Advantest (6857): 1Q results: Strong results well above expectations, tester market headed for next growth phase

研报英文原文证据摘录

Advantest (6857): 1Q results: Strong results well above expectations, tester market headed for next growth phase

J P M O R G A N Asia Pacific Equity Research

29 July 2026

Advantest (6857) Overweight

6857.T, 6857 JP

1Q results: Strong results well above expectations, Price (29 Jul 26):¥25,200

tester market headed for next growth phase Price Target (Dec-26):¥41,000

Positive: 1Q operating profit of ¥190 billion (+24% QoQ; Bloomberg consensus Japan Equity Research

estimate ¥159.2 billion; our estimate ¥175 billion) and revised FY2026 guidance

Technology - Semiconductor/

of ¥846 billion (+69% YoY; previously ¥627.5 billion; Bloomberg consensus Technical Materials

estimate ¥708.5 billion; our estimate ¥778 billion) were both well above market AC Mio Shikanai

expectations. Tester demand is growing not only for GPUs but also for custom

(81-3) 6736 1313

ASICs and CPUs for AI inference computing, and Advantest plans to accelerate mio.shikanai@jpmorgan.com

production capacity expansion. Advantest maintains a dominant market share in Junya Ayada

the SoC tester market, and emphasized that it sees potential for raising market share (81-3) 6736 8631

above 70%. junya.ayada@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• 1Q results: Advantest reported 1Q sales of ¥367.5 billion (+12% QoQ, +39%

YoY) and operating profit of ¥190 billion (+24% QoQ, +53% YoY; Bloomberg

consensus estimate: ¥159.2 billion; our estimate: ¥175 billion). Test system

sales grew 13% QoQ, driven by HPC and AI demand. A breakdown shows SoC

testers up 9% QoQ and memory testers up 30%. The operating margin rose to

52% (47% in both 4Q FY2025 and 1Q FY2025). In addition to sales growth,

we think other contributors were high-margin SoC testers maintaining a high