超越周期：高性能计算，人工智能领域持续强劲；从明年起有充足的增长驱动力，包括专用集成电路

Our Beyond the Cycle 2025 seminar series is running from May 16 through June 19. On the morning of June 10, we hosted a group call for investors with Yasuo Mihashi, Senior Executive Officer, Chief Strategy Officer, and Executive Vice President, Corporate Strategy Group, as the main speaker. In addition to the continued strength in demand for high-end SoC testers, mainly for GPUs, the company expressed optimism about the expansion of the tester market for custom ASICs in 2026. We view this as reassuring, given persistent market concerns about peaking earnings. We continue to forecast earnings growth well above guidance and the Bloomberg consensus, and we reiterate our Buy rating. SoC tester business environment Regarding demand for SoC testers, Advantest said that while there are quarterly fluctuations, the pace of recovery in demand for automotive, industrial machinery, and consumer applications has been slow. On the other hand, it said that demand for HPC/AI applications remains strong,