ASMPT-高带宽内存先进封装推动增长潜力；主流工具逐步复苏；“中性” 评级

We are optimistic about ASMPT's growth potential in TCB tools, supported by growing adoptions in HBM and logic advanced packaging. The migration from HBM3E to HBM4 will drive further applications of ASMPT's TCB tools, with higher requirements for pitch size and accuracy. ASMPT has been engaging with customers regarding TCB for HBM4 manufacturing. Meanwhile, although the company's Book-to-Bill ratio for semiconductor segments remains below 1.0, we see more positive signs, including increasing capex from Chin ...