大行評級|高盛:ASMPT第一季度收入指引低於預期 予其“買入”評級
高盛發表報吿,指ASMPT2024年第四季度收入按季增長2%,與該行預測基本一致,但毛利率為37.2%,則低於該行及市場預期的41.3%和40.8%。訂單對付運比率為0.96,低於1.0,相比第三季度的0.95略有上升,主要因SMT領域訂單減少所致。公司對2025年第一季度收入指引為按季下降15%至降1%,弱於該行及市場預測的按季下降4%和增長2%。管理層將2025年第一季度展望疲軟歸因於主流半導體和SMT工具需求低迷,特別是來自汽車和工業市場的影響;不過,他們預計先進封裝業務將保持增長。公司持續看好汽車、工業、綠色基礎設施及先進封裝市場的長期機會,這些領域受到生成式AI需求、高性能計算(HPC),以及高帶寬存儲器(HBM)等的推動。該行對其評級“買入”,目標價100港元。
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