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《大行》華泰證券升ASMPT(00522.HK)目標價至77.2港元 維持「買入」評級
阿思達克 07-24 15:37
華泰證券研究報告指出,ASMPT(00522.HK)今年次季收入為34億元,按年增長1.8%,按季增長8.9%,接近市場一致預期的34.7億元。訂單金額為37.5億元,按年增長20.2%,按季增長11.9%。毛利率為39.7%,按年下降33個基點,按季下降119個基點。淨利潤為1.343億元,按年下降1.7%,按季增長62.6%。ASMPT預計下季度收入介乎4.45億至5.05億美元,中位數按年增長10.8%,按季增長8.9%。 華泰證券觀察到公司的先進封裝業務穩步推進,用於CoW的TCB設備正穩步進入量產階段。此外,非先進封裝業務也在供應鏈分散化、AI需求擴散、中國OSAT產能利用率提升等因素的驅動下穩步恢復,對該股維持「買入」評級,基於預測2026年31倍市盈率,目標價由原先69港元升至77.2港元,對應2026年30倍市盈率。 華泰證券表示,在AI和中國市場需求驅動下,公司SMT業務訂單增長趨勢向好,分別上調2025、2026、2027年淨利潤3%、8%、7%至6.23億、10.35億及16.27億港元,對應每股盈測分別1.5港元、2.49港元及3.91港元。
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