半导体与先进材料行业并购策略研究

I N D U S T R YR E P O R TSpring | 2026 Table of Contents Market Observations ................................................................................ 3Transaction Highlights .............................................................................. 9Public Companies ....................................................................................12CFA Overview ............................................................................................21 Market Observations Market Summary Semiconductor Market The global semiconductor industry enters 2026 in the midst ofa strong and sustained growth cycle, with Deloitte forecasting annual revenues of $975 billion,marking a historic peak driven largely by the rapid expansion of AI infrastructure. This performance builds on a record-setting 2025, when industry sales reached$795.6 billion, reflecting a 26.2% year-on-year increase, according to Semiconductor Industry Association and World Semiconductor Trade Statistics, withmomentum accelerating sharply toward the end of the year. The fourth quarter alone contributed $238.9 billion in revenues, representing a 38.4% increase andunderscoring the intensity of demand driven by AI accelerators, high-bandwidth memory, and large-scale data center deployments globally. This momentum hascarried into early 2026, as January recorded a 3.7% month-on-month increase and a 46.1% year-on-year surge, despite persistent geopolitical tensions andongoing efforts toward supply chain reshoring. At the same time, the industry is undergoing a structural shift toward higher-value segments, with generative AIchips projected to approach $500 billion in 2026, contributing disproportionately to overall revenues despite limited unit volumes. Memory markets are alsoexpanding and are expected to reach nearly $200 billion, although prioritization of high-bandwidth memory has created supply imbalances, resulting in significantpricing pressures across adjacent DRAM and NAND segments. However, growth remains uneven across end markets, as AI and data center demand continues tooutpace more mature segments such as PCs, smartphones, and automotive, which are currently facing inventory overhangs and softer demand conditions.Looking ahead, the industry faces growing pressure from power constraints, higher capital requirements, and shifting global supply chains, even as ongoinginnovation in advanced packaging and continued investment support long-term growth. Public Company Valuations The CFA Select Semiconductor Index decreased by 0.2% in the first quarter of 2026, and the 12-month return on the indexincreased by 70.0%. The Memory index recorded the highest increase of 328.7% for the 12-month period and 20.1% for the 3-month period.Equipment Index had the highest median EBITDA and revenue multiple of 32.3x and 9.6x, respectively.Silicon/Wafer Index had the lowest median EBITDA of 9.1x. Foundry/Service and Silicon/Wafer had the lowest median revenue of2.7x.IntegratedDeviceManufacturer,FablessManufacturing,Foundry/Services,Memory,andElectronicDesignAutomation/Engineering Software had median EBITDA multiples of 16.0x, 15.0x, 11.1x, 23.6x, and 26.5x. Integrated DeviceManufacturer, Fabless Manufacturing, Memory, and Electronic Design Automation/Engineering Software had median revenuemultiples of 4.0x, 3.5x, 6.5x, and 6.7x, respectively. The public semi-conductor marketdecreased in the firstquarter of 2026... Mergers and Acquisitions Mergers and acquisitions in the semiconductor sector have picked up speed in early 2026. By February, transaction values surpassed $17 billion, signalingrenewed confidence as the market stabilizes. Companies are now concentrating on building capabilities rather than just scaling up. They are focusing on advancedpackaging, AI-specific IP cores, edge computing, 2nm process nodes, and wide bandgap materials that support EVs and data center growth. Companies areimplementing cross-border strategies, especially between the US and Japan, balancing global collaboration with local efforts backed by CHIPS Act incentives anddomestic fab expansion. Mid-sized companies with $50 to $500 million in revenue, such as Coherent Corp., Unisem, and Tower Semiconductor, are attractingstrong interest in photonics and chiplet niches, with around 35% of deals involving cross-border activity. However, regulatory scrutiny and talent shortages areslowing the pace of deal activity. Industry Trends Power-Constrained AI Driving Energy-Efficient Infrastructure As AI adoption grows, power is becoming a key factor influencing semiconductor and data center strategies. Goldman Sachs predicts that global data centedemand will increase by 50% to 92 GW by 2027, reflecting a 17% annual growth rate from 2025 to 2028. In the US, data center power consumption reached 18TWh in 2024, over 4% of electricity use, rising to 200 TWh in 2025, representing 4.5%, driven by AI expansion. Global demandis expected to nearly double to 94TWh by 2030. AI-opt