2025-05-26-Bernstein-全球半导体资本设备_全球半导体资本设备追踪（2025年4月）_同比增长8_；东京电子可能超出第一季度预期_14页_637kb

The report analyzes global semiconductor capital equipment market trends based on recent data. It highlights that shares are up, with specific companies like TEL expected to surpass Q1 revenue projections. Key growth drivers include memory (HBM, Foundry), China substitution, and mature-node investments.

Market outlook forecasts flat WFE growth in 2025 for CY2025 and a 6% increase in CY2026. Japan's semicap firms, particularly TEL, are gaining share due to competitive pricing from yen depreciation and higher NAND/China WFE demand. Chinese firms like NAURA and AMEC benefit from domestic substitution trends.

For TEL, the analysis uses regression and high R2 values to predict revenue upside. While Japan equipment data shows seasonality, capacity growth in NAND and mature nodes is expected to offset global capex slowdowns.

LAM beats expectations due to NAND upgrades and solid margins. Benchmarking compares TEL to DRAM/NAND peers and regional rivals.