亚太地区 - 新加坡亚太峰会要点及半导体设备与传统存储行业更新-Asia Pacific-Singapore AP Summit Takeaways & Updates on SPE and Old Memory

Summary of the Conference Call on Greater China Technology Hardware and Semiconductor Production Equipment Industry Overview - Industry Focus: Greater China Technology Hardware and Semiconductor Production Equipment (SPE) [6][12] - Market Environment: The SPE market outlook has shown both positive and negative trends, with a strong demand for AI-related devices and a sluggish inquiry for certain equipment types [9][12]. Key Points Positive Developments - DRAM Demand: There is a growth in demand for High Bandwidth Memory (HBM), highlighting a front-end capacity shortage [9][12]. - Samsung's Investments: Samsung's Taylor plant may resume logic investments, indicating a potential increase in production capabilities [9][12]. - TSMC Expansion: TSMC is considering expanding its N3 production capacity in Taiwan, which could enhance its competitive position [9][12]. - Utilization Rates: SPE makers in the US are noting improving utilization rates, suggesting a recovery in production efficiency [9][12]. - AI Device Demand: Strong demand for AI devices is benefiting back-end processes, with foundry capital expenditures looking positive in North America and Taiwan [12]. Negative Developments - CIS Equipment Inquiries: There is a sluggish inquiry for Camera Image Sensor (CIS) equipment, indicating potential challenges in that segment [9][12]. - Investment Postponements: Two Chinese DRAM firms have postponed some investments, and multiple NAND makers have also delayed their investment plans [9][12]. - SCREEN Holdings and Kokusai Electric: SCREEN Holdings missed its first half targets for fiscal year 2026, and Kokusai Electric lowered its full-year guidance, reflecting challenges in the market [12]. Financial Performance Overview - Earnings Announcements: Various companies in the SPE sector have reported their earnings, with Disco showing a significant year-on-year increase in sales and operating profit [11][12]. - Guidance Adjustments: Advantest raised its fiscal year 2026 guidance substantially, while Disco indicates a brighter outlook for the future [12]. Investment Focus - Target Companies: The focus remains on companies like Disco and Advantest, which are expected to benefit from the strong demand for AI devices [12]. - Upgrades: SCREEN Holdings was upgraded to an "Overweight" rating, suggesting a belief that the negatives affecting the company have played out [12]. Risks and Considerations - Market Risks: There are risks associated with sluggish global demand for electronics and a longer replacement cycle for smartphones, which could prolong corrections in the semiconductor and SPE markets [34][40]. - Trade Tensions: Ongoing US-China trade tensions may restrict equipment exports, impacting the overall market dynamics [42]. Conclusion The conference call highlighted a mixed outlook for the Greater China Technology Hardware and SPE sectors, with strong demand for AI-related devices countered by investment delays and market uncertainties. Companies like Disco and Advantest are positioned well for growth, while others face challenges that could impact their performance in the near term.