Testing Consumables: Potential Price Hike Coming; Reiterate OW on MPI and WinWay

研报英文原文证据摘录

Testing Consumables: Potential Price Hike Coming; Reiterate OW on MPI and WinWay

Update

June 30, 2026 02:18 PM GMT

Morgan Stanley Taiwan Limited+MGreater China Technology Semiconductors | Asia Tiffany Yeh

Pacific Equity Analyst

Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Charlie Chan

Equity AnalystTesting Consumables: Potential Charlie.Chan@morganstanley.com +886 2 2730-1725

Daniel Yen, CFA

Equity AnalystPrice Hike Coming; Reiterate Daniel.Yen@morganstanley.com +886 2 2730-2863

Morgan Stanley Asia Limited+

OW on MPI and WinWay Daisy Dai, CFA

Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

Key Takeaways

Morgan Stanley Taiwan Limited+

Rising precious metal prices and a severe test pin capacity shortage point to likely Lucas Wang

price hikes for probe cards and test sockets, passing costs on to customers. Research Associate

Lucas.Wang@morganstanley.com +886 2 2730-2875

Very strong June results look likely in view of probe card and test socket demand,

driven by a robust AI/HPC ramp and incremental DDIC momentum. Ethan Jia

Research Associate

With precious metal prices continually rising and a severe shortage in test pin Ethan.Jia@morganstanley.com +852 3963-2287

Henry Zhao

capacity, our supply chain checks suggest that probe card and test socket vendors

are likely to raise prices, passing costs on to customers — similar to other segments Henry.Zhao@morganstanley.com +852 2239-7731

in the semi industry.

Reiterate OW on MPI and WinWay: With capacity tight and new supply taking time

to ramp, we believe probe card and test socket vendors have pricing power. We also

think MPI and WinWay are likely to post very strong June results, driven by robust

AI/HPC ramp and even DDICs. Greater China Technology Semiconductors

Asia Pacific