财通证券：首次覆盖ASMPT(00522)给予“增持”评级地缘政治+国产替代共振

智通财经网01-07

智通财经APP获悉，财通证券发布研报称，ASMPT(00522)因AI服务器与国内市场需求的共振，推动了SMT业务的加速复苏，同时SEMI也随着HBM的产能扩张步入新一轮上行周期。首次覆盖，给予“增持”评级。财通证券主要观点如下：先进封装设备放量，全面布局深度受益全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持续放量周期。公司在先进封装拥有完整的设备矩阵...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2601087967?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-07 17:06","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2601087967","market":"fut","top_or_hot":-1,"title":"财通证券：首次覆盖ASMPT(00522)给予“增持”评级 地缘政治+国产替代共振","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，财通证券发布研报称，ASMPT(00522)因AI服务器与国内市场需求的共振，推动了SMT业务的加速复苏，同时SEMI也随着HBM的产能扩张步入新一轮上行周期。首次覆盖，给予“增持”评级。财通证券主要观点如下：先进封装设备放量，全面布局深度受益全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持续放量周期。公司在先进封装拥有完整的设备矩阵...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1389866.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>财通证券：首次覆盖ASMPT(00522)给予“增持”评级 地缘政治+国产替代共振</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财通证券：首次覆盖ASMPT(00522)给予“增持”评级 地缘政治+国产替代共振\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-07 17:06 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1389866.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，财通证券发布研报称，ASMPT(00522)因AI服务器与国内市场需求的共振，推动了SMT业务的加速复苏，同时SEMI也随着HBM的产能扩张步入新一轮上行周期。首次覆盖，给予“增持”评级。财通证券主要观点如下：先进封装设备放量，全面布局深度受益全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持续放量周期。公司在先进封装拥有完整的设备矩阵...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1389866.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00522","symbol_name":"ASMPT","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1389866.html","article_id":"2601087967","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2601087967","pubTimestamp":1767776765,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，财通证券发布研报称，ASMPT因AI服务器与国内市场需求的共振，推动了SMT业务的加速复苏，同时SEMI也随着HBM的产能扩张步入新一轮上行周期。首次覆盖，给予“增持”评级。订单与盈利双拐点，高毛利产品占比提升推动利润修复公司新增订单连续六个季度同比回升，AI服务器与国内需求共振带动SMT加速复苏，SEMI随HBM扩产进入新一轮上行周期。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"601108":"财通证券","00522":"ASMPT"},"translate_title":"Caitong Securities: Covering ASMPT (00522) for the first time, giving an \"overweight\" rating, geopolitics + domestic substitution resonance","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601108":1.5,"00522":1.5},"content_text":"智通财经APP获悉，财通证券发布研报称，ASMPT(00522)因AI服务器与国内市场需求的共振，推动了SMT业务的加速复苏，同时SEMI也随着HBM的产能扩张步入新一轮上行周期。首次覆盖，给予“增持”评级。财通证券主要观点如下：先进封装设备放量，全面布局深度受益全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持续放量周期。公司在先进封装拥有完整的设备矩阵，覆盖沉积、TCB、HB、Fan-out与SiP等核心环节，TCB市占率全球第一，HB设备完成代际升级并量产交付。随着HBM扩产启动、先进逻辑厂设备采购周期延续，公司有望在行业结构性扩张中获得最大增量，先进封装收入与全球占有率持续提升。订单与盈利双拐点，高毛利产品占比提升推动利润修复公司新增订单连续六个季度同比回升，AI服务器与国内需求共振带动SMT加速复苏，SEMI随HBM扩产进入新一轮上行周期。先进封装占比提升、SMT结构改善及费用优化带来毛利率与盈利拐点，2025–2027年业绩弹性充分。地缘政治+国产替代共振，中国市场份额预期提升在美国出口管制与国产化替代加速背景下，国内封测厂资本开支保持高增，公司作为封装设备唯一具备ECD供应能力的厂商，结合中国深度本地化网络与领先客户资源，将持续受益于供应链自主可控与国产化政策红利。投资建议：公司受益于先进封装长期趋势、订单恢复及盈利结构改善，成长逻辑清晰。该行预计公司2025-2027年营业收入分别为141.14/165.73/189.05亿港元，同比分别增长6.69%/17.42%/14.07%，实现归母净利润4.19/11.13/17.15亿港元，对应2025-2027年PE为85/32/21倍，首次覆盖，给予“增持”评级。风险提示：技术路线替代风险；传统下游需求疲软风险；地缘政治与供应链中断风险；客户订单波动风险。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601087967","isCrawlerRequest":true}

财通证券：首次覆盖ASMPT(00522)给予“增持”评级 地缘政治+国产替代共振

精彩评论

财通证券：首次覆盖ASMPT(00522)给予“增持”评级地缘政治+国产替代共振