決算レビュー：2026年度会社予想はアップサイド大きい　目標株価を8,500円に引き上げ

研报英文原文证据摘录

決算レビュー：2026年度会社予想はアップサイド大きい 目標株価を8,500円に引き上げ

00 5.9% 33,400 25,500 18,000 3,000 4,000 500 4,000 7,800 12.2%

2026E 168,700 24.9% 143,800 24.5% 40,500 35.9% 11,000 29,500 18,000 20.0% 5,000 13,000 76,300 21.3% 33,000 39,500 25,000 6,500 5,000 3,000 3,800 9,000 15.4%

2027E 194,500 15.3% 165,200 14.9% 45,000 11.1% 13,000 32,000 23,000 27.8% 7,000 16,000 87,200 14.3% 34,000 49,000 30,000 8,000 6,000 5,000 4,200 10,000 11.1%

Source: Jefferies estimates, SEMI

Table 6: Jefferies 半導体製造装置市場予想（地域別）

SEMI

Europe Japan North America Korea Taiwan China ROW

YoY Ratio Local China No Local

mn USD % memory non memory

2017 56,687 37.5% 3,657 6,453 5,621 18,068 11,492 8,208 14% 2,644 5,564 3,189

2018 64,494 13.8% 4,218 9,466 5,818 17,727 10,127 13,109 20% 5,792 7,317 4,028

2019 59,356 -8.0% 2,269 6,238 8,118 9,844 17,094 13,299 22% 6,241 7,058 2,494

2020 71,186 19.9% 2,641 7,580 6,526 16,076 17,154 18,724 26% 10,355 8,369 2,485

2021 102,641 44.2% 3,249 7,798 7,610 24,985 24,940 29,621 29% 18,050 8,000 10,050 11,571 4,438

2022 107,640 4.9% 6,280 8,350 10,480 21,510 26,820 28,270 26% 23,700 10,000 13,700 4,570 5,950

2023 106,250 -1.3% 6,462 7,930 12,050 19,940 19,620 36,600 34% 32,500 6,500 26,000 4,100 3,650

2024 117,140 10.2% 4,850 7,830 13,690 20,470 16,560 49,550 42% 46,520 12,100 34,420 3,030 4,190

2025 135,060 15.3% 2,860 9,520 10,890 25,750 31,500 49,310 37% 45,400 12,000 33,400 3,910 5,230

2026E 168,700 24.9% 3,800 11,800 15,000 39,000 40,100 53,300 32% 49,000 16,000 33,000 4,300 5,700

2027E 194,500 15.3% 4,600 13,000 21,600 45,000 45,000 59,000 30% 54,000 20,000 34,000 5,000 6,300

2020/1H 32,337 19.3% 1,100 3,400 3,570 7,840 7,530 8,090 25% 4,133 3,957 810

2020/1H 38,849 20.4% 1,540 4,170 2,950 8,240 9,620 10,640 27% 6,222 4,418 1,680