IC测试产业国产化空间广阔

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Insights - The IC testing industry has significant potential for domestic growth, with the independent third-party testing model gaining traction as semiconductor processes advance and reliability requirements increase [7][9] - The market size for IC testing in mainland China is estimated to be approximately 38.3 billion RMB in 2023, with a year-on-year growth of 6% [8][22] - Taiwan's IC testing output is projected to reach approximately 200.2 billion NTD in 2024, reflecting a year-on-year growth of 5.04% [21] Summary by Sections 1. IC Testing Industry Domestic Growth Potential - IC testing is a critical segment of the semiconductor supply chain, encompassing CP testing for processed wafers and FT testing for packaged chips [7][13] - The independent third-party testing model is emerging as a response to increasing demands for chip performance verification [7][13] 2. Investment Recommendations - Focus on the domestic IC testing industry chain, with particular attention to companies like Changdian Technology and Tongfu Microelectronics, as high-end testing and reliability testing are expected to see increased demand [31][32] - The computing power industry is also highlighted, with recommendations to monitor companies like Tongfu Microelectronics and Yake Technology due to the growth in AI applications [33] - The recovery of consumer electronics and the launch of AI terminal products suggest a positive outlook for companies like Luxshare Precision [34]