Nvidia(US:NVDA) Soochow Securities·2025-09-21 14:33Investment Rating - The report maintains a positive outlook on the semiconductor equipment industry, particularly driven by the rapid development of AI chips and the resulting demand for advanced testing and packaging equipment. Core Insights - The rapid development of AI chips is creating new demands for packaging and testing equipment, particularly for SoC and advanced storage chips, which are becoming increasingly complex and require high-performance testing machines [2][4]. - The semiconductor testing equipment market is projected to exceed $13.8 billion by 2025, with SoC and storage testing machines expected to account for approximately $4.8 billion and $2.4 billion, respectively [2][57]. - The report emphasizes the importance of domestic testing machine manufacturers, particularly in the context of rising AI testing requirements and the anticipated growth in the semiconductor testing equipment market [2][9]. Summary by Sections 1. AI Chip Development and Equipment Demand - The growth of AI chips is driving new requirements for testing and packaging equipment, particularly for SoC and advanced storage chips, which are becoming more complex [2][4]. - The demand for high-performance testing machines is significantly increasing due to the complexity of AI chips and advanced storage chips [2][9]. 2. Post-Process Testing - The report highlights the increasing requirements for AI testing and the focus on domestic testing machine leaders, predicting a market space for semiconductor testing equipment to exceed $13.8 billion by 2025 [2][57]. - The core barriers in testing machines are identified as the testing boards and chips, with a significant market share held by companies like Advantest and Teradyne [2][9]. 3. Post-Process Packaging - The report notes the rapid development of advanced packaging technologies, such as HBM and CoWoS, which are driving the demand for advanced packaging equipment [2][41]. - The distinction between traditional and advanced packaging processes is highlighted, with advanced packaging requiring additional graphic processing equipment [2][41]. 4. Investment Recommendations - Investors are advised to focus on domestic opportunities arising from AI chip development, particularly in testing and packaging equipment sectors [2][9]. - Specific companies mentioned for potential investment include Huafeng Measurement and Control, Changchuan Technology, and others involved in advanced packaging and testing equipment [2][9]. 5. Market Trends - The report indicates that the global SoC chip market is expected to reach $274.1 billion by 2030, driven by the increasing integration of AI applications in various devices [2][25]. - The demand for advanced storage solutions is also expected to rise, with AI servers requiring significantly higher DRAM capacities compared to traditional servers [2][20].