Global Semiconductor Capital Equipment: Global Semicap Tracker (May 26): Japan SPE +11% YoY

研报英文原文证据摘录

Global Semiconductor Capital Equipment: Global Semicap Tracker (May 26): Japan SPE +11% YoY

driven by advanced packaging is sustainable, especially for HBM and CoWoS in the near term,

and hybrid bonding for HBM/3D stacking NAND/backside power delivery network in the midterm.

Kokusai: Outperform, PT=¥8,240.00. Batch ALD should see more adoption in advanced nodes especially GAA (gate-all-

around). The biggest use of batch ALD is in NAND, and NAND capex recovery is accelerating.

Lasertec: Outperform, PT=¥50,000. As major supplier for mask inspection (~50% share) and sole supplier for actinic

inspection, Lasertec delivered phenomenal growth in the past, but saw deceleration in recent years. We expect reacceleration

from TAM expansion driven by the new A200HiT tool penetrating more actinic inspection at wafer fabs.

Advantest: Outperform, PT=¥39,20039,200. Benefits from rising testing intensity for HBM and Blackwell. As the dominant

supplier for HBM tester (~65%) and Nvidia AI GPU (100% share), Advantest is able to lift the ASP and margin with product

migration, especially with HBM4 in 2025.

Screen: Market-Perform, PT=¥12,600. Leading supplier in cleaning equipment with the lowest valuation in our coverage, but

also the one with the least specific growth drivers. Cleaning intensity is not increasing, and the market is competitive with both

global rivals (TEL, Lam) and Chinese (ACMR, Naura). Declining China revenue contribution presents margin downside risk.

AMAT (Outperform, $525.00): We maintain a positive view on secular WFE growth and see a number of drivers for AMAT

including SAM growth, an increasing services narrative, and capital return.

LRCX (Outperform, $340.00): The company is benefiting from key inflections (GAA, packaging, HBM, NAND upgrades) and