Investment Rating - The report does not explicitly state an investment rating for the semiconductor test probe industry Core Insights - The semiconductor test probe is a critical component in wafer and chip testing, facilitating signal transmission between chips, wafers, and testing equipment, thereby ensuring product yield and guiding design improvements [5][14] - The industry is experiencing a shift towards high precision and quality due to advancements in chip manufacturing processes, driven by Moore's Law [16][17] - The global semiconductor probe card market is dominated by international giants, but there is significant potential for domestic manufacturers in China to grow and innovate [23][24] Summary by Sections Types and Structures of Semiconductor Test Probes - Semiconductor test probes can be categorized into elastic probes, cantilever probes, and vertical probes, each with distinct structures and applications [4][6] - Elastic probes are characterized by good elasticity and low contact resistance, suitable for high-frequency testing on uneven surfaces [6] - Cantilever probes offer high flexibility but have a shorter lifespan, ideal for space-constrained applications [6] - Vertical probes provide high precision and are used for small-pitch, high-frequency chip testing [6] Material Requirements for Test Probes - The choice of materials for semiconductor test probes directly impacts their conductivity, mechanical strength, and lifespan [10][11] - Common materials include tungsten-rhenium alloy for high hardness, beryllium copper for high elasticity, and gold for excellent conductivity [10][11] Applications in the Semiconductor Industry - Semiconductor test probes are primarily used in the wafer testing and chip testing stages of the semiconductor industry [12][14] - In wafer testing, probes contact bare chip pads to detect electrical performance, while in chip testing, they verify the performance and reliability of packaged chips [14] Market Dynamics and Growth Potential - The Chinese integrated circuit production is projected to grow from 101.55 billion units in 2014 to 451.42 billion units in 2024, with a compound annual growth rate of 16.1% [24][26] - The increasing production of integrated circuits will drive demand for semiconductor test probes, particularly in emerging technologies like 5G and AI [24][26]