AI and China Semis Capacity Expansion Drives Growth Ahead

Goldman Sachs maintains Neutral ratings on China semiconductor firms JCET, AccoTest, and Hwatsing while raising target prices. The outlook is supported by long-term capacity expansion in advanced nodes and domestic generative AI demand.

Key Takeaways

• 1.China semiconductor firms (JCET, AccoTest, Hwatsing) benefit from long-term advanced node capacity expansion and local generative AI demand.
• 2.Valuation framework for China semi equipment/material firms shifted to 2030E discounted P/E to reflect improved long-term visibility.

Table of Contents

• AI and China Semis Capacity expansion drives growth ahead
• Reported new memory agreement with CSP clients
• JCET
• AccoTest
• Hwatsing
• Disclosure Appendix

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