中银国际发布研究报告指，ASMPT(00522.HK) 2024年第四季度收入达到指引区间上限，这得益于AI应用的强劲增长，但SEMI和SMT业务的利润率疲软，导致净利润仅为400万元，调整后净利润也仅为7,600万元，均逊预期。
中银国际表示，对热压焊接(TCB)和其他先进封装设备的结构性需求保持乐观，同时在产品认证和获得订单方面，ASMPT在去年第四季和今年首季均有稳步进展。该行又指，通用半导体设备和非AI相关应用目前仍是业绩拖累因素，但预计从2025年起，ASMPT的先进封装业务收入占比将超过30%，净利润贡献将超过50%，故认为目前股价被低估。
该行对ASMPT今年及明年盈利预测分别下调28%及16%，将其目标价由107元下调至98元，认为短期业绩无碍先进封装业务积极进展，维持其评级为“买入”。(ca/da)(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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