CICC: Raises ASMPT target price to HKD 90, maintains "Outperform" rating

CICC released a research report stating that ASMPT announced its third-quarter performance, with revenue meeting expectations, mainly benefiting from advanced packaging and mainstream businesses due to AI; gross margin was 35.7%, primarily influenced by the product mix; net profit was a loss of 269 million yuan, mainly impacted by the liquidation of the Shenzhen factory. After excluding restructuring costs and inventory write-offs, the adjusted profit for this quarter was 102 million yuan. CICC maintains ASMPT's "outperform the industry" rating, as the market remains optimistic about the company's AP business, and the market valuation center has shifted upward, raising the target price by 25% to HKD 90. The report indicated that new orders in the third quarter amounted to USD 463 million, affected by the cancellation of orders from a high-density substrate manufacturer, with the original total order amount expected to be USD 487 million. Third-quarter revenue met expectations, while profit fell short of the bank's expectations. Due to the cancellation of one-time orders and the restructuring of the Shenzhen factory (which has been completed), as well as the existing issue of subdued AP business, the revenue forecast for 2025 has been lowered by 5% to 13.56 billion yuan, and net profit has been reduced by 75% to 250 million yuan; the profit forecast for 2026 remains unchanged