电子/半导体 公 司 研 ASMPT（00522.HK） 基本面尚在复苏起点，AI 先进封装仍是持久主线 究 2024年02月29日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证 书编号：S0790521110001 日期 2024/2/29 港 当前股价(港元) 95.950  基本面尚在复苏起点，AI先进封装仍是持久主线，维持“买入”评级 股 一年最高最低(港元) 98.350/57.650 考虑到费用刚性，2024 年公司预计将额外新增 2.5 亿港币的营运支出，我们将 公 2024-2025年归母净利润预测由20/25亿港币下调至11/20亿港币，新增2026年 司 总市值(亿港元) 397.72 信 流通市值(亿港元) 397.72 净利润预测19亿港币，对应同比增速分别为57%/81%/-9%，EPS分别为2.7/4.9/4.5 息 总股本(亿股) 4.15 港币，当前股价91.95港币对应2024-2026年PE分别为35.2/19.4/21.3倍，考虑 更 新 流通港股(亿股) 4.15 到公司仍处在基本面复苏起点，AI 仍是持久 ...

智通财经APP讯，ASMPT(00522)发布截至2023年12月31日止年度业绩，销售收入为147亿港元，同比减少24.1%;公司持有人应占盈利7.15亿港元，同比下降72.7%;每股基本盈利为1.73港元，拟派发末期股息每股0.26港元及特别现金股息每股0.52港元。 在充满挑战的下行周期年度，集团的业绩受到半导体解决方案分部的影响。半导体解决方案分部的销售收入按年下降37%，而表面贴装技术解决方案分部则下降10%，表面贴装技术解决方案分部的销售收入占集团总销售收入约57%。这突显了集团广泛的业务组合优势，因为其两个分部遵循不同的业务周期，这在一定程度上帮助集团抵御了下行周期所产生的影响。 集团的资产负债表持续稳健，于2023年年底取得强劲的现金和银行存款达港币48.0亿元(2022年年底：港币44.2亿元)。于2023年年底，净现金创纪录达港币28.0亿元(2022年年底：港币21.7亿元)。 ...

ASMPT LIMITED (於開曼群島註冊成立之有限公司) (股份代號 : 0522) 截至二零二三年十二月三十一日止年度 二零二三年度經審核業績公布 先進封裝業績穩健 集團財務概要: 二零二三年第四季度 集團財務概要: 二零二三年 非香港財務報告準則計量1 二零二四年第一季度銷售收入預測 將介乎 3.7 億美元至 4.3 億美元之間，以其中位數計按年-20.0%，按季亦-8.1% 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。 第1頁(共40頁) 1 有關非香港財務報告準則計量之詳情，請參閲「香港財務報告準則計量與非香港財務報告準則計量之對賬」。 銷售收入為港幣 34.0 億元(4.35 億美元)，按年-21.4%，按季亦-2.0% 新增訂單總額為港幣 27.4 億元(3.50 億美元)，按年-12.2% ，按季亦-7.6% 毛利率為 42.3%，按年+87 點子，按季亦+812 點子 經營利潤率為 5.5%，按年-825 點子，按季則+356 ...

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) 截至二零二三年九月三十日止三個月之 二零二三年第三季度未經審核業績公布 先進封裝 在疲弱行業中表現亮麗 集團財務概要: 二零二三年第三季度  銷售收入為港幣34.7億元(4.44 億美元)，按年-23.8%，按季亦-10.9%  新增訂單總額為港幣 29.6 億元(3.79 億美元)，按年-18.3%，按季亦-1.8%  毛利率為34.2%，按年-670 點子，按季亦-594 點子  經營利潤率為1.9%，按年-1,254 點子，按季亦-802 點子  盈利為港幣1,280 萬元，按年-97.9%，按季亦-95.9% ...

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） 關於2022年報及2023中期報告的補充公告 茲提述ASMPT Limited（「本公司」）截至二零二二年十二月三十一日止年度 的年報（「2022年報」）及本公司截至二零二三年六月三十日止六個月的中期 報告（「2023中期報告」）。除本文另有界定外，本公告所用詞彙與2022年報 及2023中期報告中所界定者具有相同涵義。 繼2022年報第28頁及第29頁以及2023中期報告第45頁及第46頁所作的披露後， 本公司擬就僱員股份獎勵計劃補充以下進一步資料： 2022年報 1. 股份於二零二二年十二月十四日（即緊接所有獎勵股份歸屬日期二零二 二年十二月十五日前）的收市價為58.650港元。 ...

Positioned Well for Generative AI & High Performance Computing Growth 戰略布局迎接生成式人工智能及高性能計算的增長 INTERIM REPORT 2023 中期報告 2023 目 錄 2 公司資料 3 財務概要 5 主席報告 12 簡明綜合財務報表審閱報告 13 簡明綜合損益表 14 簡明綜合損益及其他全面收益表 15 簡明綜合財務狀況表 簡明綜合權益變動表 20 簡明綜合現金流量變動表 21 簡明綜合財務報表附註 43 其他資料 2 ASMPT LIMITED 二零二三年中期報告 公司資料 17 執行董事 黃梓� Guenter Walter Lauber 公司秘書 江俊 核數師 德勤 • 關黃陳方會計師行 執業會計師 註冊公眾利益實體核數師 香港金鐘道88號 太古廣場一座35樓 董事 獨立非執行董事 Orasa Livasiri， 主席 樂錦壯 黃漢儀 鄧冠雄 張仰學 蕭潔雲 非執行董事 盧鈺霖 Paulus Antonius Henricus Verhagen 主要銀行 香港上海滙豐銀行有限公司 三菱UFJ銀行 德意志銀行 公司總部 ...

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） 截至二零二三年六月三十日止六個月之 二零二三年度未經審核中期業績公布 二零二三年第二季度銷售收入高於預測中位數 戰略布局迎接生成式人工智能及高性能計算的增長 集團財務概要: 二零二三年第二季度  銷售收入為港幣39.0億元(4.97 億美元)，按年-25.0%，按季亦-0.4%  新增訂單總額為港幣 30.2 億元(3.84 億美元) ，按年-35.1%，按季亦-14.9%  毛利率為 40.1%，按年-158 點子，按季亦-33點子  經營利潤率為9.9%，按年-892 點子，按季亦-197 點子  盈利為港幣 3.08 億元，按年-66.0%，按季亦-2.3% ...

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) 截至二零二三年三月三十一日止三個月之 第一季度未經審核業績公布 宏觀經濟儘管充滿挑戰 二零二三年第一季度銷售收入依然高於預測之中位數 集團財務概要: 二零二三年第一季度  銷售收入為港幣39.2億元(5.00 億美元)，按年-25.6%，按季亦-9.5%  新增訂單總額為港幣 35.5 億元(4.53 億美元)，按年-49.7%，按季則+13.8%  毛利率為40.4%，按年-21 點子，按季亦-98點子  經營利潤率為11.9%，按年-717 點子，按季亦-181 點子 ...

Financial Performance - Sales revenue for 2022 was HKD 19.36 billion (USD 2.47 billion), a decrease of 11.8% year-on-year[6]. - Operating profit margin was 16.7%, down 216 basis points year-on-year[6]. - Net profit for the year was HKD 2.62 billion, a decrease of 17.5% year-on-year[6]. - Basic earnings per share for 2022 were HKD 6.36, down 17.6% year-on-year[7]. - The group’s consolidated profit after tax for the year was HKD 2.62 billion, representing a year-on-year decline of 17.5%[16]. - The basic earnings per share for the year was HKD 6.36, down from HKD 7.72 in 2021[16]. - The total new order amount for the group was HKD 18.44 billion (USD 2.36 billion), reflecting a year-on-year decline of 29.4%[30]. - The group recorded a total sales revenue of HKD 19.36 billion (USD 2.47 billion) for the year 2022, representing a year-on-year decline of 11.8%[29]. - The group’s profit, including AAMI's performance, declined by 17.5% year-on-year to HKD 2.62 billion[32]. - The total new orders amounted to HKD 3.12 billion (USD 398 million), a year-on-year decrease of 40.6%[32]. Dividends and Shareholder Returns - The company declared a total dividend of HKD 3.20 per share, a decrease of 17.9% year-on-year[6]. - The dividend per share for the year 2022 was announced at HKD 3.20, with a payout ratio of approximately 50% of the annual profit[10]. - The proposed final dividend is HKD 1.90 per share, compared to HKD 2.60 per share in 2021, resulting in a total annual dividend of HKD 3.20 per share, down from HKD 3.90 per share in 2021[51]. - The group declared dividends of HKD 1.61 billion in 2022, compared to HKD 1.36 billion in 2021[42]. - The company has a stable annual dividend payout ratio of approximately 50%[137]. Market Outlook and Growth Strategies - The company maintains an optimistic outlook due to increasing demand for silicon and semiconductor devices driven by technologies such as 5G and AI[8]. - The company maintains a cautiously optimistic outlook for 2023, driven by increasing demand for silicon and semiconductor devices[15]. - The group anticipates the potential market for automotive end-market applications to grow from approximately USD 2 billion in 2023 to USD 2.9 billion by 2027, with a compound annual growth rate of about 10%[21]. - The group aims to expand its market share in the growing potential market for advanced packaging solutions, with a projected market growth from approximately USD 1.5 billion in 2023 to USD 2.5 billion by 2027, reflecting a compound annual growth rate of about 13.3%[22]. - The company plans to expand its market presence through strategic acquisitions and partnerships, enhancing its competitive edge[165]. Research and Development - The group invested HKD 2.03 billion in R&D in 2022, up from HKD 1.95 billion in 2021, representing a significant portion of annual sales revenue[40]. - The company aims to enhance its market position through ongoing research and development initiatives[156]. - The company plans to launch a new chip embedding solution in 2023 to meet customer demand for high-speed and high-accuracy solutions[27]. - The company has invested in new technology development, focusing on enhancing product offerings and improving operational efficiency[167]. Corporate Governance and Leadership - The company is committed to becoming an ESG leader in the semiconductor industry, aiming for net-zero emissions for Scope 1 and Scope 2 by 2035[14]. - The leadership team has been strengthened with the addition of new members, enhancing the company's strategic vision and potential for sustainable growth[13]. - ASMPT Limited's board includes independent directors with extensive experience in engineering and finance, enhancing corporate governance[60][61][62][63][64][65][66][67][68]. - The board's diverse skill set includes engineering, finance, and operational management, positioning ASMPT Limited for effective oversight and strategic growth[60][61][62][63][64][65][66][67][68]. - The company emphasizes the importance of skills development and industry relations, as demonstrated by its directors' involvement in various educational and training initiatives[64][66]. Financial Position and Assets - Total liabilities decreased from HKD 6,889,309 thousand in 2021 to HKD 5,246,593 thousand in 2022, a reduction of about 23.8%[162]. - The company's equity attributable to shareholders increased to HKD 15,738,506 thousand in 2022 from HKD 15,275,426 thousand in 2021, representing a growth of approximately 3.0%[163]. - Cash and cash equivalents were reported at HKD 4,262,886 thousand in 2022, down from HKD 4,681,090 thousand in 2021, indicating a decrease of about 8.9%[162]. - The company reported a retained earnings of HKD 10,863,480,000, with a total of HKD 14,073,468,000 in total equity[164]. - The company’s bank loans decreased from HKD 2,250,000 thousand in 2021 to HKD 2,000,000 thousand in 2022, a reduction of about 11.1%[163]. Employee and Shareholder Engagement - The company has a commitment to ongoing operational and developmental support through its employee incentive programs[73]. - The employee share incentive plan awarded a total of 2,939,700 shares to selected employees in 2022, with 2,863,200 shares vesting during the year[77]. - The company aims to recognize and reward employees' contributions through the employee share award plan to retain talent and attract suitable personnel for further development[73]. - The company emphasizes the importance of shareholder participation in annual general meetings[135]. - The company provides bilingual communication materials to shareholders[133]. Risk Management and Compliance - The board is responsible for evaluating the nature and extent of risks the group is willing to accept to achieve strategic objectives, ensuring an appropriate risk management system is in place[125]. - The risk management framework is based on a "three lines of defense" model, providing a structured approach to managing strategic, operational, financial, and compliance risks[126]. - The company has established procedures for handling and disclosing inside information in compliance with securities regulations[130]. - The internal audit department operates independently and provides objective assurance and consulting services to improve risk management and internal control effectiveness[120]. Financial Reporting and Audit - The company’s financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and reflect a true and fair view of the group’s financial position as of December 31, 2022[144]. - The audit committee held four meetings in 2022 to review financial reports and assess the effectiveness of internal controls and risk management systems[124]. - The company incurred audit fees of HKD 16,554,018 for Deloitte Touche Tohmatsu, with additional fees of HKD 1,683,494 for certification services and HKD 557,673 for non-audit services[125]. - The company has established a whistleblowing procedure for employees to confidentially report concerns regarding misconduct, including fraud and financial violations[121].