Chroma ATE Draws Positive Analyst Ratings on AI Test Demand
Citi and Morgan Stanley assigned Buy and Outperform ratings to Chroma ATE after its Q3 briefing, setting target prices of NT$2,800 to NT$2,900. Chroma said its SLT revenue doubled year to date and expects CPU, LPU and ASIC inference-capacity expansion to drive testing demand from Q4 through the first half of next year. The company also reported securing its first CSP burn-in customer and expects to add an HPC customer next year.
Chroma ATE says expanding AI inference capacity, system-level testing and burn-in demand are broadening its testing business beyond the existing customer base.
致茂 29 日舉辦第三季法說會，雖然第三季毛利率微幅下滑，但花旗和摩根士丹利（大摩）仍看好公司長期後市，分別評級買進和優於大盤，目標價上看 2,800~2,900 元。
花旗表示，雖然第三季毛利率季減 3 個百分點，這主要是中國儲能電池出貨造成的短期產品組合變化，隨著產品組合正常化，毛利率未來可望重返 60% 以上的正常水準。
此外，SLT（系統級測試）成長動能逐步擴展至更多客戶。今年 SLT 營收已較去年同期翻倍，致茂預期未來將有更多新客戶採用 SLT。隨著新一波推論運算產能建置展開，涵蓋 CPU、LPU 及 ASIC 等產品，預期將於今年第四季至明年上半年帶動 SLT 測試需求。