《大行報告》大摩升ASMPT(00522.HK)目標價至123元 評級「增持」
摩根士丹利發表報告指出,據報國際半導體標準組織(JEDEC)最近同意將HBM4產品的標準定為775微米,相對於目前高頻寬記憶體(HBM)技術為720微米。記憶體晶片製造商在假設未來HBM的高度固定在720微米之下,一直在研16層HBM的混合鍵合(hybrid bonding,HB),可減少記憶體層之間的空間。
該行相信,HBM4產品的高度放寬,可能導致16層HBM採用熱壓焊接(TCB)的機會更大。而ASMPT(00522.HK)曾透露其熱壓焊接也可支援未來的16層HBM。事實上,與混合鍵合相比,熱壓焊接或更具成本競爭力。如果HBM4高度放寬並在16層HBM中採用熱壓焊接,則表示熱壓焊接的可服務市場更大,可能成為2026年及以後ASMPT的上行風險。
此外,該行認為ASMPT為TCB行業的龍頭,將其目標價由108元上調至123元,評級「增持」,並上調其2026年每股盈利預測,料隨著2026年及以後熱壓焊接的可服務市場擴大,該股將進一步重評。
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