机械行业深度研究报告：检测环节贯穿半导体产业链始终，专业化分工下第三方检测空间广阔

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor testing industry, highlighting its growth potential due to increasing demand and specialization in the industry [7][8]. Core Insights - The semiconductor testing segment is crucial throughout the semiconductor industry chain, with integrated circuit testing being essential for design, manufacturing yield, and quality control [7][15]. - The industry is shifting towards a specialized division of labor, with third-party testing services gaining prominence due to increased R&D investments and advanced process requirements [8][20]. - The global semiconductor testing services market is projected to reach USD 21.02 billion by 2031, with a CAGR of 6.9% from 2025 to 2031 [8][30]. Summary by Sections Semiconductor Testing Across the Industry Chain - The semiconductor testing analysis industry chain includes upstream manufacturers of testing equipment and chemicals, midstream testing analysis firms, and downstream users such as chip design and manufacturing companies [13][15]. Specialization in Integrated Circuit Industry - The integrated circuit industry is evolving from the IDM model to a Fabless+Foundry+OSAT model, promoting specialization and efficiency [20][21]. - The transition from In-House Labs to Labless models is driven by the need for cost control, expertise, and economic efficiency [22][23]. Key Players in Third-Party Semiconductor Testing - Notable companies in the third-party testing space include: 1. Victory Nano: Established in 2012, focusing on failure analysis and reliability testing [8][29]. 2. Sutest: Entered the semiconductor testing field in 2019, with significant revenue growth [8][29]. 3. Guangdian Measurement: Focuses on integrated circuit testing and analysis, showing strong revenue growth [8][29]. 4. HuaTest: Expanded into semiconductor testing through acquisitions, enhancing its service offerings [8][29]. Growth Drivers for Third-Party Testing Demand - The demand for third-party testing is closely linked to the growth of emerging industries, increased R&D investments, and the complexity of advanced semiconductor processes [30][32]. - The global semiconductor market is expected to reach USD 700.9 billion in 2025, with a growth rate of 11.2% year-on-year [30][32]. Market Size and Projections - The semiconductor third-party laboratory testing market is projected to grow from USD 4.431 billion in 2024 to USD 10.92 billion by 2031, with a CAGR of 14% [30][35]. - The domestic semiconductor testing market in China is expected to exceed RMB 10 billion by 2024, with significant growth anticipated through 2027 [47][48].