《大行報告》高盛下調ASMPT(00522.HK)目標價至93元 評級「買入」
高盛發表研究報告指,ASMPT(00522.HK)近期表現疲弱,但仍對集團在先進封裝領域的增長持正面看法。另外,汽車SMT設備正從過去兩年的強勁增長中恢復正常,但在電動汽車不斷增長和每輛車電子含量提高的推動下,集團的長期增長仍然強勁。該行引述管理層指,預計生成式人工智能和HPC將推動TCB的需求,TCB有能力處理一些高端HPC芯片上約90%的互連。
該行表示,考慮到第二季的業績及第三季指引,和因收入下降而降低的盈利預測,將集團2023至2025年的收入預測分別下調17%、11%和3%。由於產品結構和利用率較低,又將2023至2025年的毛利率預期分別降低0.7、0.1及0.2個百分點。該行將期內年盈利預測分別下調49%、20%及1%,目標價由97元下調至93元,評級為「買入」。
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