CITIC Securities: Semiconductor Equipment Orders Remain Strong

36Kr reports that a CITIC Securities research note states the global economic cycle continues to be confirmed, with attention focused on overseas expansion. SEMI has updated its forecast, predicting continued growth in semiconductor equipment over the next three years. SEMI expects global sales of semiconductor manufacturing equipment to reach a record $165.9 billion in 2026, up 23.2% year-on-year. This growth momentum is expected to continue through 2028, with total equipment sales projected to hit a record $229.5 billion, marking five consecutive years of growth. Global semiconductor equipment components are undergoing an unprecedented across-the-board price surge. Pricing power in the semiconductor supply chain is shifting structurally from chip end-users to equipment and component segments. Component companies, characterized by smaller scales and high fixed cost ratios, see price increases directly translate into profits; meanwhile, production line expansion cycles span 12-18 months, offering the least supply elasticity. There is significant focus on domestic substitution opportunities and pricing logic driven by extended lead times for overseas suppliers in valves, piping, ceramic parts, RF power supplies, and GAS BOX units.