高盛发表报告，指ASMPT(00522.HK) 2024年第四季度收入按季增长2%，与该行预测基本一致，但毛利率为37.2%，则低于该行及市场预期的41.3%和40.8%。公司对2025年第一季度收入指引为按季下降15%至降1%，弱于该行及市场预测的按季下降4%和增长2%。管理层将2025年第一季度展望疲软归因于主流半导体和SMT工具需求低迷，特别是来自汽车和工业市场的影响；不过，他们预计先进封装业务将保持增长。第四季度的订单对付运比率为0.96，低于1.0，相比第三季度的0.95略有上升，主要因SMT领域订单减少所致。
ASMPT对2025年第一季度的收入指引为3.7亿至4.3亿美元(约29亿至34亿港元)，意味按年变化为降8%至增7%之间；中间值4亿美元(约31亿港元)计，则低于该行及市场预测的34亿港元。高管表示，先进封装需求强劲，包括热压键合(TCB)，但汽车和工业终端需求的缓慢复苏压制ASMPT主流工具的销售。公司持续看好汽车、工业、绿色基础设施及先进封装市场的长期机会，这些领域受到生成式AI需求、高性能计算(HPC)，以及高带宽内存(HBM)等的推动。评级“买入”，目标价100元。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-25 16:25。)
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