Analysis of the Impact of Memory Chip Testing & Packaging Manufacturer Price Hikes on the Valuation of A-Share Semiconductor Testing & Packaging Sector

Now I present to you a systematic and comprehensive analysis report.

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According to the latest market information, the shortage and price hike wave in the memory chip market has spread from upstream wafer manufacturing to downstream testing & packaging.

, and relevant manufacturers revealed that orders are extremely full, so a second wave of price hikes cannot be ruled out in the future [1][2][3].

Analyzing from both supply and demand sides, the core driving factors of this price hike include:

• The three major memory chip manufacturers, Samsung, SK Hynix, and Micron, are fully expanding production capacity for AI-focused HBM (High Bandwidth Memory)
• Resources are concentrated on advanced processes and advanced packaging, which simultaneously crowds out the output of standard DRAM and NAND chips
• The supply of old-spec products is increasingly tight, forming a structural supply-demand gap

• With the recovery of demand from cloud computing, industrial control, etc., the pull-in momentum of DDR4, DDR5, and NAND chips is strong
• Demand for high-performance computing such as AI servers and data centers continues to grow
• Downstream memory chip manufacturers are rushing to ship, leading to a concentrated influx of testing & packaging orders

Currently, the capacity utilization of major Taiwanese memory chip testing & packaging manufacturers is approaching full load:

• Powertech Technology:
  A global leader in DRAM and NAND chip testing & packaging, its DRAM testing & packaging capacity utilization is nearly full, and NAND capacity utilization also remains at a high level
• Hua Tung Electronics:
  Focused on niche memory chip testing & packaging, industrial control customers have resumed placing orders one after another, inventory destocking has been completed, and demand has returned to above normal levels
• Nanmao Technology:
  DDR4 products account for 70-80% of its revenue structure, making it a representative beneficiary testing & packaging manufacturer of the traditional DRAM market recovery

Industry analysts pointed out that if a second wave of price hikes is launched in the future,

, and the performance of related enterprises is expected to grow significantly [1][2].

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Based on the collation of public market data, the valuation overview of major listed companies in the A-share semiconductor testing & packaging sector is as follows [0]:

Company	Stock Code	Latest Closing Price (CNY)	PE(TTM)	PB	2025 Increase (%)	Memory Testing & Packaging Revenue Share (%)
Tongfu Microelectronics	002156.SZ	42.26	85.6x	4.2	118.7%	35%
Changjiang Electronics Technology	600584.SS	43.68	72.3x	3.8	42.1%	28%
Huatian Technology	002185.SZ	12.14	58.9x	3.1	55.8%	22%
Jingfang Technology	603005.SS	29.65	45.2x	2.8	28.5%	15%
Taiji Industry	600667.SS	8.55	35.8x	1.9	18.3%	10%

• Average PE(TTM): 59.6x
• Average PB: 3.16x
• 2025 Average Increase: 48.6%
• Weighted Average PE of Memory Testing & Packaging Business: 66.8x

From a technical perspective, leading A-share semiconductor testing & packaging stocks have performed strongly in 2025 [0]:

• Tongfu Microelectronics (002156.SZ):
  Risen from 19.32 CNY to 42.26 CNY,
  with an increase of up to 118.74%
  , and the intraday amplitude during the period was 157.51%
• Changjiang Electronics Technology (600584.SS):
  Risen from 30.73 CNY to 43.68 CNY,
  with an increase of 42.14%
  , and the intraday amplitude during the period was 69.19%
• Huatian Technology (002185.SZ):
  Risen from 7.79 CNY to 12.14 CNY,
  with an increase of 55.84%
  , and the intraday amplitude during the period was 95.08%

The 20-day, 50-day, and 200-day moving averages of the three leading stocks are in a bullish arrangement,

.

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The transmission path of memory chip testing & packaging price hikes to the valuation of A-share testing & packaging enterprises is as follows:

Memory chip price hikes → Surge in testing & packaging demand → Improvement in capacity utilization → Upward adjustment of testing & packaging prices
       ↓
   Improvement in gross profit margin → Growth in net profit → Valuation re-rating (PE decline or EPS growth)

Based on the assumption of approximately 30% increase in testing & packaging prices, a performance sensitivity measurement of the A-share semiconductor testing & packaging sector is conducted [0]:

Scenario Assumption	Net Profit Growth Rate	Adjusted PE	PE Change Rate
Conservative Scenario (50% Transmission)	+15.0%	51.8x	-13.0%
Neutral Scenario (70% Transmission)	+21.0%	49.2x	-17.4%
Optimistic Scenario (100% Transmission)	+30.0%	45.8x	-23.1%

As the price hike effect is fully transmitted, the sector’s PE ratio is expected to drop from the current 59.6x to the range of 45-52x, further enhancing valuation appeal.

Memory chip testing & packaging price hikes will enhance the valuation of the A-share semiconductor testing & packaging sector from the following three dimensions:

The increase in testing & packaging prices directly improves the gross profit margin of enterprises. Taking Powertech Technology as an example, as a global leader in DRAM and NAND chip testing & packaging, the price hike effect is expected to be directly reflected in its gross profit margin and profitability. For A-share manufacturers with memory chip testing & packaging capabilities such as Tongfu Microelectronics and Changjiang Electronics Technology, they will also benefit from the overall industry price hike dividend.

In a market environment of “simultaneous growth in volume and price”, the order visibility of testing & packaging manufacturers has significantly improved. Manufacturers such as Hua Tung Electronics have clearly stated that “order visibility has strengthened”, which will reduce market concerns about industry cyclicality and grant a higher valuation premium.

Taiwanese memory chip testing & packaging manufacturers took the lead in raising prices, reflecting that the industry’s fundamentals have reached an inflection point. The valuation recovery of Powertech Technology, Hua Tung Electronics, and Nanmao Technology will form a benchmarking effect on similar A-share companies, driving their valuation levels to converge towards industry leaders.

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Based on recent brokerage research reports, institutions hold a positive attitude towards the semiconductor testing & packaging sector [1][2]:

• Short-term technical correction risks are rising, but it does not hinder the medium-term market
• Continue to be optimistic about the year-end to New Year market, with the industry mainly focusing on future industrial hotspots, AI, semiconductors, and resource product price hike chains
• Key Focus: Semiconductors, AI, non-ferrous metals, chemicals, machinery, media, computers, pharmaceuticals

• The early-year rally stems from the concentrated entry of funds that missed the year-end market, with “market sentiment leaning towards gains” as the background
• It is recommended to take the logic of improved pricing power in resources and traditional manufacturing as the foundation, and increase allocation to non-bank financials
• As a key sector in the 15th Five-Year Plan (2026-2030), semiconductors benefit from domestic substitution and the explosion of AI demand

• A-share valuations are expected to break historical patterns and rise for three consecutive years in 2026
• There are great opportunities for rotation and upward movement in technological innovation and growth sectors, and key areas of the 15th Five-Year Plan such as artificial intelligence and embodied intelligence are worth focusing on

• The momentum of memory chip price hikes remains strong, and AI is still the main narrative thread
• Advanced packaging provides technical support for extending Moore’s Law to improve chip performance and integration

Based on the price hike logic and institutional consensus, it is recommended to focus on the following investment themes:

• Tongfu Microelectronics (002156.SZ):
  Plans to raise 4.4 billion CNY to expand memory chip testing & packaging capacity, with memory business accounting for 35% of revenue, making it a core beneficiary of this round of price hikes [2]
• Changjiang Electronics Technology (600584.SS):
  Domestic testing & packaging leader, with memory testing & packaging revenue accounting for 28% of total revenue, and outstanding technical strength

• Huatian Technology (002185.SZ):
  Has a complete layout of advanced packaging, benefiting from the Chiplet packaging trend
• Jingfang Technology (603005.SS):
  Leader in sensor testing & packaging, benefiting from the growth of AI vision demand

• Companies that occupy important positions in the domestic memory industry chain, such as Tongfu Microelectronics and Taiji Industry, will continue to benefit from the increase in the localization rate of the memory industry

Investing in the semiconductor testing & packaging sector requires attention to the following risk factors:

1. Risk of Sustainability of Price Hikes:
   If downstream demand falls short of expectations, the sustainability of price hikes is questionable
2. Risk of Technological Iteration:
   The semiconductor industry has rapid technological iteration; attention should be paid to the substitution of traditional packaging by new technologies such as CoWoS and Chiplet
3. Macroeconomic Risk:
   If the global macroeconomy declines, weak demand in consumer electronics may be transmitted to the testing & packaging industry
4. Valuation Correction Risk:
   The current sector PE (TTM) is approximately 59.6x, which is at a relatively high level historically

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The chart above shows the valuation comparison, 2025 increase, memory testing & packaging revenue share, and price hike impact sensitivity analysis of the A-share semiconductor testing & packaging sector.

1. PE(TTM) Comparison:
   Tongfu Microelectronics has the highest valuation (85.6x), reflecting market expectations for high growth in its memory testing & packaging business
2. 2025 Increase:
   Tongfu Microelectronics leads the increase (118.7%), with Changjiang Electronics Technology and Huatian Technology also performing well
3. Revenue Structure:
   There are significant differences in the share of memory testing & packaging business, with Tongfu Microelectronics having the highest share of 35%
4. Sensitivity Analysis:
   In the optimistic scenario, the sector’s PE is expected to drop from 59.6x to 45.8x, enhancing valuation appeal

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1. Price Hike Logic Confirmed:
   Taiwanese memory chip testing & packaging manufacturers took the lead in raising prices by approximately 30%, and a second wave of price hikes cannot be ruled out in the future. The price hike logic has been verified by the industry chain

2. Continuous Improvement in Fundamentals:
   Capacity utilization is near full load, order visibility is improved, and the industry is expected to enter a phase of “simultaneous growth in volume and price”

3. Valuation Supported:
   As the price hike effect is fully transmitted, the sector’s PE ratio is expected to drop from the current 59.6x to the range of 45-52x, further enhancing valuation appeal

4. Institutions Remain Optimistic:
   Mainstream institutions such as CSCI and CITIC Securities are optimistic about the medium-term performance of the semiconductor sector, with the technology theme being the core allocation direction for the year-end to New Year market

• Active Allocation:
  Leading companies with a high share of memory testing & packaging business and sound capacity layout (Tongfu Microelectronics, Changjiang Electronics Technology)
• Focus on Catch-Up Gains:
  Companies with relatively low valuations and advanced packaging technology reserves (Huatian Technology, Jingfang Technology)
• Medium-to-Long-Term Layout:
  Targets benefiting from the increase in the localization rate of the memory industry

As the first year of the 15th Five-Year Plan (2026-2030), policy expectations are expected to strengthen market confidence. Driven by the triple factors of the explosion of AI demand, the start of the memory super cycle, and accelerated domestic substitution, the A-share semiconductor testing & packaging sector is expected to welcome a “Davis Double Play” of valuation and performance. It is recommended that investors seize opportunities to lay out during corrections and share the industry growth dividend.

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[1] Sina Finance - “Memory Price Hike Wave Spreads Downstream: Testing & Packaging Quotes Surge 30%! A Second Wave May Come Next” (January 12, 2026)
[2] Cailianshe - “Multiple Memory Testing & Packaging Manufacturers Raise Prices: Increase of Approximately 30%, a Second Wave of Price Hikes Cannot Be Ruled Out in the Future” (January 12, 2026)
[3] Science and Technology Innovation Board Daily - Report on Price Hikes in the Memory Testing & Packaging Industry (January 12, 2026)
[4] Securities Times Network - “Top 10 Brokerage Strategies: Short-Term Momentum Expected to Continue, A-Share Valuations Expected to Continue to Rise” (January 12, 2026)
[5] Interface News - “Tongfu Microelectronics Plans to Raise 4.4 Billion CNY to Expand Advanced Packaging, These Risks Need Attention” (January 12, 2026)
[6] 21st Century Business Herald - “Unprecedented Shortage of Memory Chips, A-Share Listed Companies Lock in High Profit Expectations” (January 6, 2026)