ADVANTEST (+) : Takeaways from investor conference call hosted by BNPP

研报英文原文证据摘录

ADVANTEST (+) : Takeaways from investor conference call hosted by BNPP

EQUITIES

IT HARDWARE

ADVANTEST OUTPERFORMPRICE* JPY26,330  TARGET PRICE JPY37,700 (UPSIDE 43%)

FLASH NOTE

Takeaways from investor conference call hosted by BNPP

9 JUNE 2026 Securities Research Report Production time: 10:57* (London time)

Research Analyst & Publishing Entities

Alex Chang BNP Paribas Securities (Asia) Limited +852 28251849 alex.q.chang@asia.bnpparibas.com

What happened?

We hosted Advantest’s management for a conference call with investors. Key takeaways are:

Financial recap and guidance: FY25 sales hit JPY1.1trn with 64% operating margin, outperforming expectation driven

by strong AI and HPC demand. FY26 targets JPY1.4trn revenue, assuming CY26 TAM of USD9bn, and GPM is guided

to 63% due to raising DRAM and material procurement costs.

Market share & competition: Advantest secured c65% of the SoC tester market in CY25. Within GPU tester segment,

the company maintains a highly dominant position and is actively defending against its US competitors targeting 30%

share. While some AI customers evaluate secondary platforms for supply security, Advantest notes that massive

engineering efforts make switching highly disruptive and costly during production.

Test complexity drivers: Next generation GPUs with massive dies and die-to-die combinations require deeper test

vector and highly precise device power supply (DPS) control. In response, Advantest launched digital testing modules

(PS5000B) with doubled vector memory and increased DPS density. ASIC testing requirements remain similarly

complex due to chiplet design. The V93000 platform handles both GPU and ASIC efficiently.

Memory market & partnership: CY26 memory tester growth is robustly projected at 16-28%, fuelled by new fab build-