全球半导体行业：韩国半导体设备进口跟踪月报（2026年5月），进口额同比大增 51%

Global Semi: South Korea Equipment Import Tracker (May 26):Import +51% YoY Korea Customs Service released May 2026 semiconductor equipment import data on June15th. 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 May wereglobally+51% YoY / -5% MoM. YTD YoY % has accelerated to 39% vs. 37% of April. Juho Hwang+852 2123 2632juho.hwang@bernsteinsg.com Strong tester import.Advantest’s memory tester revenue has good correlation withSouth Korea tester import data, which was+5% MoM / +103% YoY. Regression suggestsAdvantest to see a +84% QoQ increase in JunQ South Korea tester revenue although withonly 2 month of data and recent correlation has been weaker. For reference, consensus Carmine Milano, CFA+44 20 7762 1857carmine.milano@bernsteinsg.com Jack Lin+852 2123 2683jack.lin@bernsteinsg.comEdward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.com Litho imports point to continued very strong momentum.SK’s WFE equipment importsfrom the Netherlands reached €928mn in May, marking the second-highest second monthof a quarter on record,up 28% MoM and ~150% YoY.Based on our regression model, weestimate ASML SK Q2 system sales at ~€2.31bn, down 18% QoQ but more than doublingYoY. This suggests that Korea would account for 37% of total Q2 system sales. Overall, thispoints to sustained revenue momentum in South Korea and in Memory, likely supported 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 May was+52% YoY / -27%MoM. Our regression suggests a decline in JunQ revenue (-15% QoQ). The regression-based Korea import implies downside vs. consensus of flat 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 some infrastructure investments front-loaded to 4Q25. Bothhowever have guided substantial increase in 2026 capex, and so we expect future capex to 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 +51% YoY globally in May ‘26, Japan SPE was +40% (Exhibit 1, Exhibit •MoM shows slight decline — globally -5% and -7% from Japan, and 3-month moving average sequentially was flat globally •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. So 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 +5% MoM and +103% YoY. 3-month average was +2% MoM (Exhibit 5). •Our regression indicates JunQ Korean sales for Advantest of +84% QoQ (Exhibit 7, Exhibit 8), which suggest upside to JunQconsensus for Advantest corporate revenue of +3%. 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. South Korean import data for the relevant categories has relatively high correlation with TEL’s Korea revenue •May single-month import was +52% YoY, and -27% MoM. 3-month moving average is -2% sequentially (Exhibit 9). •Our regression indicates JunQ Korea sales for TEL of -15% QoQ (Exhibit 11, Exhibit 12), which indicates downside to SPEsales consensus of flat QoQ. EXHIBIT 12:TEL's Quarterly Korean sales shows decentcorrelation with Korean monthly imports. ASML — SOUTH KOREA IMPORT DATA •ASML accounts for a significant portion of WFE imports to South Korea, totaling ~€5.0Bn in 2024 and €6.3Bn in 2025 andalready €4.5bn in 2026 YTD up 80% YoY. While monthly data tends to be volatile, the three-month moving average indicatesthat after a period of relative stability, imports from the Netherlands increased in the end of 2024, driven primarily by orders •South Korea’s WFE equipment imports from the Netherlands reached €928mn in May, marking the second-highest secondmonth of a quarter on record, up 2