摩根士丹利-日本半导体生产设备：2026年10月科技月报-Semiconductor Production Equipment：Tech Monthly Oct 2026-20261021

FoundationMorganStanleyMUFGSecuritiesCo.,Ltd.+EquityAnalystSuzune.Tamura@+8136836-8891EquityAnalystKazuo.Yoshikawa@+8136836-8408SemiconductorProductionEquipmentSemiconductorProductionEquipmentJapan2Source:FactSetdata,M23.1%-1.1%-4.1%-5.1%-1.7% Note:DataasofOctobeLamResearch,andKLAareMidSmallCap/Manufa4atApr-Junresults;expectonlysmallupwardrProgressvs.fullyeargRevisionstofull-yearord2Hguidance*Directionofnext12-monthconsensusEPS;Source:Companydata,MorgSemistestingequipmentSource:MinistryofEconoSource:KoreaCustomsService,M0Source:MinistryofEconomicAffairs,R.O.C.,20080%Source:MorganStanleyReseSource:MorganStanleyResearchestimates,calculatedbyourforecastsofaTaiwantesthouSource:Companydata,MorganStanleyReseVeraVeraSource:Trendforce,Morga 700-5.1%couldbehigherthanthatduetopeyieldforHBM4EiscalculatedundertyieldassumesperlayeryiSource:Trendforce,Morgasizeincreasevs4assumedaseqsizeincreasevs4assumedaseq9308Orodd#diesdistributABDifficulty:Materials>front-endprocess>e-beamtoice:LNAEUVr-Intel:2026~(Intel1Source:Companycomments,MorganStA·稼働：足元の稼働率は70%台後半で、下期componentprocurementdelay·生産性:2030年代前半までのロードマップにSource:Companycomments,MoJan-20Jun-20Jan-15Aug-15Mar-16May-17DecJan-15Aug-15Mar-16May-17Dec-17Feb-19Sep-1902-voNJan-15Aug-15Mar-16Dec-17Ju-18Jan-15Aug-15Mar-16Dec-17Ju-18Feb-19Nov-20Jan-15Jan-15May-17Dec-17Ju-18Feb-19May-17Dec-17Ju-18Feb-19%Source:GeneralAdministrationofCustomso3%日 Jul-258Oct-16EtchersOPVDPVDoFOUNDATION台--5% 0Source:GeneralAdministrationofCustomso(8Gb;$)5050Foundation.MorganStanleyMUFG19Foundation2020%1MorganStanleyMUFG21