ASMPT(00522) - 2025 Q1 - 业绩电话会

Financial Data and Key Metrics Changes - The group achieved revenue of US$401.5 million, meeting the midpoint of revenue guidance [3][7] - Group bookings totaled US$431.2 million, showing a 2.9% quarter-on-quarter growth and 4.8% year-on-year growth [7] - Group gross margin exceeded 40%, rebounding due to a better product mix [6][8] - Adjusted net profit was HKD83.2 million, up 1.6% quarter-on-quarter but down 53.1% year-on-year [9] Business Line Data and Key Metrics Changes - The semiconductor (semi) segment contributed approximately 64% of the group's revenue, with revenue of US$255.6 million, up 0.6$222.9 million, down 19.5% quarter-on-quarter but up 11.4% year-on-year [10][11] - The surface mount technology (SMT) segment delivered revenue of US$145.9 million, a decline of 20.3$208.4 million, up 46.5% quarter-on-quarter, driven by strong seasonal demand [12] Market Data and Key Metrics Changes - The mainstream business continued to be affected by soft demand from automotive and industrial end markets, with growth trajectory difficult to forecast [6][14] - The company noted stabilization in the automotive and industrial end markets, although they remained soft [12][14] Company Strategy and Development Direction - The focus for 2025 is on securing additional orders from both high volume manufacturing (HVM) and logic customers [5][14] - The company remains confident in the demand for advanced packaging (AP) and TCB solutions for AI and high-performance computing applications [14][105] - The global manufacturing footprint provides flexibility to navigate potential tariff impacts [14][105] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining AP revenue and expects mainstream business to improve due to seasonality and better-than-expected Q1 bookings [14] - The indirect impact of tariffs makes the growth trajectory difficult to forecast, but management remains optimistic about the overall market growth [14][26] Other Important Information - The company completed the delivery of the bulk of ECB orders to a leading memory maker, with further orders expected [4][5] - The strong progress in DCB solidifies the company's leadership in the market [5] Q&A Session Summary Question: Booking direction in the second quarter and advanced packaging booking momentum - Management remains confident that Q2 bookings will be within a similar range compared to the last few quarters, assuming no unexpected impacts from tariffs [21][22] Question: Impact of tariffs on SMT business and capacity expansion - Management noted that while there hasn't been significant direct impact on operations, some customers are evaluating their investment timing and location due to tariffs [26][27] Question: Magnitude of orders from the second HBM customer - Orders from the second HBM customer are smaller compared to the first but are considered meaningful, with two orders already received [42] Question: Progress on chip on wafer tools and customer decisions - Management indicated significant progress from qualification to pilot production, with expectations for orders in the second half of 2025 [50][52] Question: Confidence in follow-on orders from the leading HBM customer - Management is hopeful for follow-on orders and is actively engaging with multiple HBM players [62] Question: OpEx management and future profitability - Management emphasized a balance between protecting future R&D investments and maintaining sensible cost control measures [99][100]