半导体设备：剑指爱德万V93K，国产测试机进击高端市场

Investment Rating - The report maintains an investment rating of "Leading the Market" for the semiconductor equipment industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [1]. Core Insights - The SEMICON China 2024 event showcased over 1,100 companies, highlighting advancements in chip manufacturing, equipment, materials, and photovoltaic sectors, with a focus on high-end testing machines [1]. - The testing machine market is characterized by high concentration, with Advantest and Teradyne holding a combined market share of 84% in the global semiconductor testing machine market as of 2021 [1]. - Domestic companies like Huafeng Measurement and Changchuan Technology are making significant strides in the SoC testing machine sector, with substantial potential for domestic substitution in the market [2]. Summary by Sections Investment Rating - The report maintains a rating of "Leading the Market" for the semiconductor equipment industry [1]. Market Overview - The SEMICON China 2024 event attracted over 1,100 exhibitors, covering the entire semiconductor industry chain [1]. - The testing machine market is highly concentrated, with Advantest and Teradyne dominating the market [1]. Domestic Market Dynamics - The domestic market for testing machines has achieved significant import substitution, particularly in SoC, memory, and RF testing machines, with substantial growth potential [1][2]. - Huafeng Measurement's STS8600 and Changchuan Technology's D9000 are examples of new products aimed at enhancing testing capabilities in the SoC domain [2]. Future Trends - The report suggests that the growth of mobile processors, high-performance computing, and AI integrated circuits will drive demand for advanced testing solutions [2]. - There is a notable opportunity for domestic manufacturers to capture market share in the SoC testing machine sector as the industry evolves [2].