GAA, HBM, and Advanced Packaging Set to Accelerate

研报英文原文证据摘录

GAA, HBM, and Advanced Packaging Set to Accelerate

USA | Semi. Cap. Equipment

Nova EquityMayResearch14, 2026

TARGET | ESTIMATE CHANGEGAA, HBM, and Advanced Packaging Set to

RATING BUYAccelerate

PRICE $503.65^

Significant growth in the Memory business helped push March ahead with Logic

expected to lead in June tied to ongoing investments in GAA and capacity PRICE TARGET | % TO PT $640.00 ($520.00) | +27%

expansion at TSMC, Samsung, and Intel. Hybrid bonding adoption progressing 52W HIGH-LOW $550.00 - $179.00

faster than expected as memory customer pull-ins layer an incremental tailwind FLOAT (%) | ADV MM (USD) 93.8% | 161.09

on top of an Advanced Packaging business, which is already edging towards MARKET CAP $17.0B

mid 20s percent of revenue. TICKER NVMI ^Prior trading day's closing price unless otherwise

noted.

Price: Intraday

We see a constructive setup heading into 2H26 and C27, where we expect broad based strength

across Logic, Memory, and Advanced Packaging offers meaningful opportunity to outperform

versus company estimates for a mid-teens WFE backdrop. Logic momentum is being driven by FY (Dec) CHANGE TO JEFe JEF vs CONS

ramping GAA production and new customer penetration in mature nodes, with Nova well positioned 2026 2027 2026 2027

across all GAA manufacturers and management explicitly calling out accelerating GAA investment REV +7% +7% +3% +4%

in C27 versus C26. Memory delivered a record quarter on robust advanced DRAM demand, which EPS +2% <1% NM +3%

accounted for approximately two-thirds of the memory mix and is expected to drive memory toward

a more dominant share of total revenue this year. Strength in Memory ties to record sales of both the 2026 ($) Q1 Q2 Q3 Q4 FY

Metrion inline SIMS platform and the AncoScene chemical metrology solution.