ASMPT：ANNOUNCEMENTOFUNAUDITED2023FIRSTQUARTERRESULTSFORTHETHREEMONTHSENDED31MARCH2023.pdf

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1、Page 1 of 10 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from

2、 or in reliance upon the whole or any part of the contents of this announcement.ASMPT LIMITED(Incorporated in the Cayman Islands with limited liability)(Stock Code:0522)Announcement Of Unaudited 2023 First Quarter Results For The Three Months Ended 31 March 2023 Q1 2023 Revenue Above Mid-point of Gu

3、idance Despite Challenging Macro Environment Group Financial Highlights for Q1 2023 Revenue of HK$3.92 billion(US$500.2 million),-25.6%YoY and-9.5%QoQ Bookings of HK$3.55 billion(US$453.1 million),-49.7%YoY and+13.8%QoQ Gross margin of 40.4%,-21 bps YoY and-98 bps QoQ Operating margin of 11.9%,-717

4、bps YoY and-181 bps QoQ Net profit of HK$315.1 million,-62.0%YoY and+18.2%QoQ Basic earnings per share of HK$0.77,-61.9%YoY and+18.5%QoQ Revenue Guidance for Q2 2023 US$455 million to US$525 million,-26.2%YoY and-2.0%QoQ at mid-point Page 2 of 10 The Directors of ASMPT Limited are pleased to announc

5、e the Groups unaudited results for the three months ended 31 March 2023:RESULTS SUMMARY ASMPT Limited and its subsidiaries(the“Group”or“ASMPT”)delivered revenue of HK$3.92 billion(US$500.2 million)for the three months ended 31 March 2023(“Q1 2023”),a decrease of 25.6%year-on-year(“YoY”)compared with

6、 the first quarter of 2022.The Groups consolidated profit after taxation for the first quarter of 2023 was HK$315.1 million,a decrease of 62.0%versus profit of HK$830.2 million for the same period in the previous year.Basic earnings per share(“EPS”)for the first quarter of 2023 amounted to HK$0.77 c

7、ompared with first quarter of 2022 of HK$2.02.MANAGEMENT DISCUSSION AND ANALYSIS This first quarter 2023 performance review will begin with an update on some notable business highlights,followed by a financial review of the Group and its Segments:the Semiconductor Solutions Segment(“SEMI”)and SMT So

8、lutions Segment(“SMT”).Q1 2023 Group Business Highlights Weak consumer sentiment characterised the first quarter of 2023.However,the Groups well-diversified business model based on its unique and broad-based portfolio provides business resilience and competitive advantage.The Group delivered revenue

9、 above mid-point of guidance,driven primarily by its SMT business.For the third consecutive quarter,SMT has accounted for a higher proportion of Group revenue than SEMI,which has continued to be impacted by the industry downturn.Group bookings grew by about 14%compared with Q4 2022.SEMI bookings inc

10、reased in Q1 2023,while SMT continued to deliver a consistently high level of bookings even as the overall market SMT plays in slowed down this quarter.The Group also delivered gross margin of above 40%for the eighth consecutive quarter which highlights its ability to deliver consistent margins acro

11、ss varied industry cycles.The Groups Automotive end-market applications continued to have the highest proportion of overall Group revenue.As silicon and electronics content per vehicle increased due to automotive electrification,the Groups solutions,including sintering,laser singulation and molding

12、gained traction.Strength in Automotive was also powered by the Groups range of solutions servicing more EV players.SMTs Robust Performance SMTs strong bookings and revenue performance characterised a robust segment performance buoyed by ongoing strength in Automotive and Industrial end-market applic

13、ations.The Group strongly believes that SMT has gained market share in Q1 2023 and commands a leading position.Advanced Packaging The Groups Advanced Packaging(“AP”)suite of solutions is the most comprehensive in the industry and positions it well to meet a variety of demands across a wide spectrum

14、of application areas.Page 3 of 10 MANAGEMENT DISCUSSION AND ANALYSIS-continued The field of generative AI applications has captured corporate and consumer interest and this AI megatrend will benefit the providers of GPU/CPU and High Bandwidth Memory(“HBM”)solutions to support the exponentially growi

15、ng demands of AI applications for both computing and memory power.In this regard,the Group is well placed to receive more orders for its Thermo-Compression Bonding(“TCB”)tools for HBM applications.The Group expects demand for its TCB tools to remain robust going forward,in part due to the evolution

16、of AI applications.With far more complex heterogeneous integration architectures and therefore more interconnects between components,TCB tools are presently the tool of choice-balancing accuracy and cost-for the majority of these interconnects.The Group also expanded its global OSAT TCB customer bas

17、e and delivered its first next-generation TCB tools featuring green,ultra-fine pitch,chip-to-wafer capabilities to its leading global foundry customer.In addition,the Group is on track to deliver Hybrid Bonding(“HB”)tools to leading customers for use in varied applications.It achieved a breakthrough

18、 this quarter with a maiden customer order where the HB tool will be used for 3D integration.Delivery to this customer is scheduled for next year.Q1 2023 Group Financial Review(in HK$million)Q1 2023 QoQ YoY Bookings 3,545.8(US$453.1 million)+13.8%-49.7%Revenue 3,917.5(US$500.2 million)-9.5%-25.6%Gro

19、ss Margin 40.4%-98 bps-21 bps Operating Margin 11.9%-181 bps-717 bps Net Profit 315.1+18.2%-62.0%Net Profit Margin 8.0%+189 bps-772 bps Revenue for Q1 2023 was HK$3.92 billion,a decline of 9.5%QoQ.Both SEMI and SMT declined QoQ,with SEMIs decline higher due to the ongoing semiconductor downcycle.Boo

20、kings for the Group grew from a low level in Q4 2022 to about HK$3.55 billion(US$453.1 million)in Q1 2023,an increase of 13.8%QoQ.Bookings growth was mainly buoyed by robust demand from the Automotive end-market.Backlog for the Group was US$1.11 billion as of 31 March 2023.The Group registered gross

21、 margin of 40.4%,a decrease of 98 bps QoQ mainly due to the segment mix with SMT providing more than 60%of the Groups revenue.The Groups operating margin of 11.9%declined 181 bps QoQ mainly due to lower sales volume.The Groups net profit of HK$315.1 million was up 18.2%QoQ due to unfavourable foreig

22、n exchange impact in Q4 2022.As of 31 March 2023,the Group maintained a robust liquidity position with gross cash and bank deposits totalling HK$3.99 billion while bank borrowings were reduced to HK$2 billion.Thus,the net cash and bank deposits were at a healthy level of HK$1.99 billion.Page 4 of 10

23、 MANAGEMENT DISCUSSION AND ANALYSIS-continued Q1 2023 Semiconductor Solutions Segment Financial Review(in HK$million)Q1 2023 QoQ YoY Bookings 1,502.3(US$191.9 million)+33.6%-63.5%Revenue 1,541.1(US$196.7 million)-18.1%-47.6%Gross Margin 45.1%+66 bps+37 bps Segment Profit 38.1-66.6%-93.9%Segment Marg

24、in 2.5%-359 bps-1,876 bps The SEMI segment delivered revenue of HK$1.54 billion(US$196.7 million),a decline of 18.1%QoQ,and accounted for 39.3%of the Groups quarterly revenue.Revenue performance for the segment was mainly impacted by the following developments in its Business Units(“BUs”):(i)The IC/

25、Discrete BU registered decline in revenue QoQ as mainstream tools continued to witness weak demand.The Automotive end-market maintained its highest revenue contribution to the BU.(ii)The Optoelectronics BU recorded lower revenue QoQ.BU revenue was mainly driven by high-end Automotive,Silicon Photoni

26、cs and Advanced Displays applications.(iii)The CIS BUs revenue grew QoQ but remained at a relatively low level due to ongoing weakness in the global smartphone market.The segment recorded Q1 2023 bookings of HK$1.50 billion(US$191.9 million),a growth of 33.6%from a low base in Q4 2022,with Automotiv

27、e and AP the main contributors.Segment gross margin was 45.1%in Q1 2023,an increase of 66 bps QoQ mainly due to favourable product mix and ongoing cost control measures.Q1 2023 SMT Solutions Segment Financial Review(in HK$million)Q1 2023 QoQ YoY Bookings 2,043.5(US$261.1 million)+2.6%-30.2%Revenue 2

28、,376.4(US$303.4 million)-2.9%+2.2%Gross Margin 37.4%-168 bps+193 bps Segment Profit 480.1-8.9%+9.7%Segment Margin 20.2%-132 bps+137 bps The SMT segment continued its strong revenue performance,contributing 60.7%to Groups Q1 2023 revenue.It registered revenue of HK$2.38 billion(US$303.4 million),a ma

29、rginal decline of 2.9%QoQ.SMTs revenue performance was powered by mainly Industrial and Automotive applications,with demand coming mostly from Europe.SMT bookings were also driven mostly by Automotive and Industrial end-markets and increased 2.6%QoQ to HK$2.04 billion(US$261.1 million)in Q1 2023.Seg

30、ment gross margin was 37.4%in Q1 2023,a decline of 168 bps QoQ due to product mix.Page 5 of 10 MANAGEMENT DISCUSSION AND ANALYSIS-continued OUTLOOK Persistently weak consumer sentiments characterise the macroeconomic environment,even as sectors such as automotive and industrial provide some bright s

31、pots.Moreover,the overall picture has been made less clear with recent turmoil in the banking sector,and the on-going battle with inflation.All these have cast uncertainty on the overall global economic outlook.Against the backdrop of this external environment,the Group expects Q2 2023 revenue to be

32、 between US$455 million to US$525 million,representing-26.2%YoY and-2.0%QoQ at mid-point.Over the longer term and owing to its unique broad-based portfolio,the Group remains optimistic about its prospects and growth potential.This confidence is supported by longer term structural trends of automotiv

33、e electrification,smart factories,green infrastructure,5G,IoT,and high-performance computing fuelled by generative AI growth.Page 6 of 10 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Three months ended 31 March 31 December 31 March 2023 2022 2022 HK$000 HK$000 HK$000 (unaudited)(unaudited)(una

34、udited)Notes Revenue 2 3,917,493 4,330,434 5,267,414 Cost of sales (2,333,873)(2,537,471)(3,126,959)Gross profit 1,583,620 1,792,963 2,140,455 Other income 28,080 27,833 13,293 Selling and distribution expenses (390,195)(415,940)(415,400)General and administrative expenses (241,737)(259,208)(241,944

35、)Research and development expenses (485,904)(524,467)(479,147)Other gains and losses (23,666)(196,762)33,943 Other expenses (7,844)(31,695)(15,480)Finance costs (29,381)(29,555)(29,426)Share of result of a joint venture 11,417 13,367 49,109 Profit before taxation 444,390 376,536 1,055,403 Income tax

36、 expense (129,262)(109,970)(225,243)Profit for the period 315,128 266,566 830,160 Profit(loss)for the period,attributable to:Owners of the Company 317,887 266,876 832,335 Non-controlling interests (2,759)(310)(2,175)315,128 266,566 830,160 Earnings per share 3 -Basic HK$0.77 HK$0.65 HK$2.02-Diluted

37、HK$0.77 HK$0.65 HK$2.02 Page 7 of 10 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Three months ended 31 March 31 December 31 March 2023 2022 2022 HK$000 HK$000 HK$000 (unaudited)(unaudited)(unaudited)Profit for the period 315,128 266,566 830,160 Other comprehensi

38、ve income(expense)Items that will not be reclassified to profit or loss:-remeasurement of defined benefit retirement plans,net of income tax-75,403-net fair value gain(loss)on investment in equity instruments at fair value through other comprehensive income 245(35,279)-245 40,124-Items that may be r

39、eclassified subsequently to profit or loss:-exchange differences on translation of foreign operations -subsidiaries 247,285 514,819(45,462)-a joint venture 12,582 1,319 4,713 -fair value(loss)gain on hedging instruments designated as cash flow hedges(17,201)(9,735)42,625 242,666 506,403 1,876 Other

40、comprehensive income for the period 242,911 546,527 1,876 Total comprehensive income for the period 558,039 813,093 832,036 Total comprehensive income(expense)for the period attributable to:Owners of the Company 557,495 811,364 832,768 Non-controlling interests 544 1,729(732)558,039 813,093 832,036

41、Page 8 of 10 Notes:1.PRINCIPAL ACCOUNTING POLICIES The financial highlights have been prepared on the historical cost basis except for certain financial instruments which are measured at fair value at the end of each reporting period.Historical cost is generally based on the fair value of the consid

42、eration given in exchange for goods and services.2.SEGMENT INFORMATION The Group presently has two(2022:two)operating segments:development,production and sales of(1)semiconductor solutions and(2)surface mount technology solutions.They represent two(2022:two)major categories of products manufactured

43、by the Group.An analysis of the Groups revenue and results by operating and reportable segment is as follows:Three months ended 31 March 31 December 31 March 2023 2022 2022 HK$000 HK$000 HK$000 (unaudited)(unaudited)(unaudited)Segment revenue from external customers Semiconductor solutions 1,541,099

44、 1,882,683 2,942,583 Surface mount technology solutions 2,376,394 2,447,751 2,324,831 3,917,493 4,330,434 5,267,414 Segment profit Semiconductor solutions 38,096 114,127 624,662 Surface mount technology solutions 480,114 526,794 437,830 518,210 640,921 1,062,492 Interest income 19,295 15,156 5,439 F

45、inance costs(29,381)(29,555)(29,426)Share of result of a joint venture 11,417 13,367 49,109 Unallocated other income 5,186 5,257 5,914 Unallocated net foreign exchange(loss)gain and fair value change of foreign currency forward contracts (24,302)(197,666)31,404 Unallocated general and administrative

46、 expenses(48,416)(41,815)(53,637)Unallocated other gain and loss 225 2,566(412)Other expenses(7,844)(31,695)(15,480)Profit before taxation 444,390 376,536 1,055,403 Segment profit%Semiconductor solutions 2.5%6.1%21.2%Surface mount technology solutions 20.2%21.5%18.8%Page 9 of 10 3.EARNINGS PER SHARE

47、 The calculation of the basic and diluted earnings per share attributable to owners of the Company is based on the following data:Three months ended 31 March 31 December 31 March 2023 2022 2022 HK$000 HK$000 HK$000 (unaudited)(unaudited)(unaudited)Earnings for the purpose of calculating basic and di

48、luted earnings per share (Profit for the period attributable to owners of the Company)317,887 266,876 832,335 Three months ended 31 March 31 December 31 March 2023 2022 2022 Number of shares(in thousands)(unaudited)(unaudited)(unaudited)Weighted average number of ordinary shares for the purpose of c

49、alculating basic earnings per share 412,504 410,126 412,695 Effect of dilutive potential shares:-Employee Share Incentive Scheme 2 2,555 121 Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 412,506 412,681 412,816 Page 10 of 10 REVIEW OF FINANCIAL

50、STATEMENTS The Audit Committee has reviewed the Groups unaudited condensed consolidated financial statements for the three months ended 31 March 2023.BOARD OF DIRECTORS As at the date of this announcement,the Board comprises Miss Orasa Livasiri(Chairman),Mr.John Lok Kam Chong,Mr.Wong Hon Yee,Mr.Eric

51、 Tang Koon Hung,Mr.Andrew Chong Yang Hsueh and Ms.Hera Siu Kitwan as Independent Non-Executive Directors,Mr.Benjamin Loh Gek Lim and Mr.Paulus Antonius Henricus Verhagen as Non-Executive Directors,and Mr.Robin Gerard Ng Cher Tat and Mr.Guenter Walter Lauber as Executive Directors.On behalf of the Board Robin Gerard Ng Cher Tat Director Hong Kong,25 April 2023 (In case of any inconsistency,the English version of this announcement shall prevail over the Chinese version.)