管理层对20H高频宽记忆体表示乐观，并相信若JEDEC标准持续放宽，热压焊接技术可支援这些堆叠。此 外，管理层认为高频宽快闪记忆体是热压焊接一个未被充分开发的重大机遇。该行上调2026年、2027年及2028 年预测盈利6%、6%及3%，以计入由人工智能及先进封装驱动的SEMI业务强劲收入增长，部分被SMT业务下行周 期所抵销。 麦格理发布研报称，予ASMPT(108,4.60,4.45%)(00522)"跑赢大市"评级，目标价上调5%至140港 元。ASMPT管理层将热压焊接(TCB)的总目标市场(TAM)预测大幅上调至2028年达16亿美元，意味着从2025年的 7.59亿美元起，复合年增长率为30%，高于此前预测的2027年达10亿美元。更新的总目标市场反映了人工智能 逻辑及高频宽记忆体投资的迅速加速。 ASMPT(00522):给予"跑赢大市"评级,目标价上调5%至140港元 麦格理证券 ...

Core Viewpoint - Morgan Stanley predicts ASMPT (00522) may report a loss in Q3 due to one-time restructuring expenses, but encourages investors to focus on its long-term growth drivers, including CoWoS-L capacity expansion, development of high-frequency memory in China, and hybrid integration progress [1] Financial Performance - ASMPT's Q3 revenue guidance median is set at $475 million, representing an 11% year-on-year increase [1] - Morgan Stanley forecasts that the company will incur approximately RMB 360 million in one-time restructuring expenses, leading to a net loss of around RMB 69 million [1] - For Q4, revenue is expected to reach RMB 3.646 billion, reflecting a 7% year-on-year growth, with a projected net profit of approximately RMB 126 million, primarily driven by advanced packaging solutions [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating for ASMPT, raising the target price from HKD 80 to HKD 100 [1] - The earnings per share forecasts for 2026 and 2027 have been increased by 10% and 23% respectively, while the full-year earnings estimate for this year has been reduced by 45% [1] Market Trends - The mainstream semiconductor demand is recovering, and the advanced packaging market continues to grow, with ASMPT's Q3 order shipment ratio expected to remain above 1 [1]