FORM 在105美元值得买入：存储/HBM 测试同比增长32%、环比增长14%，正在赢得 XPU 测试合同，2026年 CPO 收入预计超过2000万美元。若大型 XPU 市场增长且客户选择 FormFactor，它可能受益；33倍远期市盈率并不算高，他计划加仓。
逐段跳播
我在存储领域已经不再持有“FormFactor”了。我以前是Form的投资者。我在它五十多美元的时候卖掉了，并在我名为“What the Chip Happened”的社群里提到过这件事。
I no longer have a "FormFactor" in the field of memory. I was a former investor in Form. I sold it when it was in the fifties, and I mentioned it in my community, "What the Chip Happened".
Form Factor是另一个选择。FormFactor本身不生产存储，而是为存储打造测试解决方案。上个季度，他们实现了约32%的同比增长和约14%的环比增长。再说一次，它不是一家芯片制造公司，但它高度依赖存储领域。
Now, Form Factor is another option. FormFactor does not produce the memory itself , but it creates testing solutions for memory. In the last quarter, they achieved annual growth of approximately 32% and sequential growth of approximately 14% .
Again, it is not a chip manufacturing company , but it relies heavily on the memory sector.
更复杂的高带宽内存（HBM）需要更多测试。你需要测试数百个完整的存储堆栈（HBM）。这和他们消费品有些类似，存储堆栈（HBM）越复杂，你需要的带宽就越高，那些检测卡上需要的技术创新也越大。
因此，公司表示他们正在获得新的解决方案和新的订单胜利，目前市场只关注HBM内存，但预计下个季度在DRAM市场也会看到更多。
More complex high-bandwidth memory (HBM) requires further testing. You need to test hundreds of complete memory heaps (HBMs). This is somewhat similar to their consumer goods, and the more complex the heaps of memory (HBM) are, the higher the bandwidth and greater technological innovation you need in those check cards.
Therefore , the company stated that it is getting new solutions and new victories, and the market is currently focused only on HBM memory, but it is expected to see more in the DRAM market in the next quarter as well.
另一面是，他们正与多家无晶圆厂的大型处理器（XPU）制造商签下许多设计合同。因此，中央处理器（CPU）、图形处理器（GPU）和定制处理器都需要传感器来应对更严苛的电气要求。在7月29日的财报电话会上，他们提到自己正与一家未具名的无晶圆厂处理器（XPU）制造商拿下多个订单。
The other side of this is winning many design contracts with major processor (XPU) manufacturers without factories. Therefore, central processing units (CPUs), graphics processing units ( GPUs), and custom processors require sensors to handle more stringent electronic requirements.
In the July 29 earnings call , they mentioned that they are getting multiple wins with an unnamed processor (XPU) manufacturer without factories.
再说一次，如果大型XPU市场继续增长，而他们决定与Form Factor合作，那么这就是一家能从该领域受益的公司。
Now, again , if the large XPU market continues to grow and they decide to deal with Form Factor, this is a company that could benefit from that space.
他们还试图提升的另一个市场是光学封装率，这同样需要某种新的测试流程。他们正在2026年5月测试一种方法。在7月29日的财报中，管理层预计2026年光学相关收入（CPO）将大幅超过2000万美元的门槛。
这并不夸张，但你能看到这里的机会：早期的视觉测试可以识别缺陷，而这正是问题的关键所在。
The other market they are also trying to increase is the optical packaging rate, which also needs some kind of new testing process . They are testing an approach here in May 2026.
In earnings on July 29, management projected that combined optics revenue (CPO) for 2026 would significantly exceed the $20 million mark. It's not crazy, but you see the opportunity here where early visual testing can identify flaws, and that's the crucial aspect of the matter.
在当今市场，你没有足够的内存、光学解决方案或先进封装来获得所有想要的AI芯片，因此你需要尽可能多地进行测试，以消除任何缺陷，让芯片达到尽可能高的良率。这正是Form Factor的用武之地。
In today's market, where you don't have enough memory, optical solutions, or advanced packaging to get all the AI chips you want, you need to do as much testing as possible to eliminate any flaws and get the highest possible productivity for your chips. This is where Form Factor comes in .
关于本财年，我们现在正处于下半段。因此，在今年剩下的五个月里，这家公司的远期市盈率处于33倍的上限。对于不到六个月的远期市盈率来说，这似乎并不夸张，再说一次，机会就在他们面前。
With regard to this fiscal year, we are now in the second half of it. Therefore, over the next five months of the year, this company's forward price-to-earnings ratio is at its upper limit of 33.
That doesn't seem crazy for a forward price-to-earnings ratio of less than six months, and again, the opportunity is there for them.
这只股票目前股价在105美元左右。我很喜欢这个价位的这只股票，而它是我已经不再持有的股票。幸运的是，我在它处于150美元水平时卖出了。我计划随着时间推移买入更多。如果我有机会把更多Form Factor加入我的主要投资组合的话。
The stock is now trading at around $105. I love the stock at this price point , and it is a stock I no longer own. Fortunately, I sold it when it was at the $150 level. I plan to buy more of it over time.
If I had the opportunity to add more Form Factor to my main investment portfolio.