Hon. Precision: Positive read-through from Advantest‘s FY1Q26 earnings call - better, diversified AI demand and faster SoC tester capacity builds; OW

研报英文原文证据摘录

Hon. Precision: Positive read-through from Advantest‘s FY1Q26 earnings call - better, diversified AI demand and faster SoC tester capacity builds; OW

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

29 July 2026

Hon. Precision

Positive read-through from Advantest’s FY1Q26 Overweight

earnings call - better, diversified AI demand and faster 7769.TW, 7769 TT

SoC tester capacity builds; OW Price (29 Jul 26):NT$5,175.00

Price Target (Jun-27):NT$8,000.00

• Advantest’s relevant commentary. 1) Advantest sees the rapid adoption of Technology

AC inference AI driving semiconductor demand across ASICs, CPUs and Jimmy Huang

DRAM - the three are growing faster than expected. GPU market is still the (886-2) 2725-9865

largest and also enjoys strong demand. 2) Advantest raised its FY26 outlook jimmy.huang@jpmorgan.com

and expects the SoC and memory tester markets in 2026 to be larger than its J.P. Morgan Securities (Taiwan) Limited

previous expectations as of April. 3) Advantest is accelerating its capacity Jerry Tsai AC

expansion plans. Its prior annual capacity targets for V93K testers were 5,000 (886-2) 2725-9867

jerry.tsai@jpmorgan.com

units by Mar 2027 and 10,000 units by late 2028 or early 2029. The company J.P. Morgan Securities (Taiwan) Limited

expects to exceed the 5,000 unit target by Mar 2027 and to pull in the 10,000

Josie Yu

unit target earlier. 4) Multiple layers of drivers for Advantest’s SoC testers (886-2) 2725-9877

include chip unit growth and test content increase generation to generation (i.e. josie.yu@jpmorgan.com

longer test times and additional test insertions). 5) Customer demand J.P. Morgan Securities (Taiwan) Limited

visibility for Advantest has extended to 18 months for a lot of cases, vs Gokul Hariharan

historically 6-month forecasts from customers.