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.
Business categories Advanced Packaging & OSAT · Semiconductor Supply Chain · primary
2449.TW Updated Jul 12, 2026 6 AI consumers· 3 recurring
Per the valuechain.wiki graph, King Yuan Electronics (KYEC) is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 46 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 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +274.8 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +118.5 |
| LG Electronics | lead2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +105.5 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +92.3 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +83.1 |
| Kyocera | lead2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +65.4 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +63.8 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +61.6 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +51.8 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +49.7 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +43 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +22.5 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +21.2 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | +20.1 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +18 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +16.3 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | -3.5 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -14.3 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -14.9 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -19.9 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -21.8 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -26.5 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -29.1 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -34.2 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -45.7 |
| Pony.ai | lead2 | · | · | · | · | +1 | -49.3 |
| MediaTek | lead1 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +168.1 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Qualcomm | lead1 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| King Yuan Electronics (KYEC) | node | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +8.4 |
| Teradyne | benef1 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +84.6 |
| Advantest | benef1 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
YTD as of 2026-10-08 · source: Yahoo Finance
King Yuan Electronics (KYEC) is the World’s largest pure-play test OSAT. It is -6.7% in 2026. The supply side (avg +57.3%) has moved harder than the stock (-6.7%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is MediaTek (+152.4%) and the furthest behind is Qualcomm (+0.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Provides wafer probing and final test mainly to fabless (80%+) and IDMs, using Advantest and Teradyne testers.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target NT$389 · Price NT$304.5 (10-08) · Upside +28%
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