World’s largest pure-play test OSAT
King Yuan Electronics (KYEC)
The world’s largest pure-play semiconductor test company (No.2 in test revenue). Provides wafer probing and final test mainly to fabless (80%+) and IDMs, using Advantest and Teradyne testers.
2449.TW Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, King Yuan Electronics (KYEC) is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 45 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue NT$35.63B (+32.7%, AI/HPC/ASIC test demand)
- Segments · World No.1 pure-play semiconductor test OSAT
Revenue from
- Qualcomm Medium confidence
Handles wafer probing and final test for Qualcomm SoCs — a large demand point in the model where fabless fully outsource test. - NVIDIA Medium confidence
Handles final test for NVIDIA AI chips — a back-end bottleneck where test volume is directly tied to AI-accelerator shipments, the core engine of KYEC's growth.Mentions EN Analyst consensus (14 analysts) Published May 1, 2026: KYEC analyst consensus (Strong Buy, avg TP NT$369)Confirms EN DigiTimes Published Apr 13, 2026: KYEC posts record 1Q26 revenue, raises 2026 capex to NT$50B - MediaTek Medium confidence
A test-demand point for MediaTek mobile/automotive SoCs — as advanced-SoC complexity rises, test time and steps increase.
Pays to
- Advantest High confidence
Buys testers (ATE) from Advantest — a key equipment source for HBM/AI-chip test capacity. - Teradyne Medium confidence
Buys testers (ATE) from Teradyne — the key capital good of test capacity, whose availability caps KYEC's expansion pace. - raw materials & R&D (undisclosed) Low confidence
Materials and R&D (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +104 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| LG Electronics | lead2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +66.1 |
| Kyocera | lead2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +63 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +36.1 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +23.4 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | -1.4 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -1.6 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -24.5 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Pony.ai | lead2 | · | · | · | · | +1 | -54.6 |
| MediaTek | lead1 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead1 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| King Yuan Electronics (KYEC) | node | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| Teradyne | benef1 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +85.9 |
| Advantest | benef1 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
YTD as of 2026-07-09 · source: Yahoo Finance
The world's largest pure-play test OSAT doing only wafer probing and final test, a back-end bottleneck where test volume grows as fabless (80%+) and IDM chips grow. The thesis is AI/HPC — as advanced SoCs and accelerators from NVIDIA, Qualcomm and MediaTek grow more complex, test time and steps rise, expanding structural demand. The risk is that demand is tied to tester (ATE) capacity and customer shipment cycles, and securing Advantest/Teradyne ATE sets the pace of expansion. In graph terms, fabless customers' AI-chip volume transmits into KYEC test demand.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target NT$389 · Price NT$308.5 (07-09) · Upside +26%