<p>ASM Pacific Technology（香港：0522）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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</ul>
<p>ASM Pacific Technology 最近的财报电话会议描绘了一个总体乐观的局面，管理层强调了其半导体、表面贴装技术（SMT）和光电产品线的强劲 AI 驱动需求。创纪录的订单、明显的收入超出预期和稳固的利润率恢复突显了强大的经营杠杆，尽管产品组合、SMT 波动性和较长的供应商交货时间给中期前景带来了一丝谨慎。</p>
<h2>创纪录的订单信号强劲的需求上升</h2>
<p>集团订单激增至 7.27 亿美元，环比增长 46.0%，同比增长 71.6%，创四年来最高水平。管理层将此视为结构性 AI 和先进封装需求转化为实际订单的明确证据，为公司在 2026 年的后续发展奠定了坚实基础。</p>
<h2>收入增长超出预期</h2>
<p>第一季度收入达到 5.079 亿美元，环比持平，但同比增长 32.0%，是三年来最强的季度收入。这一数字高于市场共识，进一步强化了 ASM Pacific Technology 正在获得市场份额并将其不断扩大的订单积压转化为实际销售的观点，尽管面临一些供应链摩擦。</p>
<h2>每股收益反弹展示经营杠杆</h2>
<p>调整后的每股收益攀升至 0.81 港元，环比增长 118.9%，同比增长 189.3%，随着更高的销量流入收入报表。调整后的营业利润和调整后的净利润均大幅上升，突显了成本控制的改善和显著的经营杠杆，随着需求从之前的低谷水平恢复。</p>
<h2>半导体部门延续势头</h2>
<p>半导体解决方案（SEMI）部门的收入为 2.745 亿美元，环比增长 12.2%，同比增长 14.6%，增速超过整体集团。SEMI 订单达到 3.096 亿美元，环比增长 22.6%，同比增长 43.2%，连续第三个季度的订单与出货比率为 1.13，清晰表明持续的增长势头。</p>
<h2>SEMI 利润率受益于产品组合和规模</h2>
<p>SEMI 的调整后毛利率提高至 46.4%，环比增加 594 个基点，得益于更丰富的产品组合和更好的吸收能力。这一利润率扩张突显了高价值 AI、先进封装和逻辑相关工具如何提升盈利能力，即使公司继续为未来的技术节点进行投资。</p>
<h2>SMT 订单创纪录，受益于 AI 和电动车主题</h2>
<p>表面贴装技术（SMT）业务的订单创纪录，达到 4.174 亿美元，环比增长 70.0%，同比增长 101.1%。管理层将这一激增与 AI 服务器建设、光学收发器需求以及中国电动车生态系统的持续强劲联系在一起，进一步巩固了 SMT 作为数据中心和汽车电气化趋势的主要受益者。</p>
<h2>光电产品增长从小基数加速</h2>
<p>光电产品收入同比增长近五倍，得益于对 800G 及更快光学收发器的强劲需求，以及来自领先光学客户的 1.6T 解决方案的大宗订单。尽管管理层强调光电产品目前仍贡献有限的绝对收入，但他们将其视为与高速数据中心互连相一致的战略增长引擎。</p>
<h2>集团利润率环比恢复</h2>
<p>在集团层面，调整后的毛利率提高至 39.5%，环比上升 357 个基点，得益于高毛利的 SEMI 销售和经营杠杆。这一环比恢复表明 ASM Pacific Technology 在定价、产品组合和成本管理方面表现出色，即使在向新的 AI 和先进封装机会扩展时。</p>
<h2>战略胜利与行业认可</h2>
<p>公司强调了几个战略里程碑，包括获得英特尔 2026 年的杰出供应商奖，这标志着与关键全球客户的强大执行力。它还从一家主要逻辑客户那里获得了四台超细间距无焊料芯片到晶圆的 TCB 工具，并在共同封装光学、翻转芯片和主流产品方面取得了进展，进一步巩固了其在下一代封装中的地位。</p>
<h2>SMT 产品组合带来的年同比利润压力</h2>
<p>尽管利润率环比反弹，但集团调整后的毛利率同比下降 151 个基点，主要是因为低毛利的 SMT 产品占据了更大比例的收入。这一组合效应展示了投资者面临的一个关键权衡：SMT 量的快速增长支持了收入的扩张，但当其主导销售组合时，可能会限制整体利润率的上行空间。</p>
<h2>SMT 收入和利润保持波动</h2>
<p>SMT 收入环比下降 11.0%，符合正常季节性，尽管同比增长 60.7%，突显了该部门固有的波动性。SMT 调整后的部门利润环比下降 28.3%，突显了季度需求和产品组合的波动如何迅速影响盈利能力，即使在强劲的结构性增长背景下。</p>
<h2>供应链交货时间限制转化</h2>
<p>管理层指出，尤其是在 SMT 方面，较长的供应商交货时间正在减缓订单转化为收入的速度，成为近期的阻力。尽管他们预计这些限制在下半年会有所缓解，但瓶颈反映了一个更广泛的行业主题，即组件可用性和物流可能暂时使订单与报告销售脱节。</p>
<h2>内存 TCB 订单前景不均</h2>
<p>公司最后一次看到大宗内存 TCB 订单是在 2025 年第四季度，并警告未来的订单可能会季度间波动。管理层还指出，预计 2026 年的芯片到晶圆工具数量有限，CoW 的总可寻址市场将在 2027 年及以后才会显著增长，这表明该子细分市场的增长速度较慢。</p>
<h2>某些 EMIB-T 应用的面板尺寸限制</h2>
<p>ASM Pacific Technology 承认其 TCB 工具尚未准备好满足某些嵌入式芯片 EMIB-T 项目所需的超大面板尺寸。这一限制使得公司在特定的面板级封装应用中的短期可寻址市场受到限制，尽管管理层暗示正在进行持续的工作以逐步弥补这一技术差距。</p>
<h2>光子学规模仍在发展中</h2>
<p>尽管光子学以惊人的速度增长，管理层提醒投资者其起步于一个较小的基础，并且目前对集团收入的贡献仍然有限。该细分市场对高带宽数据中心具有战略重要性，但其财务影响将取决于未来几年客户的持续采用和产能扩张。</p>
<h2>战略审查增加企业不确定性</h2>
<p>SMT 部门及相关业务如 NEXX 和 SIPLACE 仍在进行战略审查，虽然表达了兴趣，但没有透露明确的时间表或结果。这一过程为投资者带来了额外的不确定性，因为潜在的剥离或重组可能会重塑公司的投资组合和财务状况。</p>
<h2>指引指向强劲的短期增长</h2>
<p>对于 2026 年第二季度，ASM Pacific Technology 指引收入为 5.4 亿至 6 亿美元，中间值为 5.7 亿美元，意味着环比增长 12.2% 和同比增长 37.0%，高于当前市场预期。管理层预计订单将保持高位，尽管 SMT 订单从第一季度的记录水平回落，但 SEMI 的进一步强劲表现将主导订单，管理层也警告说，尽管有结构性 AI 的顺风，但 2026 年中期以后的可见性仍然有限。</p>
<p>展望未来，财报电话会议描绘了一家公司在强大的 AI、光学和先进封装趋势中乘风破浪，同时管理着组合、供应链和可见性挑战。对于投资者而言，创纪录的订单、上升的利润率和强劲的短期指引与持续的波动性和战略审查的不确定性之间的平衡，使 ASM Pacific Technology 成为一个高潜力但备受关注的半导体周期投资。</p>

00522

<p>ASM 太平洋科技公司报告了强劲的第一季度业绩，得益于半导体和表面贴装技术（SMT）领域对人工智能的需求。订单激增至 7.27 亿美元，环比增长 46%。收入达到 5.079 亿美元，同比增长 32%，超出预期。调整后的每股收益环比增长 118.9%。半导体（SEMI）部门表现优异，收入增长 12.2%，而 SMT 订单创下 4.174 亿美元的纪录，受益于人工智能和电动车趋势。尽管由于产品组合的原因，年同比利润率有所下降，但公司在供应链挑战中仍然为未来增长做好了良好准备</p>

<p>ASM Pacific Technology ((HK:0522)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>ASM Pacific Technology（香港：0522）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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</div><p>ASM Pacific Technology’s latest earnings call painted a largely upbeat picture, with management leaning on powerful AI-driven demand across its semiconductor, SMT and photonics lines. Record bookings, a clear revenue beat and firm margin recovery underscored strong operating leverage, even as product mix, SMT volatility and longer supplier lead times injected a note of caution into the medium‑term outlook.</p>
<div class="lb-trans"><p>ASM Pacific Technology 最近的财报电话会议描绘了一个总体乐观的局面，管理层强调了其半导体、表面贴装技术（SMT）和光电产品线的强劲 AI 驱动需求。创纪录的订单、明显的收入超出预期和稳固的利润率恢复突显了强大的经营杠杆，尽管产品组合、SMT 波动性和较长的供应商交货时间给中期前景带来了一丝谨慎。</p>
</div><h2>Record Bookings Signal Powerful Demand Upswing</h2>
<div class="lb-trans"><h2>创纪录的订单信号强劲的需求上升</h2>
</div><p>Group bookings surged to USD 727.0 million, up 46.0% quarter-on-quarter and 71.6% year-on-year, marking the highest level in four years. Management framed this as clear evidence that structural AI and advanced packaging demand is translating into real orders, giving the company a strong foundation heading into the rest of 2026.</p>
<div class="lb-trans"><p>集团订单激增至 7.27 亿美元，环比增长 46.0%，同比增长 71.6%，创四年来最高水平。管理层将此视为结构性 AI 和先进封装需求转化为实际订单的明确证据，为公司在 2026 年的后续发展奠定了坚实基础。</p>
</div><h2>Revenue Growth Outpaces Expectations</h2>
<div class="lb-trans"><h2>收入增长超出预期</h2>
</div><p>First-quarter revenue reached USD 507.9 million, flat sequentially but up 32.0% versus a year ago and the strongest quarterly top line in three years. The figure came in above market consensus, reinforcing the view that ASM Pacific Technology is gaining share and converting its expanding backlog into realized sales despite some supply-chain friction.</p>
<div class="lb-trans"><p>第一季度收入达到 5.079 亿美元，环比持平，但同比增长 32.0%，是三年来最强的季度收入。这一数字高于市场共识，进一步强化了 ASM Pacific Technology 正在获得市场份额并将其不断扩大的订单积压转化为实际销售的观点，尽管面临一些供应链摩擦。</p>
</div><h2>EPS Rebound Showcases Operating Leverage</h2>
<div class="lb-trans"><h2>每股收益反弹展示经营杠杆</h2>
</div><p>Adjusted earnings per share climbed to HKD 0.81, rising 118.9% quarter-on-quarter and 189.3% year-on-year as higher volumes flowed through the income statement. Both adjusted operating profit and adjusted net profit advanced sharply, highlighting improved cost discipline and significant operating leverage as demand normalizes from prior trough levels.</p>
<div class="lb-trans"><p>调整后的每股收益攀升至 0.81 港元，环比增长 118.9%，同比增长 189.3%，随着更高的销量流入收入报表。调整后的营业利润和调整后的净利润均大幅上升，突显了成本控制的改善和显著的经营杠杆，随着需求从之前的低谷水平恢复。</p>
</div><h2>SEMI Segment Extends Momentum</h2>
<div class="lb-trans"><h2>半导体部门延续势头</h2>
</div><p>The Semiconductor Solutions (SEMI) segment generated USD 274.5 million of revenue, up 12.2% sequentially and 14.6% year-on-year, outgrowing the broader group. SEMI bookings reached USD 309.6 million, up 22.6% quarter-on-quarter and 43.2% year-on-year, with a book-to-bill ratio of 1.13 for a third straight quarter of improvement and a clear indicator of sustained momentum.</p>
<div class="lb-trans"><p>半导体解决方案（SEMI）部门的收入为 2.745 亿美元，环比增长 12.2%，同比增长 14.6%，增速超过整体集团。SEMI 订单达到 3.096 亿美元，环比增长 22.6%，同比增长 43.2%，连续第三个季度的订单与出货比率为 1.13，清晰表明持续的增长势头。</p>
</div><h2>SEMI Margins Benefit From Mix and Scale</h2>
<div class="lb-trans"><h2>SEMI 利润率受益于产品组合和规模</h2>
</div><p>SEMI’s adjusted gross margin improved to 46.4%, a robust 594-basis-point increase quarter-on-quarter, driven by a richer product mix and better absorption. This margin expansion underscores how higher-value AI, advanced packaging and logic-related tools are lifting profitability even as the company continues to invest for future technology nodes.</p>
<div class="lb-trans"><p>SEMI 的调整后毛利率提高至 46.4%，环比增加 594 个基点，得益于更丰富的产品组合和更好的吸收能力。这一利润率扩张突显了高价值 AI、先进封装和逻辑相关工具如何提升盈利能力，即使公司继续为未来的技术节点进行投资。</p>
</div><h2>SMT Books Record Orders on AI and EV Themes</h2>
<div class="lb-trans"><h2>SMT 订单创纪录，受益于 AI 和电动车主题</h2>
</div><p>The Surface Mount Technology (SMT) business posted record bookings of USD 417.4 million, up 70.0% sequentially and 101.1% year-on-year. Management linked this surge to AI server builds, optical transceiver demand and continued strength from China’s electric-vehicle ecosystem, reinforcing SMT as a key beneficiary of data-center and automotive electrification trends.</p>
<div class="lb-trans"><p>表面贴装技术（SMT）业务的订单创纪录，达到 4.174 亿美元，环比增长 70.0%，同比增长 101.1%。管理层将这一激增与 AI 服务器建设、光学收发器需求以及中国电动车生态系统的持续强劲联系在一起，进一步巩固了 SMT 作为数据中心和汽车电气化趋势的主要受益者。</p>
</div><h2>Photonics Growth Accelerates From a Small Base</h2>
<div class="lb-trans"><h2>光电产品增长从小基数加速</h2>
</div><p>Photonics revenue expanded nearly fivefold year-on-year, powered by strong demand for 800G and faster optical transceivers and bulk orders for a 1.6T solution from leading optics customers. While management stressed that photonics still contributes modest absolute dollars today, they highlighted it as a strategic growth engine aligned with high-speed data center interconnects.</p>
<div class="lb-trans"><p>光电产品收入同比增长近五倍，得益于对 800G 及更快光学收发器的强劲需求，以及来自领先光学客户的 1.6T 解决方案的大宗订单。尽管管理层强调光电产品目前仍贡献有限的绝对收入，但他们将其视为与高速数据中心互连相一致的战略增长引擎。</p>
</div><h2>Group Margins Recover Sequentially</h2>
<div class="lb-trans"><h2>集团利润率环比恢复</h2>
</div><p>At the group level, adjusted gross margin improved to 39.5%, up 357 basis points quarter-on-quarter, aided by higher-margin SEMI sales and operating leverage. This sequential recovery indicates that ASM Pacific Technology is managing pricing, mix and costs effectively, even as it scales into new AI and advanced-packaging opportunities.</p>
<div class="lb-trans"><p>在集团层面，调整后的毛利率提高至 39.5%，环比上升 357 个基点，得益于高毛利的 SEMI 销售和经营杠杆。这一环比恢复表明 ASM Pacific Technology 在定价、产品组合和成本管理方面表现出色，即使在向新的 AI 和先进封装机会扩展时。</p>
</div><h2>Strategic Wins and Industry Recognition</h2>
<div class="lb-trans"><h2>战略胜利与行业认可</h2>
</div><p>The company highlighted several strategic milestones, including receiving Intel’s Epic Supplier Award 2026, which signals strong execution with a key global customer. It also secured four ultra-fine-pitch fluxless chip-to-wafer TCB tools from a major logic customer and reported traction in co-packaged optics, flip-chip and mainstream offerings, reinforcing its position in next-generation packaging.</p>
<div class="lb-trans"><p>公司强调了几个战略里程碑，包括获得英特尔 2026 年的杰出供应商奖，这标志着与关键全球客户的强大执行力。它还从一家主要逻辑客户那里获得了四台超细间距无焊料芯片到晶圆的 TCB 工具，并在共同封装光学、翻转芯片和主流产品方面取得了进展，进一步巩固了其在下一代封装中的地位。</p>
</div><h2>Year-on-Year Margin Pressure From SMT Mix</h2>
<div class="lb-trans"><h2>SMT 产品组合带来的年同比利润压力</h2>
</div><p>Despite the sequential margin rebound, group adjusted gross margin declined 151 basis points year-on-year, mainly because lower-margin SMT products made up a larger share of revenue. This mix effect illustrates a key trade-off for investors: rapid growth in SMT volumes is supporting top-line expansion but can cap overall margin upside when it dominates the sales mix.</p>
<div class="lb-trans"><p>尽管利润率环比反弹，但集团调整后的毛利率同比下降 151 个基点，主要是因为低毛利的 SMT 产品占据了更大比例的收入。这一组合效应展示了投资者面临的一个关键权衡：SMT 量的快速增长支持了收入的扩张，但当其主导销售组合时，可能会限制整体利润率的上行空间。</p>
</div><h2>SMT Revenue and Profit Remain Volatile</h2>
<div class="lb-trans"><h2>SMT 收入和利润保持波动</h2>
</div><p>SMT revenue fell 11.0% quarter-on-quarter on normal seasonality, even as it jumped 60.7% versus last year, highlighting the segment’s inherent volatility. SMT adjusted segment profit dropped 28.3% sequentially, underscoring how swings in quarterly demand and product mix can quickly flow through to profitability even in a strong structural growth context.</p>
<div class="lb-trans"><p>SMT 收入环比下降 11.0%，符合正常季节性，尽管同比增长 60.7%，突显了该部门固有的波动性。SMT 调整后的部门利润环比下降 28.3%，突显了季度需求和产品组合的波动如何迅速影响盈利能力，即使在强劲的结构性增长背景下。</p>
</div><h2>Supply-Chain Lead Times Constrain Conversion</h2>
<div class="lb-trans"><h2>供应链交货时间限制转化</h2>
</div><p>Management noted that longer supplier lead times, especially in SMT, are slowing the conversion of bookings into revenue, acting as a near-term headwind. While they expect these constraints to ease in the second half, the bottlenecks reflect a broader industry theme where component availability and logistics can temporarily disconnect orders from reported sales.</p>
<div class="lb-trans"><p>管理层指出，尤其是在 SMT 方面，较长的供应商交货时间正在减缓订单转化为收入的速度，成为近期的阻力。尽管他们预计这些限制在下半年会有所缓解，但瓶颈反映了一个更广泛的行业主题，即组件可用性和物流可能暂时使订单与报告销售脱节。</p>
</div><h2>Uneven Outlook for Memory TCB Orders</h2>
<div class="lb-trans"><h2>内存 TCB 订单前景不均</h2>
</div><p>The company last saw a bulk memory TCB order in Q4 2025 and warned that future orders will likely be lumpy quarter to quarter. Management also flagged limited chip-on-wafer tool volumes expected in 2026, with a more meaningful total addressable market for CoW only building in 2027 and beyond, suggesting a slower ramp in this subsegment.</p>
<div class="lb-trans"><p>公司最后一次看到大宗内存 TCB 订单是在 2025 年第四季度，并警告未来的订单可能会季度间波动。管理层还指出，预计 2026 年的芯片到晶圆工具数量有限，CoW 的总可寻址市场将在 2027 年及以后才会显著增长，这表明该子细分市场的增长速度较慢。</p>
</div><h2>Panel-Size Limitations for Certain EMIB-T Uses</h2>
<div class="lb-trans"><h2>某些 EMIB-T 应用的面板尺寸限制</h2>
</div><p>ASM Pacific Technology acknowledged that its TCB tools are not yet ready for the very large panel sizes required in some embedded-die EMIB-T programs. This constraint caps the company’s near-term addressable market in specific panel-level packaging applications, though management implied ongoing work to close this technology gap over time.</p>
<div class="lb-trans"><p>ASM Pacific Technology 承认其 TCB 工具尚未准备好满足某些嵌入式芯片 EMIB-T 项目所需的超大面板尺寸。这一限制使得公司在特定的面板级封装应用中的短期可寻址市场受到限制，尽管管理层暗示正在进行持续的工作以逐步弥补这一技术差距。</p>
</div><h2>Photonics Scale Still Emerging</h2>
<div class="lb-trans"><h2>光子学规模仍在发展中</h2>
</div><p>While photonics is growing at a remarkable rate, management reminded investors that it is starting from a small base and remains a limited contributor to current group revenue. The segment is strategically important for high-bandwidth data centers, but its financial impact will depend on continued customer adoption and capacity expansion in the coming years.</p>
<div class="lb-trans"><p>尽管光子学以惊人的速度增长，管理层提醒投资者其起步于一个较小的基础，并且目前对集团收入的贡献仍然有限。该细分市场对高带宽数据中心具有战略重要性，但其财务影响将取决于未来几年客户的持续采用和产能扩张。</p>
</div><h2>Strategic Review Adds Corporate Uncertainty</h2>
<div class="lb-trans"><h2>战略审查增加企业不确定性</h2>
</div><p>The SMT division and related businesses such as NEXX and SIPLACE remain under strategic review, with interest expressed but no firm timelines or outcomes disclosed. This process introduces an additional layer of uncertainty for investors, as potential divestments or restructuring could reshape the company’s portfolio and financial profile.</p>
<div class="lb-trans"><p>SMT 部门及相关业务如 NEXX 和 SIPLACE 仍在进行战略审查，虽然表达了兴趣，但没有透露明确的时间表或结果。这一过程为投资者带来了额外的不确定性，因为潜在的剥离或重组可能会重塑公司的投资组合和财务状况。</p>
</div><h2>Guidance Points to Robust Near-Term Growth</h2>
<div class="lb-trans"><h2>指引指向强劲的短期增长</h2>
</div><p>For the second quarter of 2026, ASM Pacific Technology guided revenue to USD 540–600 million, with a midpoint of USD 570 million implying 12.2% sequential and 37.0% year-on-year growth, above current market expectations. Management expects bookings to stay elevated, led by further SEMI strength even as SMT orders ease from Q1’s record, but cautioned that visibility beyond mid-2026 is more limited despite structural AI tailwinds.</p>
<div class="lb-trans"><p>对于 2026 年第二季度，ASM Pacific Technology 指引收入为 5.4 亿至 6 亿美元，中间值为 5.7 亿美元，意味着环比增长 12.2% 和同比增长 37.0%，高于当前市场预期。管理层预计订单将保持高位，尽管 SMT 订单从第一季度的记录水平回落，但 SEMI 的进一步强劲表现将主导订单，管理层也警告说，尽管有结构性 AI 的顺风，但 2026 年中期以后的可见性仍然有限。</p>
</div><p>Looking ahead, the earnings call portrayed a company riding powerful AI, optics and advanced-packaging trends while managing mix, supply-chain and visibility challenges. For investors, the balance of record bookings, rising margins and strong near-term guidance versus lingering volatility and strategic-review uncertainty sets up ASM Pacific Technology as a high-potential, but closely watched, semiconductor-cycle play.</p>
<div class="lb-trans"><p>展望未来，财报电话会议描绘了一家公司在强大的 AI、光学和先进封装趋势中乘风破浪，同时管理着组合、供应链和可见性挑战。对于投资者而言，创纪录的订单、上升的利润率和强劲的短期指引与持续的波动性和战略审查的不确定性之间的平衡，使 ASM Pacific Technology 成为一个高潜力但备受关注的半导体周期投资。</p>
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ASM Pacific Technology 在收益上乘着人工智能的浪潮