【券商聚焦】建银国际维持ASMPT(00522)“跑赢大盘”的评级指其长期发展潜力良好

金吾财讯

Oct 31, 2025

金吾财讯 | 建银国际研报指，ASMPT(00522)3Q25收入37亿港元，环比增7.6%、同比增9.5%，符合指引；毛利率因一次性存货减值环比降4个百分点至35.7%，并因深圳工厂重组费用3040万港元导致净亏损2.7亿港元，剔除一次性专案后调整后净利约1亿港元。管理层预计4Q25收入4.7-5.3亿美元，中位数同比增14%、环比增7%，主流封装设备及亚太市场仍处复苏通道，长期增长逻辑intact。考虑到2025年第三季度一次性项目的影响，该机构将2025财年（2025F）盈利预测下调89%；同时，基于对毛利率及运营支出更保守的假设，将2026财年及2027财年盈利预测分别下调33%及10%。此外，该机构将2025至2027财年每股账面价值（BVPS）预测均下调3%。鉴于先进封装（AP）在集成电路（IC）生产中的重要性日益提升，且公司在先进封装设备领域占据领先地位，该机构将2026财年市净率（P/B）目标倍数从2.3倍上调至2.5倍，进而将目标股价从90.00港元上调至98.00港元。该机构认为，作为具备强大先进封装能力的领先半导体封装设备供应商，公司长期发展潜力良好，尤其在先进封装对集成电路微型化愈发关键的背景下。维持对其“跑赢大盘”的评级。

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