In the field of analog/digital-analog hybrid and discrete device testing machines, domestic import substitution has basically been achieved. In the field of SoC, memory, and RF testing machines, there is plenty of room for domestic replacement.
The Zhitong Finance App learned that Huajin Securities released a research report saying that with the development of mobile processors, high-performance computing (HPC), and artificial intelligence (AI) integrated circuits, the amount of data to be processed continues to grow exponentially. These developments have brought new testing challenges, including large SCAN vector depth requirements, extreme power supply requirements, rapid yield learning requirements, and multi-site (site) parallel testing requirements, etc., and there is plenty of room for domestic alternatives in the field of SoC testing machines. It is recommended to focus on relevant testing machine products entering major design/manufacturing/sealing and testing production lines or manufacturers with relevant technical reserves, such as Huafeng Measurement and Control (688200.SH), Changchuan Technology (300604.SZ), etc.
Event: From March 20 to March 22, SEMICON China 2024 was held at the Shanghai New International Expo Center. The exhibition attracted more than 1,100 exhibitors, covering the entire industry chain of chip manufacturing, equipment, materials, photovoltaics, etc., to explore the global industrial pattern and cutting-edge technology. Among them, various equipment such as Huafeng Measurement and Control STS 8200 PIM, STS 8300, and STS8600 were exhibited. Changchuan Technology's main products such as testing machines, sorters, probe stations, and AOI equipment were also showcased at this exhibition.
The main views of Huajin Securities are as follows:
The market concentration of testing machines is high, and the technical difficulty of SoC testing machines/the value of a single unit is high
According to SEMI data, from a manufacturer's perspective, Edwin and Terada account for a large market share. Terada and Edwin's total market share in the global semiconductor testing machine market in 2021 was 84% (51%, Edwin 33%).
Among them, Terada has an absolute advantage in discrete devices, RF devices, memory chips, analog chips, SoC chips, etc. in the European and American markets. Edwin focuses on SoC chip and memory chip testing machines and sorters. The sales market is mainly in Asia. 2023FYQ1-Q3, the company's SoC testers account for 77.90%, and the Asian region (excluding Japan) accounts for 89.16% of sales; from an analysis of the domestic market competition pattern, the market concentration is lower than that of the global market.
In the field of analog/digital-analog hybrid and discrete device testing machines, domestic import substitution has basically been achieved. In the field of SoC, memory, and RF testing machines, there is plenty of room for domestic replacement. According to data from the Huajing Industry Research Institute, Huafeng Measurement and Control and Changchuan Technology's market share in the domestic semiconductor testing machine market increased to 8% and 5% in 2021. Testing machines run through the entire front and back industry chain to ensure chip quality. In the IC design process, testing machines, sorters, and probe stations mainly participate in the design verification process. The design companies separately use the above equipment to test finished products such as wafer samples and package samples to verify whether the sample function and performance meet the design requirements.
In the IC manufacturing process, test equipment is used to inspect wafers and output wafer map maps to reduce packaging costs. In the IC packaging and testing process, test equipment is used to test the chip after packaging is completed to verify whether the product performance meets the standards. The main segments of testing machines are analog testing machines (including discrete device testers, analog testers, and digital-analog hybrid testers), SoC testers, memory testers, and RF testers. Their technical characteristics and difficulties are different, and the price difference of a single unit is far too far. Relatively speaking, analog testers are the least technically difficult and the value of a single unit is the least valuable.
Edwin V9300 expandable SoC test platform, widely used and approved by major IDMs
With its expandable platform architecture, the V93000 enables testing of various types of chips through flexible machine configurations. One device can meet the testing requirements from low-cost IoT chips to high-end chips such as automotive electronics and highly integrated multi-core processors. The V93000 digital test solution is based on Edwin Test's reliable universal channel architecture and provides many functions for core digital test cases. Whether dealing with the need for a high number of test channels, achieving high parallelism and high co-measurement efficiency, processing large amounts of scan data, supporting complex power supplies, or exploring high-speed or high-precision timing tests, the V93000 can provide a solution covering the entire field at once.
The V93000 has a global installed capacity of more than 6,000 units, of which about 3,000 are distributed in major test foundries in Asia. It has been widely used and approved by all major IDMs, and has become a universal testing reference platform. The new V93000 ExaScale SoC test system is a new machine designed for advanced digital chips with ultra-large-scale computing capabilities. The system's new test head uses Xtreme Link technology and is equipped with a new EXA Scale general-purpose digital board and power board to provide a new test solution, which can reduce test costs and shorten chip launch time.
Domestic equipment manufacturers are entering the SoC field, and the localization rate in the testing machine field is expected to rise to the next level
Huafeng Measurement and Control's next-generation testing machine STS8600 is aimed at the SoC field. The model uses a new software architecture and distributed multi-station parallel control system, has more test channels and higher test frequency, and is equipped with a water-cooled cooling system to further improve the Huafeng Measurement and Control product line, broaden the range of products that can be tested, and provide strong support for its long-term development.
Changchuan Technology's D9000 SoC tester is a high-performance integrated circuit tester aimed at mass production testing of digital IC products. It is suitable for chip CP testing and FT testing. It is suitable for product types digital logic chips, digital-analog hybrid chips, microprocessor system-level SoCs and RF chips, and can be used with any Handler or Prober. It has various digital, power, analog, and RF modules for users to choose from, and can be applied to automated test systems for digital logic chips, MCU, SOC, and RF chips. The test efficiency is in line with mainstream foreign-funded SoC testing machines. There are software tools that can perform pattern conversion, and support WGL, STIL, VCD and EVCD files commonly used in the industry.
Risk warning: the risk that new technologies, new processes, and new products will not be industrialized as scheduled; market competition increases risks; the progress of fabrics' capacity expansion falls short of expectations; domestic substitution falls short of expectations; systemic risks, etc.