公司SMT 业务订单增长 趋势向好，上调2025/2026/2027 净利润3%/8%/7%至6.23/10.35/16.27 亿港币，对应EPS为1.50/2.49/3.91 港币。考虑到公司在AI 驱动的先进封装领域的技术优势及长期成长潜力，基于2026 年31x PE（可比公 司Factset 一致预期均值25.2x），上调目标价至77.2 港币（前值：69 港币，对应2026 年30x PE），维 持"买入"评级。 先进封装：TCB 上半年订单同比+50%，混合键合设备Q3 交付上半年，公司成功为领先的HBM3E 12H 客户安装了其批量订购的TCB 设备。对于HBM4，一家HBM 客户已开始使用公司的TCB 进行HBM4 12H的少量生产。逻辑方面，1H25 在领先晶圆代工厂的OSAT 合作伙伴获得了C2S 解决方案订单，作为 唯一供应商，今年上半年交付大量此类TCB 设备。 此外，公司与领先晶圆代工厂联合开发用于C2W 的AOR TCB 正从试产阶段迈向量产阶段。混合键合方 面，第二代HB 工具在对准和键合准确性、焊盘 ...

DHC is considered a conventional healthcare REIT in the stock market, with a high exposure to volatility in senior housing. This assumption needs some nuance, as DHC is currently in the process of making significant changesSince COVID in 2020, I’ve been actively analyzing publicly traded companies across a wide range of industries. The first company I analyzed was Shell PLC, a Dutch oil and gas company. My research wasn't limited to Shell but covered a wide array of companies, with names like ASML, Ahold De ...

The upcoming report from Lam Research (LRCX) is expected to reveal quarterly earnings of $1.20 per share, indicating an increase of 48.2% compared to the year-ago period. Analysts forecast revenues of $4.99 billion, representing an increase of 28.9% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead of a co ...

Small deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well ...

Data I/O (DAIO) Q2 2025 Earnings Call July 24, 2025 05:00 PM ET Speaker0Good afternoon, everyone, and welcome to the Data IO Second Quarter twenty twenty five Financial Results Conference Call. All participants will be in a listen only mode. Please note today's event is being recorded. At this time, I'd like to turn the conference call over to Mr. Jordan Darrow, Investor Relations.Please go ahead, sir.Speaker1Thank you, operator, and welcome to the Data IO Corporation's second quarter twenty twenty five fin ...

Core Insights - ACM Research, Inc. has announced significant upgrades to its Ultra C wb cleaning tool, incorporating a patent-pending nitrogen bubbling technique to enhance wet etching uniformity and cleaning performance [1][2]. Group 1: Technology Enhancements - The upgraded Ultra C wb tool features nitrogen (N2) bubbling technology that addresses issues of poor wet etching uniformity and by-product regrowth commonly found in conventional wet bench processes [2]. - The N2 bubbling technique improves the transport efficiency of phosphoric acid and promotes uniformity in temperature, concentration, and flow velocity within the wet etching bath [2]. - This technology is particularly applicable in the manufacturing processes for 3D DRAM, 3D logic, and 500+ layer 3D NAND devices [2]. Group 2: Performance Improvements - The Ultra C wb platform enhances within-wafer and wafer-to-wafer wet etching uniformity by more than 50% compared to conventional batch processes [6]. - The advanced cleaning capabilities of the Ultra C wb platform have demonstrated effective removal of organic residues from special phosphoric acid additives in advanced-node processes [6]. - The upgraded tool is qualified for three layers of advanced-node processes, including stack silicon nitride removal and channel hole polysilicon etch back [6]. Group 3: Proprietary Technology - The nitrogen bubbling technology generates large-size bubbles with good uniformity, with bubble density being precisely controllable [6]. - The N2 bubbling core technology can also be applied to ACM's Ultra C Tahoe platform, addressing future process requirements for customers [6]. Group 4: Market Position - ACM Research, Inc. is a leading supplier of wafer and panel processing solutions for semiconductor and advanced packaging applications, committed to delivering high-performance, cost-effective process solutions [1][7].

Delivered Second Consecutive Quarter of Sequential Bookings Growth Preparing to Scale Through Revenue Growth & Market ExpansionRedmond, Washington--(Newsfile Corp. - July 24, 2025) - Data I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced security and data deployment solutions for microcontrollers, security ICs and memory devices, today announced financial results for the second quarter ended June 30, 2025.Management Comments Commenting on the quarter ended June 30, 2025, William Wentw ...

SANTA CLARA, Calif., July 24, 2025 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced that it will hold its fiscal third quarter 2025 earnings conference call on Thursday, August 14, 2025, at 4:30 p.m. ET / 1:30 p.m. PT. The call will be webcast live at: https://ir.appliedmaterials.com. A replay will be available on the same day beginning at 8:00 p.m. ET / 5:00 p.m. PT. About Applied MaterialsApplied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the fou ...