Core Viewpoint - ASMPT reported a revenue of HKD 36.6 billion for Q3 2025, reflecting a year-on-year increase of 9.5% and a quarter-on-quarter increase of 7.6% [1] - The company anticipates optimistic revenue guidance for Q4, projecting between USD 4.70 billion and USD 5.30 billion, with a median growth of 14.3% year-on-year and 6.8% quarter-on-quarter [1] Business Performance - SMT business showed strong revenue growth, reaching HKD 17.8 billion, with year-on-year growth of 14.6% and quarter-on-quarter growth of 28.0%, driven by demand from AI servers and electric vehicles in Asia [1] - SEMI business revenue was HKD 18.8 billion, with a year-on-year increase of 5.0%, primarily due to strong demand for power management applications [1] Orders and Market Trends - The order amount for Q3 was HKD 36.2 billion, a year-on-year increase of 14.2% but a quarter-on-quarter decrease of 3.5% [1] - SMT orders increased by 51.8% year-on-year to HKD 19.9 billion, driven by strong momentum in telecommunications and electric vehicles, although there was a quarter-on-quarter decline of 5.0% due to high base effects from Q2 smartphone orders [1] Advanced Packaging Developments - The company secured multiple orders for the HBM4 12H TCB solution, maintaining its position as a major supplier [3] - The C2W TCB solution has successfully passed final verification and is preparing for mass production [3] - Advanced packaging demand is expected to remain strong, particularly in the storage sector, with significant contributions anticipated in 2026 [3] Investment Recommendations - The target price has been raised to HKD 103.6, maintaining a "buy" rating, reflecting confidence in SMT order recovery and advanced packaging demand [4] - Adjustments were made to the 2025 estimated net profit, down by 28% to HKD 3.4 billion, while revenue estimates for 2025, 2026, and 2027 were increased by 2%, 3%, and 3% respectively [4]

证券研究报告 先进封装：TCB 获 HBM4 订单，C2W 方案进入量产准备 先进封装进展方面，集团 TCB 方案在存储领域凭借更优良率获得竞争优势。 3Q25，HBM4 12H TCB 方案率先获多家 HBM 厂商订单，有望保持主要供 应商地位。公司专有 AOR 技术也为 HBM16H 及以上提供了可扩展性。逻 辑领域，C2S 方案继续赢得客户 POR 订单，有望获领先晶圆代工厂 OSAT 伙伴的大量后续订单。用于 C2W 的 TCB 方案已成功通过一家领先晶圆代 工厂的最终验证，准备进入量产。混合键合方面，集团 3Q25 继续出货 HB 工具，第二代方案具备竞争力，并正与关键客户合作评估。CPO 领域，集 团继续主导 800G 收发器市场，并参与 1.6T 方案的合作。SMT 的 AP 方案 Q3 订单增长强劲，获 IDM 和 OSAT 用于基站 RF 模块的 SiP 订单。此外， SMT 也获得来自领先晶圆代工厂和 OSAT 的智能手机相关订单。我们认为 先进封装在大客户中进展顺利，相关业务需求 2026 年或将持续保持强劲， 看好 2026 年 C2W 产品量产以及存储领域的产品交付持续贡献收入增量。 ...