电子行业7月周专题：从日月光资本支出看测试设备发展机遇

Investment Rating - Investment recommendation: Outperform the market (maintained) [2][6] Core Insights - The capital expenditure for testing equipment by Daye Technology is expected to see significant growth in 2024, with a projected increase of 50-60% compared to 2023 [3][4][10] - The semiconductor testing equipment market is anticipated to exceed $10 billion by 2027, with a compound annual growth rate (CAGR) of approximately 7.1% from 2022 to 2027 [5][21] Summary by Sections 1. Semiconductor Testing Equipment Market Potential - Daye Technology's capital expenditure for testing equipment is projected to increase significantly in 2024, with the proportion of testing business in overall capital expenditure rising from 18% in 2023 to 24% in 2024 [4][14] - The global testing equipment market reached $7.58 billion in 2022, with a CAGR of 21.6% from 2016 to 2022, and is expected to grow to $10.68 billion by 2027 [5][19] 2. Investment Recommendations - Focus on the computing power industry chain due to the rapid development of AI applications, with related stocks such as Yake Technology and Huahai Chengke recommended [6][28] - Attention is advised on the recovery of consumer electronics and the rollout of AI terminals, with stocks like Visionox highlighted [6][29] - The semiconductor economic cycle is expected to rebound in 2024, suggesting a focus on domestic IC manufacturing chains, with companies like SMIC and Changdian Technology recommended [6][30]