Everbright Securities released a research report stating that maintaining the ASMPT (00522.HK) “gain” rating, considering that semiconductor recovery fell short of expectations, the company's traditional packaging, SMT and other businesses were under pressure, and the 24-25 net profit forecast was lowered to HK$1,363 billion (-38%/-2% compared to the previous forecast), adding a 26-year net profit forecast of HK$3.54 billion, +90.8%/+30.9%. However, considering the company's low profit base in '23, the profit in '24 is expected to increase significantly year-on-year; by actively developing the advanced packaging business, TCB equipment and HB equipment revenue is expected to maintain rapid growth for a long time, driven by demand for AI chips and HBM.