Investment Bank Research Brief
The Bernstein report pointed out that Disco Corp's single-quarter shipments reached 13.59 billion yen, with a gross profit margin of 71.3%, and subsequent shipment guidance of 14.1 billion yen exceeded expectations.
The Bernstein report pointed out that Disco Corp's single-quarter shipments reached 13.59 billion yen, with a gross profit margin of 71.3%, and subsequent shipment guidance of 14.1 billion yen exceeded expectations. Silicon Photonics and HBM have become dual growth drivers, and consumables profit margins have improved. One-sentence conclusion: Disco's leading position in the fields of silicon photonics and HBM makes it a core beneficiary of the wave of AI and advanced packaging. Its performance growth is certain, and its valuation is expected to continue to increase. Positive/negative: Positive for Disco Corp (6146.JP). The market may have underestimated the potential of silicon photonics as a new growth engine, and performance that continues to exceed expectations is expected to drive the stock price further upward. Catalysts: 1) Order and shipment data for silicon photonics-related equipment; 2) HBM demand and progress in new-generation memory technology; 3) Subsequent quarterly financial reports and shipment guidance.