15 December 2025 | 11:00PM JST Equity Research JAPAN TECHNOLOGY: SEMICONDUCTOR CAPITAL EQUIPMENT WFE outlook raised; expecting continued robust investment, especially in DRAM; reiterate Buy on TEL Double-digit (%) growth forecast for CY26; WFE demand ex-China to drive growth Against a backdrop of expanding demand for AI semiconductors, demand is growing for a wide range of DRAM types, including not only HBM but also LPDDR and GDDR. As a result, it is increasingly likely that major DRAM manufacturers will in ...

在与中国当地企业的竞争日益激烈的背景下，Tokyo Electron计划扩大销售用于人工智能 （AI）服务器的先进半导体的制造设备。负责财务的常务执行董事川本弘指出："到2026财年 面向先进半导体（的制造设备）将增至总销售额近4成，足以弥补中国市场的下滑"，表示将 力争实现中期经营计划中提出的销售额营业利润率超过35%的目标。 记者： Tokyo Electron在7月下调了2025财年的业绩预测，10月又进行了上调。有观点 认为半导体行业已进入需求急剧扩大的"超级周期"，您如何看待制造设备的需求趋势？ 川本弘： 在旺盛的数据中心投资背景下，半导体存储器的需求强劲，价格大幅上涨。作 为客户的存储器厂商的设备开工率提升，我们已售出设备的改造需求等也在增长。 不过，在短期存储数据的DRAM领域，新增设备采购的大规模投资预计要等到2026年下 半年客户工厂腾出空间后才会启动。长期存储数据的NAND型闪存厂商的投资则会稍晚一些。 因为NAND市场行情对设备需求的传导存在时间差。 接受《日本经济新闻》采访的Tokyo Electron常务执行董事川本弘 Tokyo Electron的CFO川本弘：我们在中国市场的销售 ...

Core Viewpoint - The article discusses the ongoing TSMC 2nm leak case involving Tokyo Electron's Taiwan subsidiary, emphasizing the company's regret and commitment to information security [2][4]. Group 1: Investigation Results - The Taiwanese prosecutors hold Tokyo Electron's Taiwan subsidiary responsible for failing to supervise a former employee who leaked confidential information, despite the existence of general internal regulations [5]. - The indictment does not indicate any organizational involvement from Tokyo Electron or its Taiwan subsidiary in the improper acquisition of information or the leak of confidential data [5]. - The company asserts that the incident has not impacted its operations [5]. Group 2: Future Measures - Tokyo Electron prioritizes information security, establishing a robust system monitored by internal and external experts 24/7 to prevent and detect information leaks [6]. - The company plans to enhance its compliance and auditing mechanisms across its Taiwan subsidiary and the entire group to prevent similar incidents in the future [6]. - All employees are encouraged to work together to continuously improve corporate value in response to stakeholder expectations [7].

Group 1 - The core issue involves a former employee of Tokyo Electron's Taiwan subsidiary being prosecuted for leaking critical 2nm technology information, which has raised concerns about corporate governance and information security [1][2] - Taiwan's prosecutors have determined that Tokyo Electron's Taiwan subsidiary had a legal obligation to supervise the former employee, but the company lacked specific preventive management measures, leading to its potential criminal liability [2] - Tokyo Electron has stated that there was no evidence of organizational involvement in the information leak and that the incident has not impacted the company's operations [2] Group 2 - The company emphasizes the importance of information security, particularly in protecting sensitive information of customers and stakeholders, and has established a robust information security system monitored by internal and external experts 24/7 [3] - To prevent similar incidents in the future, Tokyo Electron plans to strengthen its compliance system and auditing mechanisms across its Taiwan subsidiary and the entire group [3] - The company is committed to enhancing corporate value and meeting the expectations of all stakeholders [3]

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月3日消息，台湾地区法院宣布，对日本半导体设备大厂Tokyo Electron Limited（简称TEL）台湾子公司及其涉案员工提起公诉，并追 加起诉TEL公司涉嫌违反台湾地区"安全法"及"营业秘密法"等四项罪名，求处1.2亿新台币罚金！ 此前，TEL公司一名前雇员于今年8月被控从芯片制造商台积电窃取商业秘密。 检方在一份声明中表示，这是台湾地区首例依据"安全法"起诉涉嫌窃取核心关键技术商业秘密的企业。检方在声明中补充道，如果罪名 成立，TEL中国台湾分公司可能面临最高1.2亿元新台币的罚款。 检方在讯问了陈姓前雇员以及TEL相关人员，并审查了证据和该公司的书面答复后，认定该公司负有对陈某进行监管的法律义务。 检方声明称："除了通用的、谨慎的内部规定外，该公司缺乏采取具体预防或管理措施的证据。因此，检方认定该公司未能采取必要措施 防止犯罪，应根据相关规定承担企业刑事责任。" TEL在8月份曾表示，在中国台湾对该前员工提起诉讼后，尚未确认公司是否参与其中。 2025年8月，台湾检方已对三名涉案人 ...

本次高等检察署通过对8月被起诉的前员工及相关在职人员的调查，认定Tokyo Electron存在 监管责任。检方指出，未发现该公司采取过具体的商业机密保护措施，认为其"在防范机密泄 露方面未尽到最大努力，应承担相应刑事责任"。 Tokyo Electron于2日回应称"正在核实台湾当局公告的详细内容"。今年8月台积电前员工被 起诉后，该公司曾表示"未发现有组织的涉案行为"。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 就台积电商业机密遭窃一案，台湾的监察部门起诉了日本Tokyo Electron的台湾子公司。检 方认为其需为今年8月被起诉的台积电前员工相关行为承担监管责任，要求判处1.2亿新台币 罚金…… 台湾的检察部门12月2日发布公告，就半导体行业巨头台积电（TSMC）商业机密遭非法窃取 一案，起诉Tokyo Electron的台湾子公司。起诉罪名是违反国家安全法等，要求判处1.2亿新 台币罚金。检方认为其需为今年8月被起诉的台积电前员工相关行为承担监管责任。 据台湾的高等检察署智慧财产检察分署透露，Tokyo Electron涉嫌违反营业秘密法、国家安 全法等4项法律条款。 ...

Core Viewpoint - The Taiwanese prosecution has accused Tokyo Electron of failing to prevent its employees from stealing trade secrets from TSMC, seeking penalties under commercial secret and national security laws [1][2]. Group 1: Incident Overview - Tokyo Electron is being held responsible for a failed data theft incident involving TSMC's 2nm process technology, which is critical to TSMC's operations and competitive edge in the semiconductor industry [1]. - Three former and current TSMC employees were charged with attempting to steal sensitive data to assist Tokyo Electron in improving its etching equipment [1][2]. Group 2: Legal Actions and Company Response - The Taiwanese authorities are pursuing imprisonment for the individuals involved in the theft, while Tokyo Electron has stated it is cooperating with the investigation and has terminated one employee linked to the incident [2]. - Tokyo Electron claims to have strict policies in place to prevent employee misconduct and has not found evidence of sensitive data being leaked to third parties [2]. Group 3: Industry Implications - This incident marks the second significant legal action taken by TSMC against international companies attempting to acquire its key technologies, highlighting the ongoing challenges in protecting intellectual property within the semiconductor sector [2]. - The situation underscores the importance of TSMC and Taiwan in the global semiconductor supply chain, especially amid the rapid growth of the artificial intelligence industry [2].

Group 1 - Japan's economy is under unprecedented pressure due to China's countermeasures, including the suspension of certain Japanese food imports and beef negotiations, exacerbating an already sluggish economic situation [1][4] - The offshore exchange rate of the US dollar to Japanese yen has surpassed 1:157, indicating a potential breach of the critical 160 mark, reflecting growing market panic [1] - Japanese companies like Tokyo Electron and Shin-Etsu Chemical derive over 20% of their revenue from China, with some key components having a dependency rate as high as 40%, highlighting the risks of economic sanctions [6] Group 2 - The idea of replicating the successful strategy against South Korea by restricting semiconductor materials to pressure China is fundamentally flawed, as China's semiconductor industry has developed a robust alternative system [4] - China's domestic market for semiconductor materials is projected to reach 120 billion yuan by 2024, with a domestic supply rate increasing from under 15% in 2020 to 25% [4] - The interdependence between Japan and China in the context of economic globalization means that any economic sanctions could backfire, potentially leading to a crisis for Japan [6][8] Group 3 - The current political and economic tensions between Japan and China necessitate a reevaluation of their relationship, with a focus on dialogue and cooperation as a potential path forward [8] - Open communication and mutually beneficial strategies are essential to avoid further economic damage and to seek a win-win situation for both nations [8]

Core Viewpoint - Tokyo Electron Ltd. has received a Zacks Rank 2 (Buy) upgrade, indicating a positive earnings outlook that could favorably impact its stock price [1][3]. Earnings Estimates - The Zacks Consensus Estimate for Tokyo Electron for the fiscal year ending March 2026 is projected at $3.73 per share, which remains unchanged from the previous year [8]. - Over the past three months, analysts have increased their earnings estimates for Tokyo Electron by 15.8% [8]. Zacks Rating System - The Zacks rating system is based on earnings estimate revisions, which have shown a strong correlation with near-term stock price movements [4][6]. - The system classifies stocks into five groups, with only the top 20% receiving a "Strong Buy" or "Buy" rating, indicating superior earnings estimate revisions [9][10]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of stocks, which can lead to significant price movements based on their buying or selling activities [4].

Group 1 - The Japanese stock market experienced a significant decline, with the Nikkei 225 index falling below 49,000 points, down over 1,400 points, representing a drop of 2.83% [1] - The Japanese yen continued its weakening trend, with the euro to yen exchange rate surpassing 180 for the first time since 1999, driven by concerns over Japan's deteriorating fiscal situation [3] - Political tensions arising from provocative statements by Japanese Prime Minister Suga Yoshihide regarding Taiwan have negatively impacted consumer sentiment, leading to declines in major companies such as SoftBank Group, Tokyo Electron, and Nintendo [5] Group 2 - Analysts express concerns that deteriorating Japan-China relations could further impact Japan's economy, which is already facing downward pressure, potentially leading to negative growth in the fourth quarter [7] - The South Korean stock market also saw a significant drop, with the KOSPI index declining over 3% [7]