2026.09.23 | AC | SemiCap | Test Equipment Maker: WAT Orders

摘要

1. WAT test equipment order status;
2. Optical module/silicon photonics test new product expansion and domestic testing opportunities;
3. Overseas market expansion and service team growth.

The following are the expert's views:

Could you please provide an overview of the company's overall shipments and current backlog in WAT test equipment?

Shipments in 2025 were approximately between 130 and 200 units, with memory manufacturers being the primary customers. By the end of 2026, existing backlog orders are expected to be fully shipped. Looking ahead to next year, namely 2027, the order situation is expected to improve further.

Has there been any significant change in overall demand since 2026 compared with previous expectations (such as in May and June)?

Compared with previous expectations in May and June, overall demand has not seen any particularly significant changes and remains basically at the level seen at that time.

Does the delivery progress of other related equipment (such as prober stations) affect the move-in schedule of the company's equipment?

Even if the move-in pace of other equipment, such as prober stations, is relatively slow, it will not affect the delivery progress of the company's equipment.

How large is the performance gap between the company's products and competitors such as Keysight? How does it perform in terms of test efficiency?

There is no gap between the company's product performance and that of competitors such as Keysight; in certain scenarios, it is even superior. Test efficiency is an advantage for the company, as it is the fastest. For customers, test speed is a very critical shipment requirement.

Given the excellent performance of the company's equipment, what are its core barriers? Do they stem from long-term R&D investment and technological accumulation, or other specific factors?

The company's core barriers are mainly reflected in key structural design. Because the equipment itself has very fine structural requirements, resolving a large number of issues during the R&D process has resulted in a configuration that is both stable and superior, which other vendors cannot easily replicate.

What are the company's future plans regarding product line expansion? For example, will it extend from WAT into CP or FT testing, and does it have layouts in equipment such as prober stations?

The company indeed has extensive product plans and will not be limited to a single product. In reliability testing, particularly targeting automotive-grade chips with higher requirements, the company is actively establishing layouts. This year (2026), it has already introduced multiple new tools based on chemical technology, primarily addressing burn-in testing and related needs. In addition, the company has two new products: one tool for optical module testing, and another that is an optoelectronic hybrid test system. This optoelectronic hybrid test system is currently the only equipment capable of performing this type of testing, featuring a high technical barrier. Once these new tools stabilize, the company will also promote them to customers.

Who are the main target customers for the optoelectronic hybrid test system?

The target customers for this system are primarily enterprises engaged in domestic tape-outs. As domestic tape-outs become increasingly common, related testing demand has grown accordingly. For example, in the optical module field, companies like Innolight generate substantial testing demand. This market is expected to enter a period of significant growth over the next two years.

What are the main differences between silicon photonics test equipment and traditional electrical chip test equipment, and why is there such a large price gap between the two?

Silicon photonics testing differs substantially from traditional electrical chip testing. Traditional testing focuses primarily on electrical performance, whereas silicon photonics testing adds requirements for optical testing. Joint development work is currently underway.

How has LUCEDA's business performed over the past two years?

LUCEDA's technology is globally leading, and the company has high brand recognition. Due to its limited service capacity, there are situations where it cannot take on all available business, with the main bottleneck being a shortage of technical service personnel.

Is LUCEDA's business model mainly focused on helping customers incorporate their silicon photonics chip design schemes into PDKs? Will it transition in the future to directly selling standardized PDK products?

The core of its business is helping customers build PDKs, which can basically be understood as integrating customers' silicon photonics chip design concepts and schemes into PDKs. In the early stages of industry development, it primarily helps customers construct dedicated PDKs as a service. Once the broader industry matures, it may shift to selling PDK products directly to a wider customer base, but it has not yet reached that stage.

Previous information indicated that the silicon photonics tester prototype was expected in November 2026, but recent updates suggest it might be delayed until the end of the year. What is the specific situation?

Yes, the prototype release timing for the silicon photonics tester is indeed slightly later than expected.

What is the current revenue situation for the company's traditional EDA business?

In the traditional EDA business, the company has supplemented multiple products, such as certain cost analysis tools. With the enrichment of the product line, revenue from this business is expected to achieve relatively fast growth this year (2026).

What are the company's current headcount expansion plans, and is the business model highly dependent on manpower?

The company is currently expanding headcount to support new product R&D and customer service. The business model depends heavily on manpower, requiring engineers to be dispatched to customer sites to provide service and support. For example, a national project last year (2025) required an R&D team on the scale of a hundred people. This year (2026), the company has also undertaken major national-level service projects, all of which require substantial manpower investments. In essence, manpower represents the company's capacity.

What is the latest progress regarding overseas business orders for WAT testers?

Regarding overseas business for WAT testers, some orders are currently under negotiation. The company is also actively establishing its overseas presence, such as setting up service teams in Singapore and other locations to better support overseas customers.