证 券 研 究 报 告 Amkor（AMKR）FY25Q1 业绩点评及业绩说明会纪要 经营业绩符合预期，先进封装需求依旧强劲 会议地点：线上 ❖ 事项： 2025 年 4 月 29 日 Amkor 发布 2025 年 Q1 季度报告，并召开业绩说明会。公 司财务季度 FY2025Q1 截至 2025 年 3 月 31 日，即自然季度 CQ2025Q1。 2025Q1，公司实现营收 13.22 亿美元，同比下降 3.2%，环比下降 18.8%；毛利 率为 11.9%，同比下滑 2.9pct，环比下降 3.2pct。 ❖ 评论： 3. CAPEX：公司预期 2025 年资本支出维持在 8.5 亿美元不变，其中约 5-10% 将用于公司在亚利桑那州的新先进封装设施建设。公司的投资专注于扩大领先 技术的产能和能力，包括下一代 RDL 和桥接技术、先进 SiP 和测试解决方案。 4. 公司业绩指引：公司 FY2025Q2 营收指引为 13.75-14.75 亿美元（中值 QoQ+7.8%,YoY-2.5%）；毛利率指引为 11.5%～13.5%（中值 QoQ+0.6pct, YoY- 2pct）；净利润指引为 0.17 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-29472 AMKOR TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...

Q1 2025 Financial Results April 2025 © 2025 Amkor Technology, Inc. 1 Disclaimer Non-GAAP Measures Presenter Introductions Giel Rutten President and Chief Executive Officer Megan Faust Executive Vice President and Chief Financial Officer © 2025 Amkor Technology, Inc. 2 Jennifer Jue Vice President, Investor Relations This presentation contains certain measures that are not defined terms under U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures should not be considered in isolation ...

Financial Data and Key Metrics Changes - Amkor reported revenue of $1,320 million for Q1 2025, reflecting a 3% year-on-year decline [15][20] - EPS was $0.09, impacted by higher R&D costs [5][19] - Gross profit was $158 million with a gross margin of 11.9%, lower sequentially and year-on-year due to reduced volumes [18] - Operating income was $32 million, representing 2.4% of sales [19] - Net income was $21 million, with first quarter EBITDA at $197 million and an EBITDA margin of 14.9% [19][20] - Total liquidity at the end of the quarter was $2,200 million, with total debt of $1,150 million and a debt to EBITDA ratio of 1.1x [20] Business Line Data and Key Metrics Changes - Communications revenue decreased by 19% year-on-year, primarily due to lower revenue within the iOS ecosystem [15][16] - Computing revenue increased by 21% year-on-year, driven by engagements across data center, networking, and PC customers [15][16] - Automotive and industrial revenue declined by 6% year-on-year but remained stable sequentially [16] - Consumer market revenue increased by 23% year-on-year, driven by hearable programs utilizing advanced SiP technology [17] Market Data and Key Metrics Changes - The communications segment is expected to see sequential growth in Q2, reflecting efforts to optimize line utilization [16] - The computing segment is anticipated to grow sequentially in Q2, driven by strong demand for new PC devices [16] - The automotive market is recovering, with strength in advanced packaging driven by ADAS and infotainment applications [13][16] Company Strategy and Development Direction - Amkor's strategy is based on three pillars: strengthening technology leadership, expanding geographic footprint, and partnering with lead customers in growth markets [8][23] - The company is focused on advanced packaging and test solutions, particularly in high-performance computing and AI [9][10] - Plans for a new advanced packaging facility in Arizona are on track, with construction expected to begin in the second half of 2025 [11][20] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring tariffs and trade regulations, with operations largely unaffected due to a diversified global footprint [6][22] - The outlook for the automotive and industrial markets remains cautious, with expectations of single-digit growth in Q2 [38] - Management expressed confidence in the long-term strategy to achieve profitable growth despite current market uncertainties [14][23] Other Important Information - The company expects Q2 revenue between $1,375 million and $1,475 million, representing growth of 8% sequentially at the midpoint [20] - Gross margin for Q2 is expected to be between 11.5% and 13.5%, reflecting modest improvement in utilization [21] Q&A Session Summary Question: Insights on Q1 performance and Q2 expectations - Management noted that Q1 performance was better than expected due to strength in communications and computing segments, with no significant pull-ins observed from customers [27][28] Question: CapEx plans in light of tariffs - Management confirmed that CapEx plans remain unchanged at $850 million, with flexibility to adjust if unexpected events arise [29][31] Question: Communications segment outlook for the second half - Management indicated that fundamentals for the communications segment remain strong, but uncertainties due to trade restrictions could impact volumes [36] Question: Automotive market guidance - Management believes the automotive market has hit a trough, with cautious optimism for growth driven by advanced packaging applications [38] Question: Arizona expansion opportunities - Management sees TSMC's expansion as an opportunity for Amkor, evaluating ways to accelerate and scale up operations in Arizona [44][46] Question: Revenue generation from RDL technology - Management expects revenue from RDL technology to begin towards the end of the year or early next year, with multiple devices in qualification [54] Question: AI's impact on smartphone growth - Management believes AI will drive innovation in premium smartphones, but predicting its impact on unit growth this year is challenging [75]

Amkor Technology (AMKR) came out with quarterly earnings of $0.09 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this chip packaging and test services provider would post earnings of $0.37 per share when it actually produced earnings of $0.43, delivering a surprise of 16.22%.Over the last four quarters, the company has surpassed consensus EPS estimates two ti ...

TEMPE, Ariz. -- April 28, 2025 -- Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights "Amkor delivered first quarter results in line with expectations, with revenue of $1.32 billion and EPS of $0.09," said Giel Rutten, Amkor's president and chief executive officer. "We are closely monitoring the evolving landscape with tariffs and trade regulations a ...

Company Performance - Amkor Technology (AMKR) closed at $15.96, reflecting a +0.44% change from the previous day, which underperformed compared to the S&P 500's gain of 2.51% [1] - Over the past month, Amkor's shares have decreased by 20.07%, which is worse than the Computer and Technology sector's decline of 12.18% and the S&P 500's loss of 8.86% [1] Upcoming Financial Results - Amkor Technology is set to announce its earnings on April 28, 2025, with projected EPS of $0.09, indicating a 62.5% decrease from the same quarter last year [2] - The consensus estimate for quarterly revenue is $1.28 billion, down 6.61% from the previous year [2] Full Year Projections - For the full year, the Zacks Consensus Estimates predict earnings of $1.43 per share and revenue of $6.22 billion, representing no change in earnings and a -1.49% decline in revenue compared to the prior year [3] Analyst Estimates and Market Sentiment - Recent modifications to analyst estimates for Amkor Technology reflect changing short-term business dynamics, with positive revisions indicating a favorable outlook on the company's health and profitability [4] - The Zacks Rank system, which incorporates estimate changes, currently ranks Amkor Technology at 4 (Sell), following a 2.69% decrease in the consensus EPS estimate over the last 30 days [6] Valuation Metrics - Amkor Technology is trading at a Forward P/E ratio of 11.13, which is lower than the industry average Forward P/E of 19.08 [7] - The Electronics - Semiconductors industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 36, placing it in the top 15% of over 250 industries [7]

Core Viewpoint - Keybanc analyst Steve Barger downgraded Amkor Technology from Overweight to Sector Weight due to reduced visibility into demand for mobile phones, automobiles, and consumer products, influenced by fluctuating trade policy [1] Demand and Market Conditions - Analyst expressed concerns about Amkor's lower-visibility, high-capex business model, which may face gross margin pressure in the first half of 2025 due to a temporary socket loss in the mobile end market [2] - Shares are expected to remain under pressure until stabilization and growth are observed in major end markets like Automotive and Mobile [3] Financial Estimates - Barger lowered his 2025 earnings estimate for Amkor to $1.40 from $1.48, reflecting a -2% growth rate at a 6% decremental margin, and the 2026 estimate to $1.91 from $2.04, indicating 9% growth on a 34% incremental margin [6] Strategic Focus - In a broader upcycle scenario, Amkor could exhibit substantial operating leverage with higher factory utilization, contingent on recovery and growth in high-volume end markets [4] - Amkor is focusing on high-performance computing as a margin-accretive and higher-growth vector, despite volumes being too small to drive consolidated company outperformance without participation from traditional end markets [5] Market Position and Competitiveness - Amkor may remain a "second choice" for leading-edge chip companies compared to Taiwan Semiconductor Manufacturing Co [5] - The analyst noted a more positive outlook for companies exposed to upgrade cycles or with reduced channel inventory, such as memory [8]

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Let's take a look at what these Wall Street heavyweights have to say about Amkor Technology (AMKR) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Amkor Technology currently has an average brokerage rec ...

Financial Performance - Net sales decreased by $185.4 million or 2.9% to $6,317.7 million in 2024 from $6,503.1 million in 2023, primarily due to lower sales in automotive and industrial markets [239]. - Gross profit for 2024 was $933.2 million, down from $943.2 million in 2023, reflecting a gross margin of approximately 14.8% [326]. - Operating income decreased to $438.5 million in 2024 from $470.3 million in 2023, indicating a decline of 6.8% [326]. - Net income attributable to Amkor for 2024 was $354.0 million, compared to $359.8 million in 2023, representing a decrease of 1.1% [326]. - Comprehensive income attributable to Amkor for 2024 was $345.2 million, down from $359.5 million in 2023 [329]. - Income before taxes for 2024 was $431,016 thousand, a decrease of 2.0% from $443,841 thousand in 2023 [411]. - Net income for the year ended December 31, 2024, was $355,535, a decrease of 1.6% compared to $362,131 in 2023 [336]. Expenses and Margins - Gross margin increased to 14.8% in 2024 compared to 14.5% in 2023, attributed to the extension of the estimated useful life of test equipment and favorable foreign currency exchange movements [240]. - Operating income margin decreased to 6.9% in 2024 from 7.2% in 2023, primarily due to increased employee compensation costs and start-up costs at the Vietnam Facility [241]. - Research and development expenses decreased by 8.2% to $162.9 million in 2024 compared to 2023, due to the utilization mix of assets shared with manufacturing [250]. - Total operating expenses increased to $494.8 million in 2024 from $472.9 million in 2023, reflecting a rise of 4.6% [326]. Cash Flow and Investments - Net cash provided by operating activities was $1,088.9 million for 2024, down from $1,270.0 million in 2023, primarily due to changes in working capital and lower operating profits [242]. - Free cash flow for 2024 was $359,275 thousand, a decrease from $533,585 thousand in 2023 [282]. - Payments for property, plant, and equipment were $743,796 in 2024, slightly down from $749,467 in 2023 [336]. - The company reported a net cash used in investing activities of $800,324 in 2024, compared to $951,910 in 2023, indicating a decrease of 15.9% [336]. Debt and Capital Expenditures - Capital expenditures totaled $743.8 million in 2024, representing 11.8% of net sales, focused on investments in advanced packaging and test equipment [242]. - As of December 31, 2024, total debt was $1,159.5 million, with $236.0 million due within 12 months [267]. - The company expects 2025 capital expenditures to be approximately $850 million, with 5% to 10% allocated for the Arizona Facility construction [277]. Taxation - Income tax expense for 2024 was $75,481 thousand, a decrease of $6,229 thousand (7.6%) from 2023, which was $81,710 thousand [254]. - The effective tax rate for 2024 was 17.5%, down from 18.4% in 2023, primarily due to lower tax rates in foreign jurisdictions [255]. - The total income tax expense for 2024 was $75,481 thousand, down from $81,710 thousand in 2023, reflecting a decrease of 7.5% [411]. Foreign Currency and Interest - Interest expense increased by 10.1% to $64.9 million in 2024 compared to 2023, primarily due to a decrease in capitalized interest for the Vietnam Facility [252]. - The company performed a sensitivity analysis indicating that a 10% appreciation of foreign currencies against the U.S. dollar could result in an operating income decrease of approximately $148 million for the year ended December 31, 2024 [301]. - The foreign exchange rate translation resulted in a loss of $8.8 million for the year ended December 31, 2024, recognized as an adjustment to equity through other comprehensive income [303]. Assets and Liabilities - Total assets increased to $6,944,328, up from $6,771,125, representing a growth of 2.55% year-over-year [332]. - Total current assets decreased to $3,073,472, down from $3,195,810, a decline of 3.82% [332]. - Total liabilities decreased slightly to $2,761,163 from $2,776,090, a decrease of 0.54% [332]. - Total stockholders' equity increased to $4,149,545, compared to $3,962,308, reflecting a growth of 4.73% [332]. Inventory and Receivables - The company reported a decrease in inventories to $310,910 from $393,128, a decline of 20.94% [332]. - The company sold accounts receivable totaling $158.6 million in 2024, down from $253.9 million in 2023 [263]. - As of December 31, 2024, total unbilled receivables amounted to $210.1 million, down from $260.8 million in 2023 [382]. Shareholder Returns - Total cash dividends paid in 2024 were $178.6 million, with future payments subject to Board discretion [275]. - Cash dividends declared increased to $0.72440 per common share, up from $0.30375, representing a growth of 138.36% [334]. Research and Development - The company has focused on developing innovative packaging and test technologies in high-growth markets, including artificial intelligence [341]. - Research and development expenses are expensed as incurred, focusing on new package designs and improving production efficiency [385]. Regulatory and Compliance - The company signed a Direct Funding Agreement for up to $407 million in government incentives under the CHIPS Act, contingent on meeting future milestones [265]. - The company recognizes that changes in tax laws or regulations could result in increased tax expenses and effective tax rates in the future [291].