ASMPT (00522) Announces the Performance for 2024, with a net profit attributable to shareholders of 345 million Hong Kong dollars, a decrease of 51.74% year-on-year.

ASMPT (00522) announced its performance for 2024, with sales revenue of HK$13.23 billion (US$1.69 billion), a decrease of 10.0% year-on-year. The total amount of new orders was HK$12.75 billion (US$1.63 billion), an increase of 4.0% year-on-year. The gross profit margin was 40.0%, up by 7.0 percentage points annually. After-tax profit was HK$342 million, a decrease of 51.9% year-on-year. Adjusted profit was HK$426 million, down by 42.8% year-on-year. The profit attributable to shareholders of the company was HK$345 million, a decrease of 51.74% year-on-year; basic earnings per share were HK$0.83, with a proposed final dividend of HK$0.07 per share and a special dividend of HK$0.25 per share. According to the announcement, the decrease in sales revenue was mainly attributed to the Surface Mount Technology Solutions division, which saw a 22.9% year-on-year decrease, while the Semiconductor Solutions division saw a 6.9% year-on-year increase in sales revenue, accounting for approximately 51% of the group's total sales revenue. In terms of geographical breakdown, sales revenue in China showed growth year-on-year, increasing its share of the group's total sales revenue from 31% to 38%. Sales revenue in Europe and America decreased year-on-year, primarily due to a weak market in the Surface Mount Technology Solutions division. The percentage of total sales revenue from Europe decreased from 28% to 19%, and from America decreased from 18% to 16%. The group's customer concentration risk remained low, with the top five customers accounting for approximately 14% of total sales revenue in 2024. The total amount of new orders for the group increased by 4% year-on-year to HK$12.75 billion (US$1.63 billion). The total amount of new orders for the Semiconductor Solutions division increased by 36.7% year-on-year, driven mainly by advanced packaging, including a strong contribution from TCB solutions, offsetting the 21.2% year-on-year decline in the new order amount for the Surface Mount Technology Solutions division. The group's backlog at the end of the year reached HK$6.05 billion (US$779 million), with an order cover ratio of 0.96. The order cover ratio for the Semiconductor Solutions division was 1.07, while for the Surface Mount Technology Solutions division it was 0.85. In the fourth quarter of 2024, sales revenue was HK$3.4 billion (US$438 million), higher than the previously announced median sales revenue forecast, with a slight increase of 1.8% quarterly and remaining flat year-on-year. The total amount of new orders was HK$3.26 billion (US$4.19 billion), an increase of 2.8% quarterly and 19.2% year-on-year. The gross profit margin was 37.2%, a decrease of 3.79 percentage points quarterly and 5.08 percentage points year-on-year. The profit attributable to shareholders of the company was HK$438.7 million, a decrease of 94.18% year-on-year. Looking ahead, the group expects the total potential market for advanced packaging solutions to gradually expand from US$1.78 billion in 2024 to US$4.04 billion in 2029, with a compound annual growth rate of approximately 18%. With the group continuing to optimize its product portfolio and further assist its key artificial intelligence customers in achieving their technological development blueprints, the group remains confident in steadily increasing its market share in advanced packaging. In the short term, the growth in sales revenue from advanced packaging for the group will be offset by the continued weakness in mainstream markets, especially in the automotive and industrial sectors. Therefore, the group expects sales revenue in the first quarter of 2025 to be between US$370 million and US$430 million, with a median calculation showing flat year-on-year growth and a 9% decrease quarterly.