《大行報告》美銀證券上調ASMPT(00522.HK)目標價至100元 評級「買入」
美銀證券發表研究報告指出,ASMPT(00522.HK)第二季銷售收入39億元或4.97億美元,按季近持平,按年跌25%,符合公司指引介乎4.55億至5.25億美元。在先進及主流設備(如熱壓焊接(TCB)及引線焊接機)的支持下,半導體解決方案分部(SEMI)銷售收入按季增長7%,而SMT解決方案分部銷售收入按季跌5%。
ASMPT提供審慎的第三季指引,預期集團收入介乎4.1億至4.8億美元,意味按季料跌3%至18%。新增訂單總額亦有機會下跌約10%,主要來自SMT分部,而對先進封裝分部的需求相對穩定。此外,公司管理層指從行業角度而言,目前約90%的人工智能(AI)晶片相關互連,包括邏輯晶片(圖像處理器(GPU)等)及高頻寬記憶(HBM),都是由TCB完成。公司料TCB需求將於2024年起出現指數式增長,另對今年下半年來自邏輯晶片及記憶晶片客戶的TCB訂單充滿信心。
此外,ASMPT管理層認為基於半導體下行周期延長,以及汽車/工業領域需求相對疲弱,下半年封裝設備能見度仍然較低。然而,第三季新增訂單約3.5億美元已接近2015年低位,並低於2019年低位,因此2024年的復甦迫在眉睫,至於AI驅動的先進封裝需求將為銷售收入及毛利提供進一步上升的空間。該行對公司目標價由85元上調至100元,重申「買入」評級,看好公司2024年業務前景,以及AI將成為新的需求催化劑。
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