全球半导体：韩国设备进口追踪（2026年4月）：进口同比增长57%

Global Semi: South Korea Equipment Import Tracker (Apr 26):Import +57% YoY Korea Customs Service released Apr 2026 semiconductor equipment import data on May15th. We have extracted and analyzed relevant information that has strong significancefor our coverage companies.The import data can be downloaded here:South Korea SPEImport. David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com Mark Li+852 2123 2645mark.li@bernsteinsg.com Strong Korean SPE imports.Overall, South Korean semi equipment imports in April wereglobally+57% YoY / -9% MoM. Imports for Japanese SPE were +29% YoY and -19%MoM. Of note, the semi equipment import is at a record high for both global and Japan SPE.We expect further strength in view of the capacity expansion in Korean memory companies. Juho Hwang+852 2123 2632juho.hwang@bernsteinsg.com Tester import declines.Advantest’s memory tester revenue is highly correlated to SouthKorea tester import data, which was-21% MoM / +49% YoY. Regression suggestsAdvantest to see a +70% QoQ increase in JunQ South Korea tester revenue although withonly 1 month of data. For reference, consensus projects Advantest revenue to be +5%QoQ, to which Korean import suggests upside. Carmine Milano, CFA+44 20 7762 1857carmine.milano@bernsteinsg.com Jack Lin+852 2123 2683jack.lin@bernsteinsg.com Litho imports point to continued very strong momentum.South Korea’s WFEequipment imports from the Netherlands reached EUR 723mn in April, the second-highest first month of a quarter on record. However, compared to the very strong Aprilimports, this represents a28% MoM declinebut anincrease of ~180% YoYversus April2025. We estimate ASML Korea’s Q2 system sales at EUR 2.1bn, down 26% QoQ butalmost doubling YoY. This suggests that Korea would account for roughly 33% of total Q2system sales, a sequential decline of about 12%. Overall, this points to sustained revenuemomentum in South Korea and in Memory, likely supported by meaningful DRAM capacityexpansion and fast adoption of the 1c node Edward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.com Yipin Cai, CFA+852 2123 2669yipin.cai@bernsteinsg.com Japan WFE import declines.South Korean import data for the relevant categories for TEL(CVD, dry etching, cleaning, coater & developer, RTP, etc.) in April was+62% YoY / -19%MoM. Our regression suggests an decline in JunQ revenue (-6% QoQ). The regression-based Korea import implies an in-line Q1 vs. consensus of -5% QoQ. For Samsung & SK hynix, we find their combined capex has been reasonably correlatedwith the import data. Despite rising equipment import, their 1Q26 capex came down QoQ,likely due to seasonality and also as some infrastructure investments front-loaded to 4Q25.Both however have guided substantial increase in 2026 capex, and so we expect futurecapex to recover and likely grow even stronger than import data. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rate Tokyo Electron (PT=¥59,200), ASML (PT=€1,700.00) and Advantest (PT=¥39,200)Outperform. We rate Samsung Electronics OP with PT=KRW 225,000 and SK hynix OP with PT=KRW 1,150,000. DETAILS SOUTH KOREA SEMI EQUIPMENT IMPORTS OVERALL •Overall, South Korea semi equipment imports were +57% YoY globally in Apr 26, Japan SPE was +29% (Exhibit 1, Exhibit 2). •MoM shows slight decline — globally -9% and -19% from Japan, and 3-month moving average sequentially was +3%globally and +4% for Japan. •Historical data shows good correlation between the South Korea equipment imports and the combined capex of Samsung &SK hynix (Exhibit 3). 1QCY26 capex came down QoQ for both Samsung and SK hynix, despite rising equipment import data,likely due to seasonality and also as some infrastructure investments were front loaded in 4Q25 (Exhibit 4). Going forward,both companies have guided substantial increase in 2026 capex, with focus on infrastructure and strategic equipment. Sowe expect future capex to recover and likely grow even stronger than import data. EXHIBIT 1:April South Korea imports for SPE was $3.4bn, -9% MoM. EXHIBIT 4:1QCY26 capex came down QoQ for both Samsung and SK hynix due to seasonality and also as somefront loaded infrastructure investments in 4Q25. ADVANTEST — SOUTH KOREA TESTER IMPORT DATA •Advantest memory tester revenue is highly correlated to the Korean tester import (Exhibit 6). Korean import of testers fromJapan and Malaysia was -21% MoM and +49% YoY. 3-month average was +5% MoM (Exhibit 5). •Our regression indicates JunQ Korean sales for Advantest of +70% QoQ (Exhibit 7, Exhibit 8), which suggest upside to JunQconsensus for Advantest corporate revenue of +5%. EXHIBIT 6:South Korea tester imports data shows good directional correlation with Advantest's South Korea sales. EXHIBIT 8:Advantest's Quarterly Korean sales showsgood correlation with Korean monthly imports. TOKYO ELECTRON — SOUTH KOREA IMPORT DATA •TEL makes many equipments (CVD, dry etching, cleaning, coater & developer, RTP, etc.) and we try to group all the categoriestogether.