According to Bloomberg, Tokyo Electronics (TEL), the world's third-largest semiconductor equipment manufacturer, released a press release yesterday (10) to announce that, affected by the economic situation and the new regulations of the United States on export control to China, it has comprehensively lowered its performance target for this year, which is the first time Tokyo Electronics has revised its financial target in four years since 2018.

Tokyo Electronics said that due to the global economic slowdown and geopolitical risks, semiconductor manufacturers' equipment investment tends to be delayed/restrained, resulting in lower revenue estimates than originally expected, Therefore, we have comprehensively revised down the performance target for this year: this year's (April 2022 March 2023) consolidated revenue target has been revised down from the original estimated 2.35 trillion yen (about 118.66 billion yuan) to 2.1 trillion yen (about 12.62 billion yuan), a downward revision of 10.6%. In addition, the reduction of consolidated operating profit target is about 23.7%, and the reduction of consolidated net profit target is also 23.5%.

According to Japanese media reports, Tokyo Electronics CEO Hiroshi Kawamoto said at the financial statement briefing on the 10th that the main reasons for the revised financial forecast target, besides the change of storage manufacturers or the postponement of equipment investment, include "because the United States has strengthened its export control on China's chip industry, resulting in lower revenue than originally expected and delayed delivery."

Hiroshi Hopamoto, general manager of the financial department, also said at the press conference that Tokyo Electronics would not try to take advantage of the opportunities created by the restrictions imposed by the United States on its American counterparts. "We understand that American manufacturers may face difficulties in doing business with Chinese customers. We will not try to fill the loopholes left by them." He said that Tokyo Electronics has been operating at nearly full capacity, and the waiting time for equipment delivery has been several months. About a quarter of Tokyo Electronics' revenue comes from China, which includes foreign companies with factories in China.