SPE, materials able to benefit from rising chip prices

研报英文原文证据摘录

SPE, materials able to benefit from rising chip prices

16 June 2026

Mizuho Securities Equity Research Semiconductor Device Production Equipment

Industry Overview

SPE makers’ pricing strategies and margin improvement scenarios

Senior Analyst: Summary

Yoshitsugu Yamamoto We have argued that since 2016, the semiconductor market has entered

+81 3 6202 8169 a second growth cycle driven by enterprise demand and characterized by

yoshitsugu.yamamoto@mizuho-sc.com the expansion of high-priced, high-performance semiconductors. Nvidia and

memory makers are already enjoying the benefits of substantial ASP growth.

We now believe the environment has shifted such that manufacturers of SPE

and materials can also benefit as well. In both the semiconductor production

equipment (SPE) and materials sectors, we look for companies to see rising

intensity driven by ASP growth. Unlike the period when consumer demand was

the key driver, we see conditions in which manufacturers of semiconductors,

SPE, and materials across all layers can benefit from higher ASP, provided

they can bring high-performance products to market. We reaffirm our bullish

stance on the SPE sector.

Indeed, SPE manufacturers appear to be actively negotiating price hikes

with semiconductor manufacturers. We would expect the magnitude of price

increases to differ by SPE manufacturer and also vary by semiconductor

customer. While quantification is difficult at this time, we believe there is

potential for 5%–10% upside to our WFE market forecast, mainly from 2027.

Price hikes have been triggered by rising raw material costs and insufficient

capacity at SPE manufacturers (including suppliers). However, we think the

more significant factor at play is that SPE manufacturers have recognized that