📰 DigiTimesDigiTimesDoubao · 实盘不做把握 5/10不做原因:证据不足
北京时间·🕒 发布 09-11 17:19:25·⟳ 抓取 09-11 18:02:37 +43m12s·⚡ 决策 09-15 13:08:10 +3d19h·42.2 天前
ficonTEC宣布CPO Insertion 2自动光电测试突破并与汉测独家合作，产能转台湾，母公司为罗博特科
事件对罗博特科方向偏正面，但实质是ficonTEC产品里程碑与代工合作的宣传性报道，核心增量（1000台）是公司自身18-24个月出货预期而非新签订单，未披露金额、客户或对并表业绩的量化贡献；信号距今已约92小时、跨越一个半A股交易日，300757.SZ期间累计走弱（9/14 -2.81%、9/15盘中-1.45%），市场并未给予正反馈，约1026亿元市值下软催化不足以构成可交易edge；最直接的汉测为兴柜低流动性标的且自认短期贡献有限。
📄 原文DigiTimes↗ 原文
ficonTEC breaks CPO test bottleneck, teams with Hermes Testing
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不做 罗博特科（300757.SZ）
无新增订单金额或业绩指引的软催化（产品认证+代工合作+公司自算18-24个月出货预期），相对约1026亿元市值materiality不足；报道后一个半A股交易日股价不涨反跌，叠加港股发行摊薄与高估值，短线无正edge；若后续公司公告Insertion 2具体大额合同再重评。
不做 汉测（Hermes Testing Solutions）（7856.TWO）
最直接合作方但为兴柜股票、成交极稀疏，且公司明确2026-2027仅小幅营收贡献，弹性与可执行性均不足。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
ficonTEC（罗博特科全资子公司）CPO Insertion 2测试机台通过认证并携手汉测扩产，强化硅光测试长期景气，但无新订单金额与业绩指引，属已被市场部分知晓的需求叙事；报道后股价未正向反应，估值与港股发行摊薄压制风险收益比，不做。
🔎 新鲜度:最早出现 2026-09-11 · 扩散 low · price-in 风险 medium ↗
消息传播链
- 产业垂直媒体首发ficonTEC Insertion 2突破、与汉测升级独家合作及1000台出货预期，属SEMICON期间企业访谈口径，非法定披露。
- 同日出现英文行业站转载，传播面窄，未见主流财经媒体或券商据此发报告。
- 2026-09-14市场反应internal_market_api非一手报道后首个A股交易日，罗博特科收跌2.81%（612.3元），未对该消息正向定价。市场反应:300757.SZ 2026-09-14 -2.81%
关键理由
- ficonTEC为罗博特科全资子公司，Insertion 2被视为CPO量产前关键测试瓶颈，1000台/18-24个月的出货预期印证硅光测试设备需求高景气。
- 与汉测独家合作、德国设计台湾制造有助于缓解交付瓶颈，长期支撑订单向收入转化。
主要风险
- 1000台为公司预测而非在手订单，汉测明确2026-2027年仅小幅贡献，量产节奏取决于CPO终端客户资本开支，存在兑现不及预期风险。
- 罗博特科市值约1026亿元而2026上半年营收仅6.08亿元、归母净利656万元，估值极高且9月14日通过港股上市聆讯存在摊薄与情绪压制。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-09-14 · 影响 weakens
公司收购ficonTEC形成约9.87亿元商誉、光伏业务承压、一季度增亏，且港股发行临近，构成本次做多的估值与摊薄反证。
检索:罗博特科 港股聆讯 摊薄 商誉 亏损 光伏下滑 2026 原文 ↗ - 做多前查反向 · 来源 kb_search · 日期 2026-05-06 · 影响 weakens
KB显示2026年1-5月公司已新签14亿+硅光/CPO设备订单，需求叙事早已被研报反复覆盖；本篇DigiTimes报道未带来新的合同金额，属旧景气主线的增量细节。
检索:罗博特科 ficonTEC 2026 已签订单 在手订单 Insertion 2 新增合同 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例与自家历史均未提供正向edge，最终选择AVOID而非追多。
方向:未构建可信首发先例面板：本条为设备商产品认证+代工合作的产业媒体访谈，难以找到同市场、同相位（非订单公告）且能锚定首发时刻的干净先例；罗博特科历史上可交易催化均为披露具体金额的重大合同，与本篇机制不同，不套用其涨幅。
涨幅量级:无aligned样本，无法用先例校准止盈幅度，这本身也支持在无金额、无指引情况下不设交易。
形态:自家案例显示300757.SZ对亿元级合同消息的短线反应一胜一负（+9.9%、-3.4%，样本仅2笔），且最近两次同类合同/纪要信号均判不做，说明非重大合同软催化胜率不稳。
工具执行结果 · 成功 9 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 17 ms
{"result": "search_processed_events:agent query=`ficontec hermes testing cpo insertion 2 测试设备 独家合作 | ficontec silicon photonics wafer-level testing taiwan oem odm | hermes testing solutions cpo 测试 京矽`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不 - web_search 成功 doubao_search · 2,498 ms
豆包搜索结果（原始查询:Hermes Testing Solutions 京矽 股票代號 ficonTEC CPO Insertion 2；API SearchType:web） - web_search 成功 doubao_search · 1,423 ms
豆包搜索结果（原始查询:ficonTEC Insertion 2 Hermes Testing exclusive partnership CPO test 2026；API SearchType:web） - web_search 成功 doubao_search · 1,197 ms
豆包搜索结果（原始查询:CPO 硅光 测试设备 Insertion 2 A股 受益股 探针卡 晶圆测试；API SearchType:web） - web_search 成功 doubao_search · 1,593 ms
豆包搜索结果（原始查询:罗博特科 收购 ficonTEC 持股比例 2026 最新；API SearchType:web） - web_search 成功 doubao_search · 1,633 ms
豆包搜索结果（原始查询:漢民測試系統 Hermes Testing Solutions 股票代號 興櫃 上市；API SearchType:web） - stock_quote 成功 stock_tools HTTP · 263 ms
{ - kb_search 成功 stock_tools HTTP · 2,460 ms
{ - search_case_library 成功 stock_tools HTTP · 44 ms
{"result": "search_case_library「300757.SZ」—— 与这些标的相关的自家决策案例(本页 8 条,该标的全历史相关记录共 38 条；ENTER 只按该标的自己的腿统计):\n◆ 300757.SZ：相关历史决策 38 条 · 其中该标的 ENTER 2 条(5.3%) · 已结算 2 笔 · 胜率 50% · 中位 +3.22% · 均值 +3.22% ⚠️只有 2 笔,样本太薄,只能当线索不能当规律\n↑ 胜率/收益口径:ENTER 当日之后 T+1 开盘入场、次日开盘出场,做空腿已按方向取反(所以正数=这个方向做对了)。统计的只有★那只票自己的腿。\n【
原文全文
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Home
Tech
Semiconductors
ficonTEC breaks CPO test bottleneck, teams with Hermes Testing
Flora Wang
, Taipei
Sep 11, 2026, 17:19
0
Credit: DIGITIMES
German silicon photonics (SiPh) test equipment maker ficonTEC has broken through a major bottleneck in co-packaged optics (CPO) "electrical-in, optical-out" testing and launched what it calls the industry's first Insertion 2 automated optical test solution. As demand for photonics-integrated testing rises, the company expects equipment requirements to become more diverse and shipments to top 1,000 systems in the next 18-24 months.
That would amount to about half of the roughly 2,000 systems ficonTEC has shipped globally over the past 25 years.
Demand outpaces capacity, pushing production to Taiwan
But the surge in orders for test equipment is already outpacing ficonTEC's existing production capacity.
To overcome manufacturing and delivery constraints, the company has shifted to a Germany-designed, Taiwan-built model and is working with Taiwan-based Hermes Testing to develop the Insertion 2 solution.
ficonTEC said its SiPh and CPO test solutions span Insertion 1 through Insertion 4, covering the process from wafer-level testing to system-level testing. Insertion 2, however, must overcome major technical challenges including wafer warpage, thermal management, and accuracy, and is widely seen as a key bottleneck before CPO can enter mass production.
For Insertion 2 testing, ficonTEC has developed its first fully automated load-and-unload, ATE-driven two-sided optoelectronic test system that supports 300×300mm wafers. The system is compatible with products from Advantest and Teradyne, the two leading global vendors.
ficonTEC said the Insertion 2 machine has recently passed SECS/GEM certification, allowing it to connect with fab process systems. The company is now working with customers to advance MES testing.
An exclusive partnership with Hermes Testing
President Andre Lalonde said ficonTEC began working with Hermes Testing Solutions six months ago to jointly serve wafer-level testing platform customers, and the relationship has since been upgraded into an exclusive partnership. Going forward, the two companies will support each other on SiPh testing equipment to meet global customer demand.
Hermes Testing said it has joined forces with ficonTEC to enter the CPO testing market. In the Insertion 2 stage, Hermes Testing will handle OEM manufacturing and ODM customization of test equipment, while also providing engineering service support in Insertion 3. The company expects a modest revenue contribution in 2026-2027, with the timing of larger shipments depending on end-customer demand.
Why ficonTEC picked Hermes Testing
Lalonde said ficonTEC chose Hermes Testing as its local partner for two main reasons.
First, Hermes Testing has close ties with wafer fab customers in Taiwan and the capacity for scaled production and engineering services. Second, it has in-house probe card development and manufacturing capabilities, while also producing chuck adapters and bridge beams for ATE systems, giving it deep experience in test equipment.
Lalonde stressed that Taiwan has the world's busiest semiconductor ecosystem, and the huge demand has kept ficonTEC extremely busy. He said the only way to respond effectively to key customers is to establish a long-term presence in Taiwan, deepen local operations and expand partnerships with domestic collaborators.
Article
translated by Charlene Chen and edited by Jerry Chen
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REALTIME NEWS
Corning sees CPO and glass core as new semiconductor battlegrounds
Tomorrow's Headlines
Sep 14, 18:47
China optical transceivers avoid US FCC curbs as NPO and CPO compete in high-speed links
Tomorrow's Headlines
Sep 14, 18:46
China's AIDC token costs hinge on access to advanced GPUs
Tomorrow's Headlines
Sep 14, 18:46
Home
Tech
Semiconductors
ficonTEC breaks CPO test bottleneck, teams with Hermes Testing
Flora Wang
, Taipei
Sep 11, 2026, 17:19
0
Credit: DIGITIMES
German silicon photonics (SiPh) test equipment maker ficonTEC has broken through a major bottleneck in co-packaged optics (CPO) "electrical-in, optical-out" testing and launched what it calls the industry's first Insertion 2 automated optical test solution. As demand for photonics-integrated testing rises, the company expects equipment requirements to become more diverse and shipments to top 1,000 systems in the next 18-24 months.
That would amount to about half of the roughly 2,000 systems ficonTEC has shipped globally over the past 25 years.
Demand outpaces capacity, pushing production to Taiwan
But the surge in orders for test equipment is already outpacing ficonTEC's existing production capacity.
To overcome manufacturing and delivery constraints, the company has shifted to a Germany-designed, Taiwan-built model and is working with Taiwan-based Hermes Testing to develop the Insertion 2 solution.
ficonTEC said its SiPh and CPO test solutions span Insertion 1 through Insertion 4, covering the process from wafer-level testing to system-level testing. Insertion 2, however, must overcome major technical challenges including wafer warpage, thermal management, and accuracy, and is widely seen as a key bottleneck before CPO can enter mass production.
For Insertion 2 testing, ficonTEC has developed its first fully automated load-and-unload, ATE-driven two-sided optoelectronic test system that supports 300×300mm wafers. The system is compatible with products from Advantest and Teradyne, the two leading global vendors.
ficonTEC said the Insertion 2 machine has recently passed SECS/GEM certification, allowing it to connect with fab process systems. The company is now working with customers to advance MES testing.
An exclusive partnership with Hermes Testing
President Andre Lalonde said ficonTEC began working with Hermes Testing Solutions six months ago to jointly serve wafer-level testing platform customers, and the relationship has since been upgraded into an exclusive partnership. Going forward, the two companies will support each other on SiPh testing equipment to meet global customer demand.
Hermes Testing said it has joined forces with ficonTEC to enter the CPO testing market. In the Insertion 2 stage, Hermes Testing will handle OEM manufacturing and ODM customization of test equipment, while also providing engineering service support in Insertion 3. The company expects a modest revenue contribution in 2026-2027, with the timing of larger shipments depending on end-customer demand.
Why ficonTEC picked Hermes Testing
Lalonde said ficonTEC chose Hermes Testing as its local partner for two main reasons.
First, Hermes Testing has close ties with wafer fab customers in Taiwan and the capacity for scaled production and engineering services. Second, it has in-house probe card development and manufacturing capabilities, while also producing chuck adapters and bridge beams for ATE systems, giving it deep experience in test equipment.
Lalonde stressed that Taiwan has the world's busiest semiconductor ecosystem, and the huge demand has kept ficonTEC extremely busy. He said the only way to respond effectively to key customers is to establish a long-term presence in Taiwan, deepen local operations and expand partnerships with domestic collaborators.
Article
translated by Charlene Chen and edited by Jerry Chen
AI Search
Related stories
CPO mass production accelerates new four-stage test equipment market
Silicon photonics scaling hits wafer testing bottleneck
FormFactor and MPI vie to break SiPh test bottleneck as ficonTEC reportedly exits
Categories
Chips + components IC manufacturing
Tags
CPO demand equipment manufacturing photonics silicon SiPh Taiwan testing
Share this article
Other links
Related topic
Global supply chain: Advanced economies
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Sep 14, 08:00
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Monday 14 September 2026
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