半导体材料：亚洲投资者调研反馈-Semiconductor_Tech Materials_ Feedback from investor visits in Asia

Summary of Key Points from J.P. Morgan's Semiconductor/Tech Materials Conference Call Industry Overview - Industry Focus: Semiconductor and Tech Materials - Investor Interest: Strong interest in Advantest (6857, OW) and Nittobo (3110, N) observed during investor visits in Asia [1][4] Core Themes Discussed 1. Advanced Packaging: - Companies benefiting from advanced packaging were a key topic, especially in light of SEMICON Taiwan [1] - Disco (6146, N) is highlighted as a key stock related to advanced packaging opportunities [5] 2. WFE Investment Outlook: - Potential increase in Wafer Fabrication Equipment (WFE) investment due to rising NAND and DRAM prices [1][6] - Memory makers are investing heavily in High Bandwidth Memory (HBM) driven by generative AI demand [6] - DRAM prices are rising due to strong demand and supply shortages, while NAND contract prices are also increasing [6] 3. NVIDIA's Investment in Intel: - NVIDIA announced a $5 billion investment in Intel, which is expected to impact the semiconductor market positively [1][6] - Key stocks affected include Lasertec (6920, N) and Nikon (7731, UW) [6] 4. EssilorLuxottica's Stake in Nikon: - EssilorLuxottica raised its stake in Nikon from 8.45% to 9.47%, which may influence Nikon's market position [1] Company-Specific Insights - Advantest (6857, OW): - Investors are keen on the medium-term business plan update and operating profit projections for FY2026, estimated at ¥411.8 billion [4] - Potential for operating profit to reach ¥460–470 billion based on a more optimistic consensus [4] - Nittobo (3110, N): - Plans to double T-glass production capacity by FY2026 and potentially triple T-glass cloth capacity by early 2027 [4] - Investors expect a price revision of around 30%, while current estimates factor in a 15% YoY increase [4] - Disco (6146, N): - Anticipated increase in opportunities for grinders and dicers in PLP due to advancements in packaging technology [5] Additional Important Insights - Market Dynamics: - The competitive environment is expected to remain stable for Nittobo despite new entrants due to overall market growth [4] - NAND companies are focusing on developing nearline SSD products to reduce the price gap with HDDs [6] - Investment Sentiment: - Investors are optimistic about memory investment trends, although rapid increases in NAND investment are not expected in the near term [6] - Price Performance: - Various companies in the semiconductor sector are experiencing different levels of market performance, with Advantest showing strong growth potential [8][12] This summary encapsulates the key points discussed in the conference call, highlighting the semiconductor industry's current trends, company-specific insights, and overall market sentiment.