ASMPT (0522) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $401.5 million (HK$3.12 billion), meeting the midpoint of guidance, with bookings of $431.2 million (HK$3.35 billion) exceeding expectations and strong performance in advanced packaging (AP) and TCB tools for HBM applications.

• TCB customer base expanded with initial and follow-up orders from a second global HBM customer and continued progress in chip-to-wafer TCB tools at a leading foundry.

• Gross margin rebounded to 40.9%, up 371 basis points quarter-on-quarter, driven by improved product mix.

• Net profit was HK$82.6 million, down 53.5% year-on-year but up 1,853.5% quarter-on-quarter; adjusted net profit was HK$83.2 million.

• Mainstream business remains affected by soft demand in automotive and industrial end markets, but the group is prepared to capitalize on recovery opportunities.

Financial highlights

• Q1 2025 group revenue: $401.5 million (US$402 million); group bookings: $431.2 million, up 2.9% quarter-on-quarter and 4.8% year-on-year.

• Gross margin: 40.9%, up 371 basis points quarter-on-quarter, down 97 basis points year-on-year.

• Adjusted net profit: HK$83.2 million, up 1.6% quarter-on-quarter, down 53.1% year-on-year due to lower gross margin, higher OpEx for strategic investments, and forex effects.

• Operating profit: HK$159.9 million, down 33.3% year-on-year, up 3,044.6% quarter-on-quarter.

• Backlog: US$814 million, down 4.7% year-on-year, up 4.6% quarter-on-quarter.

Outlook and guidance

• Q2 2025 revenue expected between $410 million and $470 million, up 3% year-on-year and 9.6% quarter-on-quarter at midpoint.

• AP revenue expected to remain strong; mainstream business improvement anticipated due to seasonality and Q1 bookings, but growth trajectory remains uncertain due to tariff impacts.

• Global manufacturing footprint provides flexibility to manage tariff risks.