JPM APAC Technology - Advantest (+14%) F1Q27 Off The Call: APAC Technology – Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM APAC Technology - Advantest (+14%) F1Q27 Off The Call: APAC Technology – Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

29 July 2026

JPM APAC Technology - Advantest (+14%) F1Q27 Off The Call

Advantest (OW PT Y41,000): Mio Shikanai link

Advantest F1Q27 Earnings Presentation link

• Advantest mgmt. underlined stronger SoC tester demand: driven by GPUs, ASICs and CPUs, mostly from incremental AI

and Inference applications. Investors questioned growth sustainability as Advantest stated can see order visibility thru CY27.

As Mio wrote in our preview, Advantest is experiencing higher test content – additional test times, insertions specifically into

the accelerator market, as 3D Packaging drives more demand. Consistent w/ the prior quarterly call, mgmt. re-iterated is

gaining SoC Tester HPC share w/ a widening leadership gap, which investors questioned post the strong TER print

• CPU opportunity: mgmt. noted CPU packaged test time, and thus content, is quite a bit lower vs accelerators, which require

higher complexity. However, CPU volumes are driving significantly increased demand, as investors model this robust top and

bottom line growth. The co also stated is the de facto standard for all CPU players, and thus will benefit from both custom

ASIC CPU (ARM-based), which mgmt believes demand is understated, and traditional x86 growth, addressing investors’

market share queries

• ASICs, networking growth: the co projects that custom ASIC and compute may be even significantly larger than GPUs,

currently the largest segment, due to the upward revision in compute and inference. This may represent a shift in how

investors currently model Advantest, primarily focusing on its GPU opportunity and test times. Mgmt.