智通财经APP获悉，财通证券发布研报称，ASMPT(00522)因AI服务器与国内市场需求的共振，推动了 SMT业务的加速复苏，同时SEMI也随着HBM的产能扩张步入新一轮上行周期。首次覆盖，给予"增 持"评级。 财通证券主要观点如下： 先进封装设备放量，全面布局深度受益 在美国出口管制与国产化替代加速背景下，国内封测厂资本开支保持高增，公司作为封装设备唯一具备 ECD供应能力的厂商，结合中国深度本地化网络与领先客户资源，将持续受益于供应链自主可控与国产 化政策红利。 投资建议：公司受益于先进封装长期趋势、订单恢复及盈利结构改善，成长逻辑清晰。该行预计公司 2025-2027年营业收入分别为141.14/165.73/189.05亿港元，同比分别增长6.69%/17.42%/14.07%，实现归 母净利润4.19/11.13/17.15亿港元，对应2025-2027年PE为85/32/21倍，首次覆盖，给予"增持"评级。 风险提示：技术路线替代风险；传统下游需求疲软风险；地缘政治与供应链中断风险；客户订单波动风 险。 全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持 ...

Core Viewpoint - UBS forecasts a stable outlook for ASMPT (00522) until 2026, adjusting the full-year earnings per share (EPS) forecast down by 78% to HKD 0.28 due to lower gross margins in the second half of 2025 and business restructuring impacts, while raising the 2026 sales forecast by 22% and EPS forecast by 13% to HKD 3.94, reflecting improved visibility in advanced packaging and mainstream businesses, maintaining a "Buy" rating and raising the target price from HKD 83 to HKD 95 [1] Group 1 - ASMPT management provided guidance for Q4 2025 revenue growth at a median of 7% quarter-on-quarter, exceeding the market's expectation of 4%, supported by SEMI and SMT businesses [1] - New order guidance for Q4 is expected to remain flat quarter-on-quarter, with SEMI orders anticipated to grow in the mid-double-digit percentage range, while SMT orders are expected to decline quarter-on-quarter due to a high base [1] - Management expresses confidence in the TCB business, anticipating that AI opportunities in 2026 will benefit both advanced packaging and mainstream businesses [1]

Group 1 - The company, Xiehe Electronics, focuses on printed circuit board products and SMT business primarily in the automotive electronics and high-frequency communication sectors [1] - In recent years, the company has actively embraced the development trend in the new energy sector, providing products such as flexible printed circuits (FPC) and CCS for new energy batteries to certain clients [1]