花旗发表报告表示，ASMPT(00522.HK) 2024年第四季度业绩收支平衡，因半导体和表面贴装技术的毛利率双双下降。2025年第一季度指引亦令人失望，管理层预计传统业务短期内复苏有限。先进封装仍是亮点。ASMPT希望在向领先高带宽内存(HBM)制造商交付后获得重复的热压键合(TCB)订单。
最近向另一家HBM客户交付试验工具，显示2025年下半年有望获得新订单。该行预测ASMPT的TCB销售在2025年将按年翻倍，并在未来几年保持强劲增长。尽管如此，由于非先进封装业务复苏可能晚于预期，该行下调ASMPT2025及2026年的预测。基于20倍远期市盈率，目标价由105元降至75元，维持“买入”评级，因花旗认为股价下行空间有限。该行期待更具体的复苏迹象推动其股价获重新估值。(ad/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-26 16:25。)
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