伟测科技：聚焦高算力与车规芯片测试需求

Core Viewpoint - The company highlights the growth potential in the semiconductor testing sector driven by demand from AI, smart driving, and data centers, alongside a trend of local chip design companies and overseas IDMs returning testing orders to mainland China due to external regulations and the "China for China" strategy [1][3]. Group 1: Business Structure and Market Dynamics - The company reviews the evolution from IDM integration to a specialized "design-manufacturing-testing" model, asserting that the professionalization and third-party testing will remain a long-term trend despite some re-integration among firms due to national strategy and security concerns [3]. - The company aims to lead in the third-party testing sector in mainland China, emphasizing the need for specialized third-party testing firms to define standards and expand the market through scale effects and technological accumulation [3]. Group 2: Product Focus and Testing Trends - Currently, the company focuses on Nor Flash for memory testing due to the high concentration of clients and significant investment in specialized equipment for other types of memory chips, while Nor Flash offers more general equipment compatibility [3]. - The company is concentrating on high-performance CPU/GPU/AI chips and automotive electronics, predicting that the share of these high-end products in domestic design companies will continue to rise alongside global AI computing demand and increasing penetration of new energy vehicles [3][4]. Group 3: Revenue Model and Profitability - The company's revenue is primarily from wafer testing (CP), with final testing (FT) being more affected by the utilization rates of testing facilities, which tend to prioritize in-house capacity during downturns [4]. - Testing prices faced pressure during the industry downturn from 2022 to 2023, but the overall average price is recovering as low-priced old products exit the market and new products and clients are introduced [4]. Group 4: Equipment and Capacity - The company notes a high domestic replacement ratio for mid-to-low-end testing equipment, but there remains a gap in the mid-to-high-end sector compared to international leaders, with high-end equipment typically having a lead time of around six months [4][5]. - The company emphasizes that high-end testing platforms can have a lifespan extended to over 20 years through upgrades, with actual retirements often due to efficiency and economic factors rather than physical damage [5]. Group 5: Future Development and Strategy - The company plans to continue expanding its production capacity in mainland China, focusing on high-performance chips and automotive-grade reliability, with no current plans for overseas expansion [5]. - The rise of local chip design companies and the concentration of manufacturing and testing in mainland China, combined with external uncertainties, will provide ongoing advantages in cost, safety, and localized services for domestic third-party testing [5].