PDF 原檔：報告_Citi_精測6510_20260729_original.pdf
圖片清單（已驗證 2026-07-31）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260729_citi_CHPT_001.png |
18KB | 真資料圖 | 股價走勢折線圖（TWD 500-4000 範圍，橫軸 Sep-Jun），對應報告「Price Performance」段落 |
260729_citi_CHPT_002.png |
135KB | 真資料圖 | 左：Figure 3 CHPT Forward P/E band（12x/28x/44x/60x 帶狀圖，股價線落於 28x-44x 之間）；右：Figure 4 CHPT Forward P/B band（1x/5x/9x/13x 帶狀圖 + Forward ROE 右軸） |
260729_citi_CHPT_003.png |
71KB | 真資料圖 | Bull/Bear 目標價情境扇形圖：現價 NT$2,370（29 Jul 26）為起點，藍色虛線指向 Bull NT$5,500、灰色虛線指向 Base/現行 TP NT$4,350、紅色虛線指向 Bear NT$2,000 |
260729_citi_CHPT_004.png |
141KB | 真資料圖 | 上：Fundamental Research 評等與目標價歷史圖（標記 06-Feb-26 TP NT$5,000/收盤 NT$3,700、29-Apr-26 TP NT$4,900/收盤 NT$3,630）；下：Short-Term View/Catalyst Watch 同期歷史圖 |
原始內容
(RIC: 0510.1WO, BB: 6510 11)
TWD
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
Prepared for Kevin Lu
29 Jul 2026 14:55:23 ET │ 14 pages
Sep
Dec
Mar
Jun
CHPT (6510.TWO)
AI ASIC and New Product Ramp to Support 2H26E Growth; Revised TP on Sector Multiple Compression; Buy
CITI'S TAKE
CHPT delivered another strong quarter in 2Q26, with GPM/OPM both expanding QoQ and YoY on a richer AI/HPC mix and disciplined opex control. Looking into 3Q26E, mgmt. guided for teens sales growth, with further sequential expansion into 4Q26E, driven by the ramp-up of an AI ASIC project entering mass production and new high-end testing board products. We expect GPM to soften in 2H26E as new products dilute margins, though OPM should hold up at better levels. Key growth projects remain on track, and capacity expansion continues as planned. We trim our TP to NT$4,350 to reflect sector-wide multiple compression rather than a deterioration in fundamentals, and reiterate our Buy rating.
AI ASIC and new products to drive 3Q26E growth -Following a robust 2Q26 performance, we expect the ramp-up of an AI ASIC project moving into mass production, together with new testing board products (high-end burn-in board/SLT board), to be the key growth drivers into 3Q26E. Mgmt. guided for teens QoQ sales growth in 3Q26E, with further sequential expansion expected in 4Q26E. We expect GPM to decline QoQ to 55.2% as new products carry a dilutive margin profile during their early ramp phase. However, we expect the OPM decline to be far more contained at 34.2%, supported by continued opex discipline and operating leverage.
Growth visibility broadening across key projects -Key growth projects remain on track. The AI ASIC project for an US auto maker is still expected to start contributing meaningfully from 2027E, while discussions on next-gen specs and mass production plans for the AS ASIC project led by the US CSP customer are progressing. Mgmt. also noted early-stage co-development of CPO technology with customers, which we view as an additional long-term potential. Capacity expansion remains on schedule, with total capacity set to double by Aug 2026 and expand further to 3X end-2025 levels by 1Q27E. Overall demand across AI/HPC platforms remains robust.
Implications -We tweak our 2026E-28E earnings forecasts to reflect updated guidance. We revise our TP to NT$4,350, based on 35x 2027E EPS (from 40x), to reflect the recent sector-wide valuation contraction rather than a deterioration in fundamentals. The revised 35x multiple implies CHPT's avg. forward PE since 2024 +1 SD, which we believe is justified by its leading industry position and its unique business model. Following the recent share pullback, we reiterate our Buy rating.
Earnings Summary
| Year to 31Dec | Net Profit (NT$M) | DilutedEPS (NT$) | EPSgrowth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 510 | 15.55 | na | 152.5 | 9.7 | 6.5 | 0 |
| 2025A | 997 | 30.41 | 95.6 | 77.9 | 8.9 | 11.9 | 0.3 |
| 2026E | 2,044 | 62.35 | 105.0 | 38 | 7.1 | 20.3 | 0.6 |
| 2027E | 4,066 | 124.01 | 98.9 | 19.1 | 5.2 | 30.4 | 1.3 |
| 2028E | 4,882 | 148.88 | 20.0 | 15.9 | 3.9 | 27.4 | 2.6 |
Source: Powered by dataCentral
n Buy / High Risk
Price (29 Jul 26 15:00)
NT$2,370.00
Target price
NT$4,350.00↓
from NT$4,900.00
Expected share price return
83.5%
Expected dividend yield
1.3%
Expected total return
84.9%
Market Cap
NT$77,710M
US$2,400M
Price Performance (RIC: 6510.TWO, BB: 6510 TT)
Michael Hung AC
+886-2-8726-9092 michael.hung@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090
laura.cy.chen@citi.com
Jack Chen +886-2-8726-9091
jack1.chen@citi.com
Nicholas Lai
+886-2-8726-9093
nicholas.lai@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
Prepared for Kevin Lu
| 6510.TWO: Fiscalyearend31-Dec | Price: NT$2,370.00; TP: NT$4,350.00; Market Cap: NT$77,710m; Recomm:Buy/HighRisk | Price: NT$2,370.00; TP: NT$4,350.00; Market Cap: NT$77,710m; Recomm:Buy/HighRisk | Price: NT$2,370.00; TP: NT$4,350.00; Market Cap: NT$77,710m; Recomm:Buy/HighRisk | Price: NT$2,370.00; TP: NT$4,350.00; Market Cap: NT$77,710m; Recomm:Buy/HighRisk | Price: NT$2,370.00; TP: NT$4,350.00; Market Cap: NT$77,710m; Recomm:Buy/HighRisk | Price: NT$2,370.00; TP: NT$4,350.00; Market Cap: NT$77,710m; Recomm:Buy/HighRisk | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit&Loss(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | Valuation ratios | 2024 | 2025 | 2026E | 2027E | 2028E |
| Sales revenue | 3,605 | 4,806 | 7,219 | 12,464 | 14,825 | PE(x) | na | 77.9 | 38.0 | 19.1 | 15.9 |
| Cost of sales | -1,678 | -2,138 | -3,178 | -5,603 | -6,772 | PB(x) | 9.7 | 8.9 | 7.1 | 5.2 | 3.9 |
| Gross profit | 1,927 | 2,668 | 4,041 | 6,861 | 8,052 | EV/EBITDA(x) | 96.7 | 50.6 | 27.0 | 13.9 | 11.1 |
| Gross Margin (%) | 53.5 | 55.5 | 56.0 | 55.0 | 54.3 | FCFyield (%) | 0.6 | 1.8 | -0.5 | 1.2 | 4.5 |
| EBITDA(Adj) | 774 | 1,465 | 2,724 | 5,257 | 6,355 | Dividend yield (%) | 0.0 | 0.3 | 0.6 | 1.3 | 2.6 |
| EBITDAMargin(Adj) (%) | 21.5 | 30.5 | 37.7 | 42.2 | 42.9 | Payout ratio (%) | 3 | 26 | 24 | 25 | 42 |
| Depreciation | -285 | -275 | -271 | -286 | -379 | ROE(%) | 6.5 | 11.9 | 20.3 | 30.4 | 27.4 |
| Amortisation | 0 | 0 | 0 | 0 | 0 | Cashflow(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E |
| EBIT (Adj) | 489 | 1,190 | 2,453 | 4,971 | 5,977 | EBITDA | 774 | 1,465 | 2,724 | 5,257 | 6,355 |
| EBIT Margin (Adj) (%) | 13.6 | 24.8 | 34.0 | 39.9 | 40.3 | Working capital | 38 | 177 | -81 | 0 | 0 |
| Net interest | 27 | 44 | 35 | 36 | 36 | Other | -196 | -68 | -2,488 | -1,991 | -1,641 |
| Associates | 0 | 0 | 0 | 0 | 0 | Operating cashflow | 616 | 1,574 | 155 | 3,266 | 4,715 |
| Non-Op/Except/Other Adj | 37 | -9 | 20 | 0 | 0 | Capex | -146 | -153 | -508 | -2,300 | -1,200 |
| Pre-tax profit | 553 | 1,225 | 2,508 | 5,007 | 6,012 | Net acq/disposals | -25 | -42 | -179 | 0 | 0 |
| Tax | -68 | -238 | -471 | -946 | -1,137 | Other | -17 | -177 | 0 | 0 | 0 |
| Extraord./Min.Int./Pref.div. | 25 | 11 | 7 | 6 | 6 | Investing cashflow | -188 | -372 | -687 | -2,300 | -1,200 |
| Reported net profit | 510 | 997 | 2,044 | 4,066 | 4,882 | Dividends paid | -16 | -256 | -502 | -1,029 | -2,046 |
| Net Margin (%) | 14.1 | 20.7 | 28.3 | 32.6 | 32.9 | Financing cashflow | -43 | -285 | 2,452 | 793 | 349 |
| CoreNPAT | 510 | 997 | 2,044 | 4,066 | 4,882 | Net change in cash | 400 | 911 | 1,920 | 1,759 | 3,864 |
| Per share data | 2024 | 2025 | 2026E | 2027E | 2028E | Free cashflow to s/holders | 470 | 1,421 | -353 | 966 | 3,515 |
| Reported EPS($) | 15.55 | 30.41 | 62.35 | 124.01 | 148.88 | ||||||
| Core EPS($) | 15.55 | 30.41 | 62.35 | 124.01 | 148.88 | ||||||
| DPS($) | 0.50 | 7.80 | 15.23 | 31.23 | 62.12 | ||||||
| CFPS($) | 18.78 | 48.01 | 4.74 | 99.62 | 143.79 | ||||||
| 14.32 | 43.34 | -10.77 | 29.48 | 107.20 | |||||||
| FCFPS($) BVPS($) | 244.83 | 267.06 | 335.70 | 456.12 | 600.69 | ||||||
| Wtdavgordshares(m) | 32.8 | 32.8 | 32.8 | 32.8 | 32.8 | ||||||
| Wtdavgdiluted shares (m) | 32.8 | 32.8 | 32.8 | 32.8 | 32.8 | ||||||
| Growthrates | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Sales revenue (%) | 25.0 | 33.3 | 50.2 | 72.7 | 18.9 | ||||||
| EBIT (Adj) (%) | na | 143.5 | 106.1 | 102.7 | 20.2 | ||||||
| CoreNPAT(%) | na | 95.6 | 105.0 | 98.9 | 20.0 | ||||||
| CoreEPS(%) | na | 95.6 | 105.0 | 98.9 | 20.0 | ||||||
| BalanceSheet(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Cash&cashequiv. | 3,093 | 4,004 | 5,924 | 7,683 | 11,547 | ||||||
| Accounts receivables | 1,048 | 688 | 1,398 | 1,910 | 2,224 | ||||||
| Inventory | 571 | 787 | 1,799 | 2,509 | 3,016 | ||||||
| Net fixed &other tangibles | 4,197 | 3,980 | 4,145 | 6,042 | 6,709 | ||||||
| Goodwill &intangibles | 25 | 18 | 114 | 114 | 114 | ||||||
| Financial &other assets | 225 | 474 | 2,921 | 4,030 | 4,712 | ||||||
| Total assets | 9,158 | 9,951 | 16,302 | 22,289 | 28,322 | ||||||
| Accounts payable | 380 | 263 | 696 | 969 | 1,164 | ||||||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | ||||||
| Long-term debt | 0 | 0 | 1,885 | 2,678 | 3,027 | ||||||
| Provisions &other liab | 721 | 907 | 2,382 | 3,243 | 3,857 | ||||||
| Total liabilities | 1,101 | 1,170 | 4,964 | 6,890 | 8,047 | ||||||
| Minority interests | 21 | 10 | 3 | -3 | 20,283 -9 | ||||||
| Shareholders' equity | 8,037 | 8,770 | 11,335 | 15,401 | |||||||
| Total equity | 8,058 | 8,780 | 11,338 | 15,399 | 20,274 | ||||||
| Net debt (Adj) | -3,093 | -4,004 | -4,038 | -5,005 | -8,520 | ||||||
| Net debt to equity (Adj) (%) | -38.4 | ||||||||||
| For definitions of the items in this table, | please click here. | -45.6 | -35.6 | -32.5 | -42.0 |
Prepared for Kevin Lu
Figure 1. CHPT - 2Q26 earnings review
| 2Q26 | 1Q26 | 2Q25 | 2Q25 | 2Q26 | 2Q26 | 2Q26 | 2Q26 | 2Q26 | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | Actual | Actual | Q/Q | Actual | Y/Y | Citi | Diff. | Cons. | Diff. |
| Revenue | 1,640 | 1,357 | 21% | 1,216 | 35% | 1,547 | 6% | 1,608 | 2% |
| Gross profit | 943 | 771 | 22% | 679 | 39% | 871 | 8% | 903 | 4% |
| Gross margin | 57.5% | 56.8% | +0.7 ppt | 55.8% | +1.7 ppt | 56.3% | +1.2 ppt | 56.1% | +1.4 ppt |
| Op. profit | 570 | 397 | 43% | 314 | 82% | 483 | 18% | 516 | 10% |
| OP margin | 34.7% | 29.3% | +5.5 ppt | 25.8% | +8.9 ppt | 31.3% | +3.5 ppt | 32.1% | +2.7 ppt |
| Net income | 494 | 342 | 44% | 216 | 129% | 397 | 25% | 415 | 19% |
| EPS (NT$) | 15.06 | 10.43 | 44% | 6.58 | 129% | 12.10 | 25% | 13.11 | 15% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research Estimates, Bloomberg consensus
Figure 2. CHPT - Earnings estimates revision
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | New | Old | Chg. | New | Old | Chg. | New | Old | Chg. |
| Sales | 7,219 | 7,143 | 1% | 12,464 | 12,004 | 4% | 14,825 | 14,640 | 1% |
| Sequential growth | 50% | 49% | 73% | 68% | 19% | 22% | |||
| Gross profit | 4,041 | 3,995 | 1% | 6,861 | 6,697 | 2% | 8,052 | 8,142 | -1% |
| Opex | 1,588 | 1,556 | 2% | 1,890 | 1,756 | 8% | 2,075 | 2,123 | -2% |
| Operating profit | 2,453 | 2,439 | 1% | 4,971 | 4,941 | 1% | 5,977 | 6,020 | -1% |
| Pre-tax profit | 2,508 | 2,472 | 1% | 5,007 | 4,960 | 1% | 6,012 | 6,039 | 0% |
| Net income | 2,044 | 2,004 | 2% | 4,066 | 4,005 | 2% | 4,882 | 4,873 | 0% |
| EPS (NT$) | 62.35 | 61.11 | 2% | 124.01 | 122.15 | 2% | 148.88 | 148.62 | 0% |
| Gross margin | 56.0% | 55.9% | +0.1 ppt | 55.0% | 55.8% | -0.7 ppt | 54.3% | 55.6% | -1.3 ppt |
| Opex ratio | 22.0% | 21.8% | +0.2 ppt | 15.2% | 14.6% | +0.5 ppt | 14.0% | 14.5% | -0.5 ppt |
| Operating margin | 34.0% | 34.1% | -0.2 ppt | 39.9% | 41.2% | -1.3 ppt | 40.3% | 41.1% | -0.8 ppt |
| Net margin | 28.3% | 28.1% | +0.3 ppt | 32.6% | 33.4% | -0.7 ppt | 32.9% | 33.3% | -0.4 ppt |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research Estimates
Prepared for Kevin Lu
Figure 5. CHPT - Quarterly earnings forecast
| (NT$in Mn, year-end Dec) | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1,357 | 1,640 | 1,957 | 2,266 | 2,486 | 2,902 | 3,518 | 3,559 | 4,806 | 7,219 | 12,464 | 14,825 |
| Gross Profit | 771 | 943 | 1,081 | 1,247 | 1,365 | 1,593 | 1,943 | 1,960 | 2,668 | 4,041 | 6,861 | 8,052 |
| OPEX | (373) | (373) | (411) | (430) | (423) | (459) | (492) | (516) | (1,478) | (1,588) | (1,890) | (2,075) |
| Operating profit | 397 | 570 | 670 | 816 | 942 | 1,134 | 1,451 | 1,444 | 1,190 | 2,453 | 4,971 | 5,977 |
| Total Non-OP | 21 | 26 | 0 | 7 | 7 | 20 | 0 | 7 | 34 | 55 | 36 | 36 |
| Pre-tax profit | 418 | 596 | 671 | 823 | 949 | 1,155 | 1,451 | 1,452 | 1,225 | 2,508 | 5,007 | 6,012 |
| Income tax | (80) | (103) | (131) | (158) | (181) | (216) | (272) | (277) | (238) | (471) | (946) | (1,137) |
| Net Profit | 342 | 494 | 541 | 667 | 770 | 940 | 1,181 | 1,176 | 997 | 2,044 | 4,066 | 4,882 |
| EPS (NT$) | 10.43 | 15.06 | 16.51 | 20.35 | 23.49 | 28.66 | 36.00 | 35.86 | 30.41 | 62.35 | 124.01 | 148.88 |
| Revenue mix | ||||||||||||
| Wafer testing | 70% | 76% | 72% | 69% | 68% | 67% | 68% | 67% | 65% | 72% | 68% | 61% |
| IC testing | 14% | 18% | 23% | 27% | 29% | 29% | 29% | 30% | 25% | 21% | 29% | 37% |
| Others | 16% | 6% | 5% | 4% | 4% | 3% | 3% | 3% | 10% | 7% | 3% | 3% |
| Margins (%) | ||||||||||||
| Gross profit | 56.8% | 57.5% | 55.2% | 55.0% | 54.9% | 54.9% | 55.2% | 55.1% | 55.5% | 56.0% | 55.0% | 54.3% |
| OPEXtosales | 27.5% | 22.8% | 21.0% | 19.0% | 17.0% | 15.8% | 14.0% | 14.5% | 30.7% | 22.0% | 15.2% | 14.0% |
| Operating Margin | 29.3% | 34.7% | 34.2% | 36.0% | 37.9% | 39.1% | 41.2% | 40.6% | 24.8% | 34.0% | 39.9% | 40.3% |
| Pre-tax profit | 30.8% | 36.3% | 34.3% | 36.3% | 38.2% | 39.8% | 41.3% | 40.8% | 25.5% | 34.7% | 40.2% | 40.6% |
| Net Margin | 25.2% | 30.1% | 27.7% | 29.4% | 31.0% | 32.4% | 33.6% | 33.0% | 20.7% | 28.3% | 32.6% | 32.9% |
| Y/Y | ||||||||||||
| Net sales | 17.8% | 34.9% | 57.5% | 89.4% | 83.1% | 77.0% | 79.8% | 57.1% | 33.3% | 50.2% | 72.7% | 18.9% |
| Gross profit | 24.3% | 38.9% | 54.5% | 86.1% | 77.1% | 68.9% | 79.8% | 57.3% | 27.4% | 48.7% | 76.3% | 20.9% |
| Operating profit | 58.8% | 81.5% | 118.2% | 155.5% | 137.1% | 99.1% | 116.5% | 77.0% | 143.5% | 106.1% | 102.7% | 20.2% |
| Pre-tax profit | 56.3% | 127.6% | 97.4% | 131.5% | 126.9% | 93.8% | 116.4% | 76.3% | 121.6% | 104.8% | 99.6% | 20.1% |
| Net Margin | 54.6% | 129.1% | 96.5% | 134.3% | 125.2% | 90.3% | 118.0% | 76.3% | 95.6% | 105.0% | 98.9% | 20.0% |
| Q/Q | ||||||||||||
| Net sales | 13.5% | 20.8% | 19.3% | 15.8% | 10% | 17% | 21% | 1% | ||||
| Gross profit | 15.1% | 22.4% | 14.6% | 15.3% | 9% | 17% | 22% | 1% | ||||
| Operating profit | 24.3% | 43.4% | 17.6% | 21.8% | 15% | 20% | 28% | 0% | ||||
| Pre-tax profit | 17.6% | 42.4% | 12.6% | 22.8% | 15% | 22% | 26% | 0% | ||||
| Net Margin | 20.0% | 44.5% | 9.6% | 23.2% | 15% | 22% | 26% | 0% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research Estimates
NT$
5,502
4,585
3,668
2,751
1,834
917
0
Jul 25
gen Al GPU architecture and full-scale production of US CSP AI ASIC project.
NT$ 2,000.00
• 16% Downside
NT$4,350.00
47 < 132% Upside
NT$ 4,350.00
4 84% Upside
Bull/Bear: CHPT (6510.TWO)
• Target PE multiple of 40x
BASE Assumptions
- @ · Overall revenue growth of +50% in 2026E, probe card PCB and load board remaining the primary growth engines as Al/HPC delivers the highest contribution. · Target PE multiple of 35x
BEAR Assumptions
• Slower-than-expected revenue growth of +25% in 2026E, caused by sub-optimal capacity utilization or delays in major US
Prepared for Kevin Lu
- AI GPU/ASIC projects. · Target PE multiple of 16x
Prepared for Kevin Lu
CHPT
Company description
Chunghwa Precision Test Tech (CHPT), established in 2005, is a global leader in semiconductor test interfaces. Historically focused on the smartphone AP segment, CHPT has successfully pivoted its strategic focus towards highgrowth AI/HPC applications. Utilizing its unique "All-in-House" vertical integration model and leading mechanical design & simulation technology, the company specializes in probe cards, probe card PCBs, and load boards for top-tier chipmakers. This comprehensive portfolio effectively addresses high-frequency signal bottlenecks, providing one-stop-shop solutions that ensure structural reliability across the global AI computing supply chain.
Investment strategy
We rate CHPT at Buy/High Risk (1H). We believe CHPT is well positioned for the AI infrastructure cycle, with leadership supported by its unique "All-inHouse" vertical integration model and broad participation across next-gen AI GPU and US AI ASIC projects. Its technical high ground in advanced nodes solutions and dedicated localized support provide it a defensible position, in our view, as advanced packaging demand expands. The company captures a wider share of the test interface value chain across probe PCBs, load boards, and high-end burn-in boards, providing a multi-layered earnings engine.
Valuation
We value CHPT using a PE-based approach that factors in earnings momentum and the structural shift towards high-end testing. Our target price of NT$4,350 is derived from applying 35x to 2027E EPS, implying the company's average forward PE since 2024 +1 SD, which we believe is justified given the company's entrenched position in the 2nm/3nm testing segment, rising contribution from US AI GPU & AI ASIC projects, and the unique competitive advantage of its "All-in-House" vertical integration model. With these structural drivers in place, and as we believe the market is starting to value it as an AI/HPC play (rather than a consumer electronics stock), we expect the multiple to hold at a premium relative to its historical averages.
Risks
Our quant system rates the CHPT stock as High Risk for its share price volatility.
Key downside risks that could impede the stock from reaching our target price, and to our earnings forecasts, include: 1) margin compression from lower-than-expected utilization rates; 2) execution delays in concentrated US AI GPU and ASIC programs; 3) intensifying competition in testing boards from global peers; and 4) structural gross margin dilution from a shift towards high-end burn-in boards.
Analyst: Michael Hung
Date
TWD
4,000
2,000
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