摩根士丹利报告指，ASMPT(00522.HK) 去年第四季业绩未达预期，公司预计今年第一季收入以中位数计将按季跌9%。该行认为，半导体及表面贴装技术解决方案的毛利率，分别从48.6%及32.3%降至42.6%及29.7%，为业绩最令人意外的地方。
ASMPT表示，去年第四季收到的一笔来自领先高带宽内存客户的热压缝合订单未列入半导体解决方案账目，因此今年该部毛利率或因有关工具占比增加而改善，但表面贴装技术方案的毛利率或继续受压，因汽车和工业市场持续疲软，且竞争加剧价格压力可能持续。
该行基于去年第四季业绩及今年首季指引，下调对ASMPT今明两年每股盈利预测75%及34%，对该股目标价由82元下调至63元，维持“与大市同步”评级。(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-10 16:25。)
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