TechFlow news, July 1, according to Chaoxiang Research, Bernstein released the Global Semiconductor Equipment Monthly Tracker on July 1, maintaining the forecast of 21.4% global WFE growth in 2026 and 18.2% growth in 2027, with DRAM and NAND capital expenditure being the core drivers. In terms of covered target ratings, US Applied Materials ($525), Lam Research ($340), KLA ($197.5), China Naura Technology (680 yuan), AMEC (500 yuan), Piotech (580 yuan), all six leaders received an Outperform rating. Japan SEAJ May equipment shipments reached 420 billion yen, up 11% year-over-year, with a three-month moving average increase of 18%, indicating a clear trend.
Among them, test equipment surged 41%, driven by HBM and AI chip test intensity; front-end equipment increased 5%, and packaging equipment increased 12%. At the individual stock level, Advantest, leveraging its exclusive supplier status for HBM testing, forecasted June quarter revenue +10%, higher than the market expectation of +3%; Tokyo Electron forecasted -15%, lower than the market expectation of +7%, mainly due to shipment timing rather than demand issues. Japan's Disco, Advantest, Tokyo Electron, Kokusai, and Lasertec simultaneously received Outperform ratings. Bernstein rarely gave a simultaneous bullish judgment on the US and China WFE sectors, US targets win on technical barriers and memory capex benefits, China targets win on the certainty of domestic substitution.
