製造支援のための上位10社 半導体装置株式(8月 2026)

半導体は新しい石油

Nearly every electronic device these days utilizes a semiconductor. From washing machines to cars to computers and phones, virtually every manufactured device or machine contains a chip or an electronic board of some sort.

これにより、半導体は現代経済において最も重要な供給品の一つとなり、そして大国にとっての戦略的関心事でもあります。半導体市場は、コンピュータ、次にインターネット、次にクラウド、そして現在はAIとIoT（モノのインターネット）の波に押し上げられ、連続的に成長してきました。

出典： Applied Materials [securities_stock_price_tag symbol="AMAT" exchange="NASDAQ"]

この産業は少数の企業が大部分の生産を支配する強い集中度を持ち、また各社が半導体製造のごく一部の工程に特化するという、極めて複雑な製造プロセスでもあります。

TSMCやIntel (INTC ) のような企業は投資対象としてよく知られ注目を集めますが、別のセグメントとして、これらの産業巨人に機械や装置を供給するサプライヤーがあります。彼らは大規模なチップやその他の半導体を生産するために、最高で最も信頼性の高い装置を提供できる専門サプライヤーに依存しています。

魅力的な産業

Because semiconductor manufacturing is such an exact science, chip producers will want only the best tool available. And because it is such a complex endeavor, this can only be achieved by a handful of very specialized suppliers.

このため、これらのサプライヤーは大きな価格決定力と強固な経済的堀を持ちます。TSMCのような企業は既存のサプライヤーに固執し、供給網を乱すリスクを回避します。

また、既存の売上が研究開発や内部専門知識の蓄積に回ることで、潜在的な新規参入者が同等の技術成果を上げることは極めて困難になります。たとえ同等の成果が得られたとしても、チップメーカーがプロトコル変更にリスクを取ることはありません。

したがって、半導体が戦略的資産となる中で、装置サプライヤーへの投資は理にかなっています。これらの企業はチップファウンドリの拡大から恩恵を受け、どのチップメーカー（SMIC、TSMC、NVidia、Intelなど）が最終的に半導体需要から最大の利益を得るかに関わらず、恩恵を受けることになります。

出典： Tech Insights

製造支援向け上位10社 半導体装置株式

1. ASML Holding N.V.

ASML 価格チャート

The world’s largest semiconductor equipment supplier by market cap, ASML is also the leader in the field, with a quasi-monopoly on a key technology called EUV lithography (Extreme UltraViolet). It is the successor to previous technology, also sold by ASML, the DUV lithography (Deep UltraViolet).

出典： ASML

リソグラフィは、プロセッサの「ノード」をシリコンウェーハに刻む工程で、これがコンピュータチップとなります。チップが高度になるほどノードは小さくなり、リソグラフィ工程はより複雑になります。ノードの継続的な微細化とリソグラフィの改良が、年々コンピュータをより強力にした要因です。

EUVは7nm、さらには5nmや3nmといった超小型ノードを可能にします。これらの先進ノードは、AI、機械学習、5G、AR/VR、先進的なクラウドサービスなどの用途に必要とされることが多いです。

EUVは現在、米中の緊張と貿易戦争の中心にあります。2022年夏、米国はEUV機械の中国への輸出を禁止しました。これに続き、Huaweiは独自のEUVソリューション開発に取り組み、2022年12月に特許を出願しました。

中国への実質的なEUV独占を保つことで、ASMLは非常に重要なチップ装置メーカーとなり、米国の技術輸出規制によりその地位はさらに高まりました。その結果、ASMLは最先端チップを製造しようとするすべてのメーカーにとって不可欠なサプライヤーです。

ASMLの収益の半数以上がEUV技術から来ており、売上の大半は台湾と韓国向けです。中国への売上は制裁後急激に減少し、現在は重要な市場とは言えません。

出典： ASML

同社は2010年以降、EPSを年平均18%のCAGRで成長させており、マージン、収益、そしてチップ需要全体の拡大が牽引しています。

この状況は同社の見通しを非常に明るくしますが、P/E比やフリーキャッシュフロー倍率で測ると株価は極めて高いことも正当化します。

したがって、ASMLの投資家は、同社の品質を考慮した上で現在の株価が妥当か、あるいは同セクターでより低価格で取得できる機会があるかを判断したいでしょう。

2. Applied Materials, Inc.

AMAT 価格チャート

Where ASML specializes in lithography, Applied Materials provides a myriad of products supporting the manufacturing of semiconductors. Most will be hard to fully understand for non-engineers, like “Metal and oxide barrier films,” “Color shifting and holographic films,” or “In-chamber patterned metal layers.”

出典： Applied Materials

このため、Applied Materialsは「実質的にすべてのマイクロチップ製造者」にとって中心的なサプライヤーです。ビジネスモデルは非常に安定しており、収益の60%以上が装置の自動更新、メンテナンスサービス、消耗品販売などのサブスクリプションから来ています。平均契約期間は2.6年で、90%以上が更新されます。

この結果、同社は2022年末に15四半期連続で前年同期比成長を記録しました。

配当金は着実に増加していますが、株価上昇に伴い配当利回りは低下しています。また、2012年以降、発行済株式の約4分の1を自己株式取得で消却しています。

出典： Applied Materials

このため、Applied Materialsは半導体業界全体の代理指標として有力であり、売上はチップメーカーの設備投資と製造活動に密接に連動します。投資家は半導体ETFの代替としてApplied Materials株の購入を検討すべきでしょう。

3. Lam Research Corporation

LRCX 価格チャート

After the production of the actual computer chip, it needs to be “packaged.” It allows the connection of the chip to the other components and protects it from getting damaged.

Another key semiconductor component is memory, which allows the storage of data calculated by the chip.

Both memory and packaging are at the core of Lam Research’s (LRCX ) business.

The company is making a quarter of its revenues from China and more than half from Korea, Japan, and Taiwan.

出典： LAM Research

Even more than chips, memory tends to be a highly volatile market, with prices potentially fluctuating by more than 34% quarter-to-quarter, as it did in Q4 2022. This can make LAM Research stock equally volatile in the short term.

In the longer term, the company’s memory business is steadily growing with the global demand for computing power, and its packaging solutions are used in most chips manufactured, whether they go into a car, a dishwasher, or a top-performing data center for training AIs.

This can make LAM Research another good proxy for the semiconductor industry as a whole, with a stronger exposure to the Chinese market than most. Occasional periods of volatility in prices on semiconductor commodities like memory can be used by investors to buy at cheaper entry points, considering the high cyclicality of the sector.

4. KLA Corporation

KLAC 価格チャート

When producing chips and other semiconductors, it is crucial to have the highest quality possible. One metric is yield, representing how many functional chips are made per silicon wafer.

KLA products are there to measure accurately every step of the manufacturing process, detect any problems, and offer solutions on how to solve them.

出典： KLA

This makes KLA an important partner of semiconductor producers for keeping costs low and production efficient.

KLA revenues are highly tied to China (30%) and overall Asia, especially Taiwan (21%) and Korea (18%).

出典： KLA

The company has steadily grown its free cash flow, almost tripling it since 2019. The dividend has also grown by 15% CAGR since 2006

Because KLA machines are usually bought when new semiconductor foundry production lines are created, the company is especially sensible to the industry’s capex cycle. Demand has softened after the shortage of chips during the pandemic, and there is some price pressure in the short term, reducing the chip maker’s plans for new factories in the short term.

In a longer time frame, the plan is to open foundries out of Asia, notably several tens of billions of dollars for chip factories in the US and Europe to “de-risk” production from a possible conflict between China and Taiwan.

So, as long as the USA-China conflict does not escalate out of control, KLA could be one of the prime beneficiaries of the build-up of extra foundry capacity. So, investors in this stock will want to keep a close eye on the industry investment plans.

5. Tokyo Electron Limited

Similarly to other equipment suppliers in the industry, Tokyo Electron has established a strong presence in a few specific steps of the manufacturing process. Most notably, it controls almost 100% of the market of “coaters” for EUV lithography. This makes this segment directly correlated to the push of TSMC and other top chip makers to use EUV for 7nm nodes and smaller ones.

The company has the largest cumulated installed base of equipment for semiconductor manufacturing globally, with 88,000 machines installed.

The company is also highly dependent on the Chinese market, which is expected to represent 39.3% of its sales in Q1 2024, with most of the rest of its sales done in Asia.

出典： Tokyo Electron

Like most Japanese companies, Tokyo Electron stock has relatively under-performed its peers in the last decade. This was due to a stagnant domestic stock market since the crash in the late 1980s and an economy struggling to escape deflationary pressure.

This is a risk but also an opportunity. It means the company is priced cheaper than its competitors when measured by P/E, dividend yield, or price to free cash flow.

It also seems that the macroeconomic situation of Japan is changing, with the last year marked by the return of inflation and GDP growth, both potentially forcing a change of image for Japanese stocks.

This makes Tokyo Electron a good pick for value investors looking for exposure to the semiconductor industry but unwilling to pay the all-too-common high valuations for stocks in this sector.

6. Teradyne, Inc.

TER 価格チャート

When semiconductors are finished, they need to be tested to be sure that the chip or memory bar will actually perform as expected. Teradyne provides the equipment to perform these tests. More than half of the world’s semiconductors are tested using Teradyne machines.

Teradyne reaches beyond the chip-making industry and into automotive, robotic, and telecommunication (wireless antenna, WiFi, etc.), even if semiconductors represent the bulk of Teradyne’s revenues. The company expects robotics to be a strong growth driver in the coming years and for it to grow from the current 13% of total sales to 19% by 2026.

The company’s low dividend yield does not reflect the money returned to shareholders, with the large majority of returns to shareholders in the form of share buybacks.

出典： Teradyne

Teradyne’s semiconductor activity is expected to follow the industry’s growth thanks to its dominant position in the testing market. But its exposure to other sectors allows it to target stronger growth, counting on the expanding telecom and robotic markets, with drones and EVs another potential profit center.

This makes Teradyne a good pick for investors looking for exposure to both the semiconductor and the automation industry and interested in a strong growth profile.

7. Entegris, Inc.

ENTG 価格チャート

Entegris produces high-purity specialty chemicals for various sectors, including semiconductors, life sciences, and diverse industries (aerospace, glass, chemicals, water treatment).

More advanced chips need more material and chemicals than previous generations and are less tolerant of impurities. This means that Entegris benefits not only from the growing chip and semiconductor production but also from a growing demand for the production of each individual item.

The same can be said for life science products. For example, oligonucleotides,  cell cultures, and small molecules are increasingly useful in new therapies for rare diseases or cancer. And life-saving therapies are required by the FDA to respond to the highest quality standards.

The company revenues are roughly split in half between semiconductor production and the other sectors.

The company has a history of growth through acquisition, making it a serial acquirer and gathering a wide array of specialty technology into one company. This benefits both parties, as the acquired company can access Entegris’s sales network and discover new opportunities by merging its technology or manufacturing capacities with other branches of Entegris.

Entegris has a larger growth potential than most suppliers to semiconductor producers thanks to its exposure to multiple industries, including high-growth sectors like life science and aerospace. It also has the potential to expand into new sectors, thanks to an excellent track record of acquisitions and integration of other companies into Entegris.

This makes Entegris a good stock pick for investors looking for long-term growth, good capital allocation, and open-ended expansion beyond semiconductors and into other highly innovative sectors.

8. Photronics, Inc.

PLAB 価格チャート

Photronics produces photomasks, an important component of the semiconductor industry. They are used during the lithography to direct the engraving and the pattern that will turn the silicon wafer into a chip. Photomasks are also used to produce flat panel displays, used in screens for TV, smartphones, etc…

In Q2 2023, semiconductor applications represented $167M of revenues for Photronics and flat panel displays $62M.

The photomask market is expected to grow slowly, at a rate of 2.5% CAGR until 2026. This is partially due to the fact that more advanced chips do not necessarily require more photomask while delivering more computing power.

To some extent, Photronic’s current valuation reflects the low growth expectation, with a P/E around 11-12.

Still, the company is a key supplier of the semiconductor industry and a dominant player in its market niche. So, it can be argued that such a high-quality company would deserve a larger valuation premium. The potential for growing demand for high-quality screens (e.g., in EVs) and TV from the emerging middle class in the developing world might not be fully priced in either.

So Photronics might be more of a fit for investors looking for a “safe” play in semiconductors, with a stable niche market dominated by one company and with some potential for growth or a repricing that might not be fully appreciated by the market.

9. SPEL Semiconductor Limited

Spel is India’s leading semiconductor assembling and testing provider. 60% of the company is held by Natronix, a privately held company headquartered in Singapore.

India has been looking to develop its semiconductor industry as a matter of national economic development and has given it a lot of political attention. This comes after a lot of attention has been given to Micron and Foxconn’s intention to build chip manufacturing facilities in India and a push for national champions to produce chips domestically.

In the background, the growing tensions between China and the US and the threat of a Taiwan invasion make India a tempting alternative for “de-risking” a strategic supply chain.

With India’s growing economy looking to climb up the supply chain and grow its industry, SPEL could be a good opportunity to capitalize on the evolution of globalization.

However, investors will need to be cautious, as the stock has already increased more than 10-fold since its lows in early 2020. So, some optimism about semiconductor manufacturing in India might already be priced in.

10. Aehr Test Systems

AEHR 価格チャート

Aehr is a semiconductor company with a specialization in silicon carbide. More precisely, the company is producing equipment for testing the silicon carbide wafers. This gives it a presence in the EV automotive sector and smartphones, computer chips, and photonics/telecommunication.

Silicon carbide is a type of silicon compound used for high-energy electric systems. They notably allow for very high power loads required for the fast charging of EVs.

出典： Aehr

This makes Aehr a very niche and technical company and a crucial component of the supply chain and “on the way to becoming the industry standard for a critical manufacturing step for silicon carbide power semiconductors.”

Aehr is also actively developing new markets, notably the Gallium Nitride burn-in market, used in high-power applications like photovoltaic inverters.

This gives Aehr a very diversified customer base, looking like the who’s-who of the semiconductor industry, including TSMC, Texas Instruments (TXN ), Seagate, and Bosch.

By occupying a small and important niche (silicon carbide testing) inside another niche in the EV supply chain (silicon carbide power electronics), Aehr is well positioned to benefit from the growth in EV production volume, irrespective of the latest battery technology, car model or change in charging plugs standards.

The downside to this unique position is that markets seem already well aware of it, with the stock price having skyrocketed 20x since 2021年3月.

So, investors must carefully assess what growth is already priced in. And the potential of new markets, like Gallium Nitride testing, to utilize Aehr’s unique technology for new applications.