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【券商聚焦】长城证券维持ASMPT(00522)“增持”评级 惟指业绩不及预期

[Broker Focus] Great Wall Securities maintains ASMPT (00522) “gain” rating, but the performance falls short of expectations

金吾財訊 ·  Mar 5 02:07

Jinwu Financial News | According to the Great Wall Securities Research Report, ASMPT (00522) released the 2023 performance report. In 2023, the company achieved sales revenue of HK$14.70 billion, a year-on-year decrease of 24.1%; achieved profit of HK$712 million, a year-on-year decrease of 72.8%; and achieved additional orders of HK$12.26 billion, a decrease of 33.5% year-on-year. On a quarterly basis, Q4 achieved sales revenue of HK$3.4 billion in 2023, a decrease of 21.4% year on year and a decrease of 2.0% month on month; achieved profit of HK$76 million, down 71.6% year on year, up 493.4% month on month; and achieved additional orders of HK$2.74 billion, down 12.2% year on year and 7.6% month on month.

According to the bank, in 2023, due to consumer electronics demand, the company achieved annual revenue of HK$14.697 billion and profit of HK$712 million. The results fell short of expectations. Furthermore, the automotive and industrial terminal markets gradually became normalized, and sales revenue and new orders in the Surface Mount Technology Solutions segment declined slightly, so the company's 24-25 profit forecast was lowered. Adding the 2026 profit forecast, the company's net profit for 2024-2026 is estimated to be HK$1,243 billion, HK$2.09 billion and HK$2,409 billion respectively, EPS of HK$3.00, HK$4.85 and HK$5.81, respectively, and PE of 33X, 20X and 17X respectively. Maintain an “Overweight” rating.

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