Good morning! 11/21 Comprehensive Summary of External News - 2330 TSMC: Positive Reaffirmation from US Firms US investment banks expect the annual revenue growth rate to be around +30% for the year. They reaffirm the long-term gross margin target to be maintained above 53%. Expansion is ongoing, reaffirming a positive outlook. - Memory Industry: Positive Reaffirmation from US Firms Brokerages maintain their positive outlook on the fundamentals. They believe the memory market cycle typically lasts 4–6 quarters, and we are currently only about two quarters in. Additionally, if CXMT wants to return to DDR4/LPDDR4, significant modifications to circuit design, reporting models, and the total addressable market (TAM) are needed, which is less than DDR5/HBM, making it unlikely, according to brokerages. They reaffirm a structural supply shortage for DDR4 and that the supply-demand gap for MLC NAND and NOR will widen. - 6223 Wangsi: Positive Reaffirmation from US Firms US brokerages expect a 0-5% quarter-over-quarter revenue increase in Q4, with gross margins expected to recover to 54% as material shortages ease. They anticipate momentum to continue into Q1 2026, likely exceeding past seasonal levels. Several ASIC projects are ramping up production, with expectations of increasing market share in the MEMS and VPC markets. - 6515 Yung Wei: Positive Reaffirmation from US Firms US brokerages see strong demand, with capacity still tight, expecting spring probes to increase to 6-7 million units per month by the end of next year (up from about 3.5 million now). The initial gross margin for MEMS probe cards is low but is expected to improve significantly next year. HyperSocket will be the next key growth driver, and besides AI GPU clients, SLT is also expected to be adopted by ASICs next year. For sockets, due to the long testing time for SLT, the TAM for SLT sockets could be five times that of FT sockets. - 2360 Chih Mo: Positive Reaffirmation from US Firms US investment banks state that SLT will benefit from the next round of capital expenditure cycles, with power testing also expected to be a strong year next year. Finally, advanced packaging will drive growth in measurement equipment demand, especially with WMCM measurement equipment density expected to be higher than CoWoS, reaffirming a positive outlook. - 2059 Chuan Hu: Positive Reaffirmation from US Firms US investment banks believe that since ODM is still designing racks with Chuan Hu's sliding rail kits, they do not think they will be excluded from Rubin's supply chain. A new US factory is expected to come online in mid-next year, likely increasing capacity by another 20%, reaffirming a positive outlook. - 3665 Mao Lian: Positive Reaffirmation from US Firms US investment banks observe AEC penetration into the rack-to-rack connection market. Additionally, the trend of upgrading from 400G to 800G is expected to double the ASP. Furthermore, the growth trend of power connections within racks is clear, especially in the coming years. Reaffirming a positive outlook. - 5274 Xin Hua: Positive Reaffirmation from US Firms US investment banks expect Q4 revenue to be between 20-21 billion, with substrate shortage issues improving. The penetration rate of AST2700 is expected to increase next year, and AST2750 has already secured some orders on two major server CPU platforms. Reaffirming a positive outlook. #下次會考