2026-02-04 02:05Summary of Conference Call Records Industry Overview - The focus is on the cleanroom industry, particularly companies like Yaxing Integration and Shenghui Integration, which are leaders in this sector [1][2]. Key Insights and Arguments - AI Demand and Capital Expenditure: Recent financial reports from several overseas leaders have exceeded expectations, confirming the robust demand for AI and indicating that AI capital expenditures are entering an expansion phase. Cleanrooms, as a front-end infrastructure segment, are expected to see a corresponding increase in demand [1]. - U.S. Semiconductor Investments: The U.S. has significantly increased investments in the semiconductor manufacturing chain, attracting major companies like TSMC and Samsung to establish factories in the U.S. By the end of 2024, TSMC is expected to have invested $65 billion in the U.S. and announced an additional $100 billion investment in March 2025. Recent "tariff-for-investment" policies have led TSMC and other Taiwanese companies to commit to at least $250 billion in direct investments in the U.S., which is likely to drive rapid growth in regional cleanroom demand [1]. - Southeast Asia Developments: - Singapore: The RIE2030 initiative plans to invest SGD 37 billion over the next five years in key economic sectors like semiconductors, aiming to double the output of the semiconductor and related manufacturing industries by 2030. This initiative is attracting major players such as UMC, World Advanced, and Micron to establish factories [2]. - Vietnam and Thailand: These countries are leveraging labor cost advantages and industrial cluster benefits to accelerate the transfer of precision manufacturing (PCB) and other supply chains, leading to robust regional capital expenditures [2]. Supply Side Dynamics - Cleanroom production capacity is primarily concentrated in mainland China and Taiwan, with the top five companies holding nearly 40% of the market share. Mainland leaders like Shenzhen Sanda A are actively pursuing overseas expansion. However, there are potential restrictions on mainland capacity moving to the U.S., leading to a significant mismatch in supply and demand in the U.S. market. It is anticipated that there will be an accelerated introduction of Taiwanese cleanroom leaders to the U.S. market, with project profit margins expected to exceed expectations, contributing significantly to performance growth. Continuous recommendations are made for Yaxing Integration (a Taiwanese cleanroom leader securing multiple large contracts in Singapore) and Shenghui Integration (which has established a U.S. subsidiary and is expected to benefit from TSMC's orders) [2]. Risk Factors - Potential risks include a downturn in semiconductor capital expenditures, increased competition within the industry, and the possibility that expansion efforts in the U.S. may not meet expectations [3].