Chroma ATE: 2H semi/photon stronger than expected; SLT, CPO outlook bright in 2027

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Chroma ATE: 2H semi/photon stronger than expected; SLT, CPO outlook bright in 2027

26E (NT$) 38.30 41.90 9.4%

noted that the testing time of AMD’s GPU could be 2-3x that of Nvidia’s GPU, Adj. EPS - 27E (NT$) 66.33 69.49 4.8%

with TDP largely on par or slightly higher. In addition, Chroma is actively

seeking qualification for AMD’s next-generation server CPUs (could Quarterly Forecasts (FYE Dec)

contribute to 2027 revenue if successful), where Chroma can leverage its Adj. EPS (NT$)

strength in thermal management to meet clients’ rising spec requirements. We 2025A 2026E 2027E

Q1 4.99 9.09A 15.83

model Chroma’s SLT revenue to grow 50% in 2027. Management is also Q2 4.59 12.05A 17.72

upbeat about new products in advanced burn-in and dual-site FT handlers. Q3 11.91 10.77 17.68

Q4 6.00 9.99 18.26

• Leading position for CPO Insertion 3; optical to reach NT$10bn by 2027E. FY 27.49 41.90 69.49

Chroma noted that it has captured +50%/100% share in CPO testing Insertion

3/4.0, and shipments could start in 3Q26. We believe Insertion will be a Style Exposure

sizeable multi-year driver on high tool volume and ASP. In addition,

transceiver light source reliability test equipment also sees strong order

momentum (likely more than 3x in 2026E; growth remains strong in 2027E).

We reiterate our 2026 optical comm revenue estimate of NT$3.5bn-4bn (30%

is CPO) and raise our 2027 forecast to NT$10bn (from NT$7bn) on a more

visible CPO revenue trajectory. With decades of experience in optical testing

(from iPhone 3D sensing to optical module/CPO), Chroma is well positioned

to harvest the stringent testing requirements in the optical comm era by co-

developing or even defining test solutions, in our view.

• 800V power tester order unchanged; buy now as more products enrich the

pipeline.