The cheapest probe card vendor; Buy: Test interface boards are hidden heroes in the testing process; progress in turnkey projects should drive upside

研报英文原文证据摘录

The cheapest probe card vendor; Buy: Test interface boards are hidden heroes in the testing process; progress in turnkey projects should drive upside

Global Markets Research

CHPT 6510.TWO 6510 TT 29 July 2026

EQUITY: TECHNOLOGY

RatingThe cheapest probe card vendor; Buy From Suspended Buy

Target priceTest interface boards are hidden heroes in the testing From N/A TWD 3,000.00

process; progress in turnkey projects should drive upside

Closing price TWD 2,370.00 29 July 2026Resume coverage at Buy with TP of TWD3,000, implying 27% upside

Building on our recently published AdvancedSemiTestingAnchorReport, we are resuming Implied upside +26.6%coverage of CHPT, a test interface vendor specializing in probe card PCBs and load boards

while simultaneously expanding its turnkey probe card business (20-30% of total revenue in Market Cap (USD mn) 2,397.7

2024-26F, and we estimate this will gradually increase through 2027-28F). The company ADT (USD mn) 69.1

has business exposure in key GPUs, CPUs, high-end graphics, smartphone application

processors (AP) and ASICs. We believe CHPT’s revenue and profitability will continue to

improve, supported by: (1) strong AI demand bringing about increasingly more new projects; Relative performance chart

(2) higher volume shipments, given the expanding total addressable market (TAM) for AI

applications amid growing AI proliferation, as well as the multiplier effect of advanced

packaging on probe cards; (3) continued product mix optimization (more AI/HPC vs

consumer applications); and (4) product value content upgrades, given rising chip

complexity and therefore higher testing interface requirements. We believe the growth

trajectory of its board business remains intact as long as AI demand sustains, while more