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分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 （於開曼群島註冊成立之有限公司） （股份代號 : 0522） 截至二零二四年六月三十日止六個月之 二零二四年度未經審核中期業績公布 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report gives ASMPT a "Recommend" rating, citing its leading position in the semiconductor packaging equipment industry and growth potential driven by downstream computing applications [1] Core Views - ASMPT is a global leader in semiconductor packaging equipment, with strong product capabilities and a leading market share in die bonding and wire bonding equipment [1][18] - The company's advanced packaging business, driven by AI and high-performance computing, is expected to be a major growth driver, with a projected CAGR of 18% from 2024 to 2028 [1][23] - The SMT business is shifting focus to the automotive electronics market, which is expected to drive future growth [1][37] Business Overview SEMI Business - ASMPT holds a leading market share in die bonding (31% globally) and wire bonding (30% in China) equipment [18] - The advanced packaging segment contributed 22% of total revenue in 2023 (HK$3.1 billion), with TCB and HB equipment being key products for AI and HBM applications [1][22][23] - The SEMI business is expected to recover in 2024, driven by advanced packaging demand, with revenue projected to grow 25% YoY to HK$7.96 billion [42] SMT Business - The SMT business generated HK$8.33 billion in revenue in 2023, down 10% YoY, with automotive electronics being a key growth driver [1][37] - Revenue from automotive terminal applications reached approximately $410 million in 2023 [1][37] - The SMT business is expected to recover gradually, with revenue projected to grow 10% YoY in 2025 and 2026 [42] Financial Projections - Revenue is projected to grow from HK$14.7 billion in 2023 to HK$21.3 billion in 2026, with a CAGR of 13.2% [1][43] - Net profit is expected to increase from HK$715 million in 2023 to HK$2.89 billion in 2026, with a CAGR of 59.2% [1][43] - The PE ratio is expected to decline from 59x in 2023 to 14x in 2026, indicating significant earnings growth [1][43] Market Opportunities - The global semiconductor packaging equipment market is projected to grow from $5.78 billion in 2022 to $5.95 billion in 2025 [18] - The advanced packaging market is expected to grow from $44.3 billion in 2022 to $78.6 billion in 2028, driven by AI and high-performance computing [20][23] - The HBM market is expected to drive demand for TCB equipment, with ASMPT well-positioned to benefit from this trend [32][35] Competitive Advantages - ASMPT has a comprehensive product portfolio covering all major steps in the electronic manufacturing process [6] - The company has a strong R&D focus, with R&D expenses increasing from HK$1.95 billion in 2021 to HK$2.05 billion in 2023 [15] - Strategic acquisitions have strengthened ASMPT's product lines and market position, including the 2011 acquisition of SEAS and the 2014 acquisition of ALSI [18][19]

2024年4月25日 公司研究 先进封装加速出货，半导体行业缓慢复苏，24H2 业绩有望持续改善 ——ASMPT（0522.HK）2024 年一季度业绩点评 要点 增持（维持） 事件：公司发布24Q1业绩，营收4.01亿美金对应31.4亿港币，YoY-20%， 当前价：102.30港元 QoQ-8%，位于此前指引区间3.7~4.3亿美金的中值。其中半导体解决方案业 务营收 1.76 亿美金，YoY-11%，QoQ-14%，系半导体仍处下行周期；SMT 作者 业务营收2.26亿美金，YoY-26%，QoQ-3%，系SMT需求常态化。Q1毛利 率环比下滑 0.4pct 至 41.9%，系 SMT 业务毛利率下滑，部分被半导体业务 分析师：付天姿 毛利率增长而抵消；其中 SMT 业务毛利率环比下滑 1.2pct 至 39.7%，系产 执业证书编号：S0930517040002 021-52523692 品组合调整，半导体业务毛利率环比增长0.9pct至44.6%。24Q1净利润1.77 futz@ebscn.com 亿港币，YoY-44%，QoQ+135%，对应净利率5.7%，对应EPS 0.43港币。 半导体业务 ...

Investment Rating - Buy (maintained) [2] Core Views - Despite the weak recovery in traditional packaging business in 2024, TCB equipment shipments are expected to significantly exceed 2023 levels, with higher value and profit margins compared to traditional packaging, driving overall net profit recovery in 2024 [3] - TCB equipment is expected to continue rapid growth in 2025-2026, with traditional packaging business recovery and operational leverage driving profitability improvement, leading to high net profit growth in 2025-2026 [3] - The 2024 net profit forecast is revised down to HKD 1 billion from HKD 1.1 billion, while the 2025 net profit forecast remains at HKD 2 billion, and the 2026 net profit forecast is revised up to HKD 2.7 billion from HKD 1.9 billion, with YoY growth rates of 35.8%, 109.6%, and 31.7% respectively [3] - The current stock price of HKD 102.3 corresponds to 2024-2026 P/E ratios of 43.4x, 20.7x, and 15.7x, maintaining a "Buy" rating [3] Financial Performance - 2024Q1 revenue was USD 401 million, down 8% QoQ, within the guidance range of USD 370-430 million [4] - Semiconductor solutions division revenue fell 14% QoQ, while SMT business revenue declined 3% QoQ [4] - New orders in 2024Q1 were USD 409 million, up 17% QoQ, with 2024Q2 revenue guidance of USD 380-440 million, indicating a 2.2% QoQ growth at the midpoint, primarily driven by advanced packaging [4] TCB Equipment Prospects - TCB equipment is expected to see rapid growth due to its technological leadership, with significant progress in both logic and memory customers [5] - For logic customers, TCB equipment is expected to be adopted in the C2W process, requiring higher quantities and offering higher value due to precision control requirements [5] - For memory customers, the transition from 8hi to 12hi and 16hi HBM increases I/O density and thinner chips, making traditional MR solutions less viable and driving the adoption of TCB equipment [5] - TCB equipment for 12hi HBM is already in production and delivery, with further growth expected in 2025 as 12hi HBM becomes more widely adopted [5] Financial Forecasts - Revenue forecasts for 2024-2026 are HKD 14.424 billion, HKD 17.951 billion, and HKD 19.789 billion, with YoY growth rates of -1.86%, 24.46%, and 10.24% respectively [6] - Net profit forecasts for 2024-2026 are HKD 972 million, HKD 2.037 billion, and HKD 2.682 billion, with YoY growth rates of 35.84%, 109.64%, and 31.68% respectively [6] - Gross margins are expected to improve from 42.60% in 2024 to 46.16% in 2026, while net margins are forecasted to rise from 6.74% in 2024 to 13.56% in 2026 [6] - ROE is projected to increase from 6.31% in 2024 to 14.65% in 2026, with EPS growing from HKD 2.4 in 2024 to HKD 6.5 in 2026 [6]

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 (於開曼群島註冊成立之有限公司) (股份代號: 0522) 截至二零二四年三月三十一日止三個月之 二零二四年第一季度未經審核業績公布 訂單對付運比率高於一 先進封裝推動新增訂單總額按季增長 集團財務概要: 二零二四年第一季度 非香港財務報告準則計量1 二零二四年第二季度銷售收入預測 ASMPT Limited 董事會欣然宣布集團截至二零二四年三月三十一日止三個月之未經審核業績如 下： 業績摘要 ASMPT Limited 及其附屬公司 (「集團」或「ASMPT」) 於截至二零二四年三月三十一日止三個月 (「二零二四年第一季度」)錄得銷售收入為港幣31.4億元(4.01億美元)，按年減少19.9%。集團於 二零二四年第一季度綜合除稅後盈利為港幣1.77億元，去年度同期盈利則為港幣3.15億元。二零 二四年第一季度的每股基本盈利為港幣0.43元，而二零二三年第一季度的每股基本盈利 ...

Investment Rating - The report initiates coverage on ASMPT with a "Buy" rating and a target price of HK$150.00, representing a potential upside of 50% from the current price of HK$100.00 [1][8]. Core Insights - ASMPT is positioned as a leader in the thermocompression bonding (TCB) market, with the largest installed base globally and a strong technological advantage, making it the preferred solution for chip-to-substrate (C2S) and chip-to-wafer (C2W) bonding in AI and high-performance computing (HPC) applications [4][10]. - The advanced packaging segment has seen significant growth, contributing 22% of ASMPT's total sales in 2023, and is expected to drive valuation re-rating as the company shifts focus towards higher-margin, faster-growing advanced packaging solutions [6][8]. - The report highlights the importance of electrochemical deposition (ECD) equipment, which is increasingly recognized as a critical tool in advanced packaging, with potential for significant profit growth due to its high margins and strategic positioning in the market [5][20]. Summary by Sections Investment Overview - ASMPT is recognized as a key enabler in the TCB market, with its Firebird series being the leading technology for advanced packaging applications [4][9]. - The company has a strong customer base primarily consisting of foundries and integrated device manufacturers (IDMs), which supports its growth in advanced packaging [17]. Financial Analysis - The report forecasts a compound annual growth rate (CAGR) of 17% for ASMPT's sales from 2023 to 2026, driven by increasing orders in semiconductor solutions [2][6]. - The gross margin is expected to improve gradually, supported by high R&D investments and operational leverage [2][6]. Valuation - The target price of HK$150.00 is based on a 25x P/E ratio for 2025, which is above the historical average since 2020 when advanced packaging began contributing significantly to revenue [8][6]. - The report suggests that ASMPT's current stock price is undervalued compared to its global peers, considering its strategic shift towards higher-value advanced packaging [8][6].

股份代號 年報 ( 於開曼群島註冊成立之有限公司 ) 2023 集團總部 2 Yishun Avenue 7 Singapore 768924 Republic of Singapore 2023 塚 鲝 鈒䚂氳闖縖䚋销䖼䥩㵏鞕氳侈ꝴꞥ鈮ASMPT Limited 2023䇗䇗㕕鵞♸䇗㕕䬠❠▽鎌碸氳⪞ 氳辑杯⽰儔✿⯦俍 先進封裝 業績穩健 戰略布局迎接生成式人工智能及高性能計算的增長 ASMPT佭┉ꝴ杷ꯝ⩝╯ⶐ㵷냉⹗꧆㯹榣⿁邯鵳漲♭⹗鬂♭鉮婋亡勇❠䟕りASMPT竭鼨⛤亥于ⱶ 㐕榣⿁尝衏ⶐ㵷냉遫㿋⹗㵟遫⹗SMT辑ꪫ鞟遫䤗轱䐍俘㎨婢犉⮽⺨牊䇆Ⲃ磞笞磞遫⹗㵟遫 矀碸꧆㯹磞♭氳鉮婋亡勇♓➘㲙䢒榫亥⺨牊磚珸榫䢒錄⤕ⴎ䦮꧆㯹榣⿁燯Ⳃ鵡銻㉻免銷畁 錄⤕婎髪䄄哆♓⹗LED걦炑冎ASMPT艃㲙䢒秵㳢⺭⛼䧐箛䤸鞴亥溿狔⹗氪㷤ꝧ䦌僘 䡗儗䷞沠⽰车哆䏆ꮷⱱ氳鉮婋亡勇憡㲙䢒䬠ⶍ榟榣䷞曎䬠냖榣⿁氳⺎ꪤ䓪⹗韭碜靹暶ⱱꄈ ASMPT亥꺝绤◬䢦┕䄬꺝绤◬䢦罇♸♏谝0522佭䔩榟禎⺭䄬⡬䧘丨┖╯䔩榟禎⺭╈㑔 罇䧘丨䔩榟禎⺭车哆䧘丨┖╯䔩榟禎⺭鞴銻熭䤗哆䧘丨䔩榟⺎䧐箛氪㷤⚀哆㓹嶗䧘丨⹗䔩榟꺝 35䧘丨╯䡗♸罇鎌碸鞴銻鑃刨ꞥASMPT私ꮻwww.a ...

股 票 研 究 [Table_industryInfo] 电子元器件 [ Table_Main[ AI Tn Safb Mol]e _ PT Tit（le] 0522） [评Tab级le_：Inv est] 增持 当前价格（港元）： 97.85 半导体需求逐步复苏，AI 驱动先进封装业务高增 2024.03.28 海 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 58.20- 舒迪(分析师) 陈豪杰(研究助理) 108.30 公 021-38676666 021-38038663 当前股本（百万股） 415 司 shudi@gtjas.com chenhaojie026733@gtjas.com 当前市值（百万港元） 40,559 证书编号 S0880521070002 S0880122080153 （ 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 国 AI+数字经济催生高算力需求，公司全面覆盖先进封装解决方案，并加速迭代TCB设 备，有望深度受益。 ASMPT 恒生指数 香 摘要： 港 45% [T able投_S资um建m议ar：y]2 023 年公 ...

智通财经APP获悉，大华继显发布研究报告称，看好ASMPT(00522)的前景，是基于GenAI技术的加速发展，对高端人工智慧(AI)芯片的设计及要求提升，认为ASMPT作为全球领先的热压键合(TCB)芯片封装技术供应商，有望从中受益，因而，首次给予“买入”评级，目标价115港元。 该行指出，TCB是AI芯片演进的关键支柱。在TCB应用迅速扩张的推动下，全球TCB市场规模预计在2023至2026年的3年复合年增长率(CAGR)可达63%。尽管料ASMPT将因新进入者的竞争而失去部分市场份额，但预计其TCB业务仍将以49%的3年CAGR增长，其收入贡献将从2023年的6.4%大增至2026年的14.1%。此外，该行估计集团半导体解决方案(SEMI solutions)和其他先进封装解决方案将于今年复苏。 ...

证券研究报告 | 公司动态点评 2024 年 03月 04日 ASMPT（00522.HK） Q4 盈利环比修复，AI 带动先进封装订单增长 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万港元） 19,363 14,697 15,984 17,631 19,447 股票信息 增长率yoy（%） -11.8 -24.1 8.8 10.3 10.3 归母净利润（百万港元） 2,620 715 1,243 2,009 2,409 行业 电子 增长率yoy（%） -17.3 -72.7 73.7 61.7 19.9 2024年3月1日收盘价（港元） 97.800 ROE（%） 16.6 4.6 7.5 11.3 12.5 总市值（百万港元） 40,538.63 EPS最新摊薄（港元） 6.32 1.73 3.00 4.85 5.81 流通市值（百万港元） 40,538.63 P/E（倍） 15.5 56.7 32.6 20.2 16.8 总股本（百万股） 414.51 P/B（倍） 2.6 2.6 2.5 2.3 2.1 流通股本（百万股） 414.51 资料来 ...