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大行評級|中銀國際:下調ASMPT目標價至98港元 短期業績無礙先進封裝業務積極進展
格隆匯 02-27 10:06

中銀國際發佈研究報吿指,ASMPT2024年第四季度收入達到指引區間上限,這得益於AI應用的強勁增長,但SEMI和SMT業務的利潤率疲軟,導致淨利潤僅為400萬港元,調整後淨利潤也僅為7600萬港元,均遜預期。中銀國際表示,對熱壓焊接(TCB)和其他先進封裝設備的結構性需求保持樂觀,同時在產品認證和獲得訂單方面,ASMPT在去年第四季和今年首季均有穩步進展。

該行又指,通用半導體設備和非AI相關應用目前仍是業績拖累因素,但預計從2025年起,ASMPT的先進封裝業務收入佔比將超過30%,淨利潤貢獻將超過50%,故認為目前股價被低估。該行對ASMPT今年及明年盈利預測分別下調28%及16%,將其目標價由107港元下調至98港元,認為短期業績無礙先進封裝業務積極進展,維持其評級為“買入”。

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