ASMPT Ltd 4Q25 Preview and 1Q26 Outlook Summary Company Overview - **Company**: ASMPT Ltd (0522.HK) - **Industry**: Semiconductors, specifically focusing on back-end equipment and advanced packaging solutions Key Financial Metrics - **Price Target**: Raised from HK$100.00 to HK$120.00 [5][30] - **Market Capitalization**: HK$41,709 million [7] - **Revenue Guidance for 4Q25**: Expected at US$500 million, representing a 14% year-over-year increase and a 7% quarter-over-quarter increase [2] - **1Q26 Revenue Expectation**: Projected at HK$4.0 billion, with semiconductor solutions expected to rise by 8% quarter-over-quarter [2] Core Insights - **Strong Demand in OSAT**: Leading OSAT companies are significantly increasing their capital expenditures for 2026, with ASE planning US$7 billion and Amkor planning US$2.5-3.0 billion, indicating robust demand for back-end equipment [3][39] - **Utilization Rates**: High utilization rates of 80-95% for leading OSATs in 4Q25 suggest strong operational efficiency and demand [3][26] - **Growth in Advanced Packaging**: The company is well-positioned to benefit from trends in CoWoS (Chip-on-Wafer-on-Substrate) and HBM (High Bandwidth Memory) technologies, which are expected to drive long-term growth [5][39] Financial Performance Expectations - **1Q26 Financials**: - Expected net sales of HK$4,000 million, gross profit of HK$1,602 million, and net income of HK$324 million [14] - Anticipated gross margin of 40.0% and operating margin of 10.4% [14] - **2026 Revenue Growth**: Projected revenue growth of 22%, accelerating from 7% in 2025, primarily driven by increased OSAT capex [27] Investment Thesis - **Overweight Rating**: The stock is rated as "Overweight" due to expected benefits from strong OSAT capex and a favorable market environment for advanced packaging technologies [7][39] - **AI Demand**: Increased demand for AI-related semiconductor solutions is expected to further enhance ASMPT's growth prospects [5][39] Risks and Considerations - **Market Volatility**: Potential risks include slower-than-expected recovery in the semiconductor market and fluctuations in customer demand, particularly in the auto and industrial sectors [50] - **Technological Advancements**: The success of hybrid bonding technology and the company's ability to maintain market share in advanced packaging will be critical [50] Conclusion ASMPT Ltd is positioned for strong growth in 2026, driven by robust demand in the semiconductor industry, particularly in back-end equipment and advanced packaging solutions. The company's strategic focus on capitalizing on OSAT capex and AI demand presents a compelling investment opportunity.

（於開曼群島註冊成立之有限公司） （股份代號：0522） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ASMPT LIMITED 新聞稿 ASMPT宣布對其製造運營進行戰略優化 題為《ASMPT 宣布對其製造運營進行戰略優化》的新聞稿附載於本公告。 承董事會命 董事 黃梓达 香港，二零二五年八月十一日 於本公告日期，本公司董事會成員包括獨立非執行董事：樂錦壯先生（主席）、 張仰學先生、蕭潔雲女士及許明明女士；非執行董事： Hichem M'Saad 博士及 Paulus Antonius Henricus Verhagen 先生；執行董事： 黃梓达先生及 Guenter Walter Lauber 先生。 （本公告之中英文版本如有任何歧義，概以英文版本為準。） 【即時發布】 ASMPT 宣布對其製造運營進行戰略優化 2025年8月11日，新加坡——全球領先的半導體和電子製造公司 ASMPT 今日宣布，將對其在中國的製造運營進行戰略性優化調 整。 ...