金吾财讯 | 星展维持ASMPT(00522)持有评级。该机构指出,ASM Pacific的热压焊接机(TCB)订单前景良好,主要受惠于高频宽记忆体(HBM)需求增加。该机构预计,随着先进封装市场预计到2029年的复合年增长率达18%,公司在半导体解决方案方面的增长将超越行业水平,且公司计划在2025年底前将TCB产能提高一倍。然而,由于智能手机和云服务器需求仍然疲软,该机构预期消费电子产品情绪需要一段时间才能稳定,汽车或工业需求亦需要类似时间才能恢复正常。该机构亦预计,今年全球贸易紧张局势将持续导致消费情绪低迷,抵销人工智能所带动的增长。该机构分别上调公司2025、26年盈利预测11.9%、3%,主要由于TCB采用速度加快。基于HBM需求增加,上调公司目标价,目标价由60港元上调至66港元,升幅10%,但因美国关税对消费电子产品需求构成压力,维持投资评级。
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