智通财经APP讯，ASMPT(00522)公布2025年中期业绩，销售收入为港币 65.3 亿元，按年增长0.7%，按 半年则减少 3.3%。新增订单总额为港币 71.1 亿元，按年增长12.4%，按半年亦增长10.5%;综合除税后 盈利为港币 2.17 亿元，按年减少 30.9%，按半年则增加 672.7%。经调整盈利为港币 2.18 亿元，按年减 少30.7%，按半年则增长95.7%。每股基本盈利为港币 0.52 元，拟派发中期股息每股港币 0.26 元。 集团的经调整经营盈利为港币 2.18 亿元，按半年增长 95.7%，按年则下降 30.7%。除经营利润受影响 外，按半年取得改善主要由税项抵免所推动，而部分则被因美元走弱而带来的外币匯兑不利影响所抵 销，尽管集团已有对冲措施。按年则取得下降，主要由于外币汇兑不利影响所致，而部份则被来自位于 欧洲和亚洲研发中心的税项抵免优惠所抵销。 此外，预计2025年第三季度销售收入将在4.45 亿美元至 5.05 亿美元之间，以其中位数计按年增长 10.8%，按季亦增长8.9%，高于市场预期。集团对取得可持续稳定的先进封装销售收入充满信心，并预 期表面贴装技术解决方 ...

Core Viewpoint - Broadcom's second-quarter earnings forecast exceeded market expectations, driven by AI capabilities and low inventory levels [1][2][4] Group 1: Earnings Performance - In Q2 2025, Broadcom reported normalized EPS of $1.58, beating estimates by $0.01, and GAAP EPS of $1.03, exceeding estimates by $0.07 [2] - Revenue for Q2 2025 was $15.00 billion, surpassing estimates by $29.22 million, with a year-over-year revenue growth of 20% from $12.49 billion in Q2 2024 [2][3] - AI-related products contributed significantly to revenue, with AI income growing 46% year-over-year to $4.4 billion, while infrastructure software revenue increased 25% to $6.6 billion [2][3] Group 2: Inventory Levels - Broadcom's inventory levels reached a record low in Q2 2025, with inventory increasing from $600 million in 2015 to $2.017 billion, but sales growth outpaced inventory growth [4] - Days Inventory Outstanding (DIO) decreased from approximately 51.71 days in 2015 to 37.25 days in Q2 2025, indicating strong product demand [4] Group 3: Market Position and Valuation - Broadcom maintains strong relationships with major clients and is well-positioned in the AI market, with expectations for continued demand growth [2][6] - The company's forward PEG ratio is 1.82, indicating a relatively favorable growth-adjusted valuation compared to peers like Tesla and Apple [6][7] - Recent developments in U.S. export regulations are expected to further strengthen demand for Broadcom's products [6]

ASMPT Conference Call Summary Company Overview - ASMPT operates primarily in two segments: Semiconductor Solutions and SMT Solutions. The gross margin for Semiconductor Solutions is approximately 40%-45%, while SMT Solutions is around 30% [2][5]. Key Insights - **Impact of Tariffs**: The direct impact of tariffs on ASMPT is limited, but indirect effects need monitoring. Customer investment decisions are influenced by tariff uncertainties. The company utilizes a flexible shipping strategy from global production bases (including China, Singapore, and Malaysia) to mitigate tariff issues. A thaw in US-China relations may affect future tariff policies [2][6]. - **Market Contribution**: The US market accounts for 16% of ASMPT's total revenue, which is relatively small. The establishment of TSMC's factory in Arizona is expected to positively influence the US market. ASMPT's ability to adjust production bases is crucial in responding to tariffs, but customer investment willingness remains a concern [2][7][10]. - **Technological Advancements**: ASMPT's TTEC equipment has made progress in the memory and logic markets, securing significant orders from leading customers and establishing collaborations with Korean clients and a US CPU company in the TCB field, moving towards mass production [2][11]. - **Hybrid Bonding vs. TCB**: Hybrid bonding technology is not yet widely adopted due to its higher costs compared to TCB. TCB is expected to maintain its advantage in the next two to three years. ASMPT plans to launch next-generation Hybrid Bonding technology and remains optimistic about TCB's long-term prospects, projecting a market size of $1 billion by 2027 [2][12][13]. Financial Performance - **Q1 2025 Performance**: ASMPT's revenue in Q1 2025 met expectations, with new orders increasing by approximately 3% quarter-over-quarter. The overall gross margin recovered to 40.9%, with significant advancements in advanced packaging, particularly in TCB [3]. - **Operating Expenses**: Operating expenses are expected to increase by HKD 350 million in 2025, primarily for R&D and business system optimization [4][17]. - **Gross Margin Trends**: The gross margin for ASMPT solutions rebounded from 42.6% in Q4 to 46.3% in Q1, driven by the advanced packaging market, especially HBM [20]. Market Outlook - **Semiconductor Industry Recovery**: The semiconductor industry is anticipated to begin recovering in the first half of 2025, although tariff issues create uncertainty regarding the exact timing of this recovery. ASMPT is particularly confident in the advanced packaging business, especially TCB [4][21]. - **China Market Demand**: ASMPT's subsidiary, Aoxin Technology, focuses on the Chinese market, which accounted for 38% of total group revenue in 2024, indicating strong demand for advanced packaging in China [4][14]. Additional Considerations - **SMT Market Performance**: The SMT market has been declining since 2023, but there was a rebound in orders in Q1. Future recovery is dependent on the automotive and industrial sectors [19]. - **Panel Level Packaging (PLP)**: ASMPT offers PLP products, but this area is still in the early stages of development [18]. - **Acquisitions and Collaborations**: ASMPT's acquisition of a 9% stake in Biesse and collaboration with EV Group highlight the positive outlook for advanced packaging and the company's focus on industry partnerships [16].

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