KLA Corp (KLAC.O): Extended WFE Visibility into 2027; Maintain Buy

研报英文原文证据摘录

KLA Corp (KLAC.O): Extended WFE Visibility into 2027; Maintain Buy

KLA Corp (KLAC.O)

29 July 2026 Citi Research

KLAC Earnings Review

Advanced Packaging: KLA's share gains in AP primarily coming from hybrid

bonding and SoIC applications. The move from micron-level requirements to

nanometer-level defect sensitivity is driving adoption of higher-end inspection and

metrology tools, such as laser scanning and broadband plasma products.

Customers are increasing sampling rates and deploying more sophisticated defect-

control strategies. Looking at 2027, management expects SoIC wafer starts to

potentially grow ~4x from current levels and sees continued opportunities across

leading-edge customers and OSATs, and hybrid bonding is in the future for DRAM

likely with some R&D investment next year. The process control portion of the

advanced packaging market is expected to grow faster than the overall packaging

market, and KLA expects to maintain strong share positions.

Mask Inspection: Management expects the mask inspection to grow roughly in line

with the broader market this year. Current demand is driven more by requalification

activity and increased mask shop investment.

Pricing Strategy: Management stated that it generally does not impose retroactive

price increases or surcharges on previously booked systems. Pricing improvements

are typically captured through next generation product introductions where

enhanced performance and lower cost-of-ownership metrics support higher

pricing. Management emphasized maintaining long-term strategic customer

relationships over maximizing near-term pricing benefits.

Domestic China Demand: Domestic China demand is broadly in line with overall

China WFE trends, which is about MSD in 2026. Management's view of China