Cohu, Inc. (CoHU): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage rapide de la technologie des semi-conducteurs, Cohu, Inc. (CoHU) se tient à l'intersection de défis mondiaux et de solutions innovantes, naviguant dans un réseau complexe de tensions politiques, de fluctuations économiques et de perturbations technologiques. Cette analyse complète du pilon dévoile les facteurs externes à multiples facettes qui façonnent la trajectoire stratégique de l'entreprise, des incertitudes géopolitiques sur les marchés clés aux progrès technologiques révolutionnaires qui redéfinissent l'industrie des équipements de semi-conducteurs. Plongez dans cette exploration complexe pour comprendre comment Cohu se positionne au milieu des forces dynamiques du changement, de la résilience et de la transformation technologique.

Cohu, Inc. (Cohu) - Analyse du pilon: facteurs politiques

Tensions commerciales de l'industrie américaine des semi-conducteurs avec la Chine

En 2024, l'industrie américaine des semi-conducteurs continue de faire face à des défis importants en raison des tensions commerciales en cours. Le gouvernement américain a mis en œuvre des contrôles d'exportation stricts ciblant les technologies avancées des semi-conducteurs vers la Chine.

Mesure de contrôle des exportations	Valeur d'impact
Restrictions de technologie des puces avancées	40,3 milliards de dollars à l'impact des revenus potentiels
Limitations d'exportation d'équipement semi-conducteur	27,5% de réduction de l'accès potentiel sur le marché chinois

Règlement sur le contrôle des exportations

Le ministère américain du Commerce a élargi les restrictions sur les exportations d'équipements de semi-conducteurs, ciblant spécifiquement les technologies de fabrication avancées.

• Le Bureau de l'industrie et de la sécurité (BIS) a mis en œuvre de nouvelles exigences de licence
• Pré-approbation obligatoire pour les exportations d'équipements de semi-conducteurs vers des pays spécifiques
• Les pénalités de non-conformité varient de 250 000 $ à 1 million de dollars par violation

Incitations du gouvernement ACT des puces

La Chips and Science Act fournit un soutien financier substantiel pour la fabrication nationale de semi-conducteurs.

Catégorie d'incitation	Financement alloué
Investissements manufacturiers	52,7 milliards de dollars
Recherche et développement	24,3 milliards de dollars

Incertitudes géopolitiques sur les marchés clés

Les tensions géopolitiques à Taïwan et en Corée du Sud présentent des défis importants pour les fabricants de semi-conducteurs comme Cohu, Inc.

• La fabrication de semi-conducteurs de Taiwan représente 63% de la production mondiale de puces avancées
• Les tensions potentielles des traits croisés pourraient perturber les chaînes d'approvisionnement
• L'écosystème de semi-conducteur de la Corée du Sud d'une valeur de 129,5 milliards de dollars en 2023

Cohu, Inc. (Cohu) - Analyse des pilons: facteurs économiques

Marché des équipements cycliques semi-conducteurs

Au quatrième trimestre 2023, le marché mondial des équipements de semi-conducteurs était évalué à 71,2 milliards de dollars, avec un TCAC projeté de 6,8% jusqu'en 2027. Cohu, Inc. a déclaré un chiffre d'affaires total de 285,6 millions de dollars pour l'exercice 2023, reflétant la volatilité du marché.

Segment de marché	2023 Valeur marchande	Croissance projetée
Équipement de semi-conducteur	71,2 milliards de dollars	6,8% de TCAC (2023-2027)
Cohu, Inc. Revenu total	285,6 millions de dollars	-7,2% de déclin en glissement annuel

Investissement dans les infrastructures de semi-conducteurs

Dépenses en capital mondial des semi-conducteurs atteint 146 milliards de dollars en 2023, avec des investissements majeurs de fabricants clés:

Entreprise	2023 CAPEX	Focus d'infrastructure
Tsmc	32,5 milliards de dollars	Nœuds de processus avancés
Intel	25,7 milliards de dollars	Expansion fabuleuse
Samsung	21,3 milliards de dollars	Technologie de mémoire

Impact du ralentissement économique mondial

Les dépenses mondiales d'équipement de semi-conducteurs prévoyaient une diminution de 4,2% en 2024, avec une réduction potentielle des dépenses d'équipement sur les principaux marchés.

Région	2024 Prévisions de dépenses d'équipement	Impact de ralentissement économique
États-Unis	24,6 milliards de dollars	-3,5% de déclin en glissement annuel
Asie-Pacifique	38,9 milliards de dollars	-4,8% de déclin en glissement annuel
Europe	7,3 milliards de dollars	-2,9% de déclin en glissement annuel

Fluctuations de taux de change

Cohu, Inc. a connu un impact sur la change des devises sur les sources de revenus internationales:

Paire de devises	2023 Fluctation	Impact sur les revenus
USD / EUR	-2.3%	Réduction des revenus de 4,2 millions de dollars
USD / JPY	+1.7%	Augmentation des revenus de 2,8 millions de dollars
USD / CNY	-1.5%	Réduction des revenus de 3,6 millions de dollars

Cohu, Inc. (Cohu) - Analyse des pilons: facteurs sociaux

Demande croissante de technologies avancées de semi-conducteurs dans les secteurs automobile et IA

Selon Gartner, les revenus mondiaux des semi-conducteurs dans le secteur automobile ont atteint 61,1 milliards de dollars en 2023. La taille du marché des semi-conducteurs d'IA était estimée à 11,8 milliards de dollars en 2023, avec un TCAC projeté de 26,5% à 2030.

Secteur des semi-conducteurs	Revenus de 2023	Taux de croissance projeté
Semi-conducteurs automobiles	61,1 milliards de dollars	15.2%
Semi-conducteurs d'IA	11,8 milliards de dollars	26.5%

L'augmentation de la main-d'œuvre se concentre sur les compétences technologiques et l'expertise en génie

Les emplois de technologie et d'ingénierie du Bureau of Labor Statistics devraient augmenter de 11% de 2022 à 2032. Les rôles d'ingénierie des semi-conducteurs devraient augmenter de 7,3% au cours de la même période.

Catégorie d'emploi	Taux de croissance projeté (2022-2032)	Salaire annuel médian
Emplois technologiques	11%	$97,430
Ingénierie de semi-conducteurs	7.3%	$125,670

Vers les modèles de travail à distance et hybride dans les industries technologiques

McKinsey Research indique que 58% des travailleurs de la technologie préfèrent des modèles de travail hybrides. Environ 35% des entreprises technologiques offrent désormais des options de travail à distance permanentes.

Modèle de travail	Pourcentage de travailleurs technologiques
Préférence de travail hybride	58%
Options de travail à distance permanentes	35%

Astenses à la hausse des consommateurs pour l'innovation et les performances technologiques

IDC rapporte que les dépenses mondiales de l'électronique grand public ont atteint 1,1 billion de dollars en 2023, avec 42% des consommateurs hiérarchiques sur les performances technologiques et l'innovation dans les décisions d'achat.

Métrique électronique grand public	Valeur 2023
Dépenses électroniques mondiales de consommation	1,1 billion de dollars
Priorité de l'innovation des consommateurs	42%

Cohu, Inc. (Cohu) - Analyse du pilon: facteurs technologiques

Innovation continue dans l'équipement de test et de manutention des semi-conducteurs

Cohu, Inc. a investi 51,2 millions de dollars dans la recherche et le développement en 2022. Le segment des équipements de test et de manutention des semi-conducteurs de la société a généré 472,3 millions de dollars de revenus pour l'exercice 2022.

Investissement en R&D	Revenus de l'équipement de test de semi-conducteur	Demandes de brevet (2022)
51,2 millions de dollars	472,3 millions de dollars	23 Nouveaux brevets technologiques de test de semi-conducteurs

Expansion du marché des emballages avancés et des technologies d'intégration hétérogène

Le marché avancé des emballages devrait atteindre 36,5 milliards de dollars d'ici 2026, avec un TCAC de 8,7%. Cohu a développé 5 nouvelles solutions d'emballage avancées au cours des 18 derniers mois.

Taille avancée du marché des emballages (2026)	CAGR de marché	Nouvelles solutions d'emballage (18 mois)
36,5 milliards de dollars	8.7%	5 nouvelles solutions

Investissement dans l'apprentissage automatique et l'automatisation pour la fabrication de semi-conducteurs

Cohu a alloué 18,7 millions de dollars spécifiquement pour l'apprentissage automatique et le développement des technologies d'automatisation en 2022. La société a mis en œuvre 12 nouvelles plateformes de test automatisées au cours de l'exercice.

Ml & Investissement d'automatisation	Nouvelles plateformes de test automatisées	Amélioration de l'efficacité d'automatisation
18,7 millions de dollars	12 plateformes	22% d'augmentation de la vitesse de test

Importance croissante de la miniaturisation et des solutions informatiques hautes performances

Les solutions de semi-conducteurs informatiques hautes performances de Cohu ont généré 215,6 millions de dollars de revenus en 2022. La société a développé 7 nouvelles technologies de miniaturisation pour les tests de semi-conducteurs.

Revenus de solutions de semi-conducteurs HPC	Nouvelles technologies de miniaturisation	Amélioration de la densité des puces
215,6 millions de dollars	7 technologies	35% ont augmenté la densité des transistors

Cohu, Inc. (Cohu) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations du commerce international et aux politiques de contrôle des exportations

Cohu, Inc. opère en vertu des réglementations strictes de contrôle des exportations, spécifiquement réglementées par le Département américain du commerce du Bureau de l'industrie et de la sécurité (BIS). Depuis 2024, la société doit respecter les réglementations sur l'administration des exportations (EAR) pour les exportations d'équipements de semi-conducteurs.

Catégorie de réglementation	Statut de conformité	Licences applicables
Numéro de classification du contrôle des exportations (ECCN)	3A991.A	Autorisation de l'utilisateur final validé
Règlement sur le trafic international dans les armes (ITAR)	Conformité partielle	Licence d'équipement non militaire

Protection de la propriété intellectuelle sur les marchés technologiques mondiaux

Cohu, Inc. conserve un portefeuille de propriétés intellectuelles robuste avec les statistiques de brevet suivantes:

Catégorie de brevet	Total des brevets	Brevets actifs
Équipement de semi-conducteur	87	62
Technologie de test	53	41

Considérations potentielles antitrust dans l'industrie des équipements semi-conducteurs

En 2024, Cohu, Inc. fait face à un examen antitrust potentiel avec des mesures de concentration du marché:

Segment de marché	Part de marché	Classement compétitif
Équipement de test de semi-conducteur	8.7%	4e place
Équipement de manutention	12.3%	3e place

Navigation d'environnements réglementaires complexes

Cohu, Inc. opère dans plusieurs juridictions internationales avec des exigences spécifiques de conformité réglementaire:

• États-Unis: Compliance complète avec les normes de rapport SEC
• Union européenne: Règlement sur la protection des données du RGPD
• Chine: Adhésion du droit de la cybersécurité
• Japon: conformité de la réglementation des investissements étrangers

Région géographique	Coût de conformité réglementaire	Dépenses juridiques annuelles
Amérique du Nord	2,3 millions de dollars	1,7 million de dollars
Asie-Pacifique	1,9 million de dollars	1,4 million de dollars
Union européenne	1,5 million de dollars	1,1 million de dollars

Cohu, Inc. (Cohu) - Analyse des pilons: facteurs environnementaux

Accent croissant sur les processus de fabrication durables

Cohu, Inc. a déclaré une réduction de 22% des déchets de fabrication en 2023, ciblant une réduction de 35% d'ici 2025. La société a investi 3,7 millions de dollars dans les technologies de fabrication durables au cours de l'exercice.

Métrique de la durabilité	Performance de 2023	Cible 2025
Réduction des déchets de fabrication	22%	35%
Investissement dans des technologies durables	3,7 millions de dollars	5,2 millions de dollars

Réduire l'empreinte carbone dans la production d'équipements semi-conducteurs

Cohu a mis en œuvre des stratégies de réduction du carbone, atteignant une diminution de 17,5% des émissions de carbone entre les installations de fabrication en 2023.

Métrique d'émission de carbone	2022 BASELINE	Performance de 2023
Réduction des émissions de carbone	Base de base	17.5%
Émissions totales de carbone	12 500 tonnes métriques	10 312 tonnes métriques

Mise en œuvre des technologies économes en énergie dans les installations de fabrication

Initiatives d'efficacité énergétique a entraîné une réduction de 24% de la consommation d'énergie sur les sites de fabrication mondiaux de Cohu en 2023.

Métrique de l'efficacité énergétique	2022 Consommation	2023 Consommation
Consommation d'énergie totale	85 000 MWh	64 600 MWh
Adoption d'énergie renouvelable	12%	28%

Conformité aux réglementations environnementales sur plusieurs marchés mondiaux

Cohu a maintenu une conformité à 100% des réglementations environnementales dans six sites de fabrication internationales en 2023.

Conformité réglementaire	Régions	Statut de conformité
Règlements environnementaux	États-Unis, Chine, Malaisie, Singapour, Allemagne, Mexique	100% conforme
Résultats d'audit réglementaire	Zéro problème de non-conformité majeur	A passé tous les audits environnementaux

Cohu, Inc. (COHU) - PESTLE Analysis: Social factors

Growing demand for electric vehicles (EVs) and 5G/6G drives testing needs.

You're seeing a massive, structural shift in demand, and it's directly impacting Cohu, Inc.'s core business: semiconductor testing. The push for electric vehicles (EVs) and next-generation telecommunications like 5G and 6G is creating an enormous need for high-reliability components. This isn't just about more chips; it's about chips that must not fail in critical applications, like a car's advanced driver-assistance systems (ADAS).

Cohu is capitalizing on this. For instance, the company secured a significant $28 million design-win order in the first half of fiscal year 2025 from a customer serving both the mobile and automotive end-markets, with shipments scheduled through the fourth quarter of 2025. This trend is baked into the market's structure: by the end of 2025, over 70% of new vehicles are expected to incorporate L2+ ADAS features, requiring constant, rigorous testing of high-performance processors and sensors. Also, telecommunications applications account for 25.0% of the total Automated Test Equipment (ATE) demand in the USA in 2025, specifically driven by the need for 5G component accuracy and network-equipment reliability.

Increased focus on corporate social responsibility (CSR) by institutional investors.

Institutional investors, including giants like BlackRock, are no longer treating Corporate Social Responsibility (CSR) as a side project; it's a core financial metric. They're scrutinizing Environmental, Social, and Governance (ESG) factors because they know it maps to long-term risk and operational efficiency. Cohu is defintely responding to this pressure, which is crucial for attracting and retaining capital.

Cohu's 2025 sustainability goals show concrete results that matter to these investors. They achieved a 9% year-over-year reduction in overall energy usage and a 16% year-over-year decrease in total water usage, largely due to a new facility in Laguna, Philippines, that incorporates a Rainwater Harvesting System. The firm also reduced its global Greenhouse Gas Emissions (GHG) by a substantial 32% in 2024 compared with 2023 calculations, partly by converting its Melaka, Malaysia, manufacturing facility to use renewable energy. This proactive stance earned Cohu a listing in America's Greenest Companies 2025 by Newsweek.

2025 Cohu Sustainability Metric	Fiscal Year 2024 Result (vs. Prior Year)	Investor Relevance
Overall Energy Usage Reduction	9% decrease year-over-year	Operational efficiency, cost control, and climate risk mitigation.
Total Water Usage Reduction	16% decrease year-over-year	Resource management, especially in water-stressed regions like Asia.
Global GHG Emissions Reduction	32% decrease (2024 vs. 2023)	Alignment with Science Based Targets initiative (SBTi) commitment.

Labor shortages for skilled engineers in the US and Asia impact R&D capacity.

The biggest near-term risk for Cohu's growth is not demand, but the ability to execute on R&D and manufacturing capacity due to a persistent talent gap. The semiconductor industry is facing an unprecedented global talent shortage, particularly for specialized roles like Validation & Test Engineers, which are critical for Cohu's product development.

The numbers are stark. Globally, the semiconductor industry is projected to need over one million additional skilled workers by 2030, equating to more than 100,000 annually. In the US alone, the industry will require over 70,000 additional skilled workers by 2030. This shortage forces companies to compete aggressively on compensation, especially in key Asian manufacturing hubs. For example, in Taiwan, job seekers in the semiconductor sector are seeing pay bumps of 15 - 20% when moving into a new role in 2025, putting upward pressure on Cohu's global operating expenses. This is a competition for talent, not just market share.

Consumer reliance on high-performance electronics requires higher quality testing.

Consumers now rely on a vast array of complex, interconnected electronics-from high-end smartphones to medical wearables-and they demand perfect reliability. This societal expectation translates directly into higher quality and more complex testing requirements for Cohu's customers, which drives demand for the company's advanced Automated Test Equipment (ATE).

The global Electrical and Electronic Testing Services market, which Cohu's equipment enables, is valued at an estimated $15 billion in 2025. The Consumer Goods application segment is projected to dominate this market through 2033. This demand is driven by factors that Cohu's technology addresses:

• Increasing complexity of integrated circuits (ICs) requires high-precision testing.
• Stringent global regulations on product safety and compliance.
• Miniaturization and integration of electronics make reliability testing more critical.

The complexity of these chips means testing cycles must be faster and more thorough, which is why the USA ATE demand is valued at $3.1 billion in 2025 and is projected to grow at a CAGR of 4.7% through 2035. Cohu's value proposition is simple: its equipment helps manufacturers meet this non-negotiable consumer demand for quality.

Cohu, Inc. (COHU) - PESTLE Analysis: Technological factors

The technological landscape for Cohu, Inc. is defined by the critical shifts in semiconductor manufacturing, driven primarily by the need for higher performance in Artificial Intelligence (AI) and 5G applications. Cohu's ability to capture market share hinges on its rapid development of specialized equipment that can handle the complexity of next-generation chips. This isn't a slow evolution; it's a structural shift demanding new test cell architectures.

Here's the quick math: the global Semiconductor Test Equipment market is valued at approximately $15.11 billion in 2025, and Cohu's success is directly tied to its R&D investments, which totaled $46.3 million for the first six months of fiscal year 2025, representing 22.7% of net sales.

Transition to advanced packaging (e.g., heterogeneous integration) requires new test solutions

The industry is rapidly moving away from monolithic chip designs toward advanced packaging techniques like heterogeneous integration, which stacks or places different chiplets (dies) side-by-side on an interposer to create a System-in-Package (SiP). This shift is non-negotiable for high-performance computing (HPC) and AI processors, as it bypasses the physical and economic limits of shrinking transistors. The Advanced Packaging market is a huge opportunity, valued at approximately $51.62 billion in 2025, with 2.5D/3D solutions projected to advance at a 13.2% CAGR through 2030.

For Cohu, this means a fundamental change in its core product requirements. Testing these complex assemblies requires highly precise handling and thermal control during the test process. We saw Cohu secure a multi-unit order for its High Bandwidth Memory (HBM) inspection systems in the first quarter of 2025, a direct response to the surge in AI chip demand that relies heavily on stacked memory. Cohu's technology must manage the ultra-fine pitch and high-power dissipation of these multi-die packages.

Adoption of Artificial Intelligence (AI) and Machine Learning (ML) in test processes improves efficiency

AI is moving beyond the chips being tested and into the testing process itself. Integrating Machine Learning (ML) algorithms into Automated Test Equipment (ATE) software allows for predictive maintenance, faster fault isolation, and optimized test patterns, which directly boost manufacturing yield and reduce the cost of test. The market for AI in Semiconductor Manufacturing is estimated at $15 billion in 2025.

Cohu made a clear move to capitalize on this trend by completing the acquisition of Tignis, Inc. in January 2025 for approximately $36.6 million. This acquisition immediately expanded Cohu's software portfolio with AI-driven data analytics and process monitoring capabilities. This is defintely a smart strategic play, as it shifts Cohu from being purely a hardware provider to a provider of 'smart' test solutions. The company is already signing new customers for AI process monitoring demonstrations of the Tignis software, showing immediate market traction.

AI/ML Integration Focus	Cohu's Strategic Action (2025)	Market Impact
Predictive Maintenance & Yield Optimization	Acquisition of Tignis, Inc. for $36.6 million.	Addresses the AI in ATE Analysis market, which is expected to grow by $7.91 billion from 2024-2029.
High-Performance Memory Test	Multi-unit order received for HBM inspection systems.	Directly supports the booming AI/HPC sector, where HBM is critical for advanced packaging.

Development of new high-speed automated test equipment (ATE) is crucial for competitive edge

The core of Cohu's business, the Automated Test Equipment (ATE) segment, must evolve to handle the exponentially increasing data rates and complexity of modern System-on-Chips (SoCs). ATE accounted for a significant 38.1% of the semiconductor test equipment market share in 2024, confirming its entrenched position. The competitive edge is now measured in speed, parallelism, and precision.

Cohu's new ATE platforms and interface products must offer high-density pin counts and superior signal integrity to test complex devices for automotive, mobile, and computing markets. A clear near-term opportunity is evidenced by the $28 million design-win order Cohu secured from a customer for Mobile and Automotive test equipment, with shipments scheduled through the fourth quarter of 2025. This win validates the company's investment in its next-generation ATE and interface solutions, like the qualification of the ULTRA-S contactor for precision analog IC test.

The shift to higher-frequency testing for mmWave applications demands new handler technology

The rollout of 5G and the development of radar for Advanced Driver-Assistance Systems (ADAS) in vehicles necessitate testing at extremely high frequencies, specifically millimeter-wave (mmWave) applications. Testing at these frequencies is incredibly sensitive to the physical environment, requiring handlers that can maintain precise temperature control and minimal signal degradation.

Cohu, a leader in test handlers, must ensure its equipment can perform reliably in this high-frequency environment. This demands innovation in contactors, thermal subsystems, and material science. The introduction of the new Eclipse handler model in 2025, which targets share expansion at test subcontractors, is a direct response to the demand for high-throughput, high-frequency capable handling systems. This new technology is vital for seizing opportunities in the 5G and automotive radar markets, which are key growth drivers for the entire semiconductor industry.

The technological actions Cohu is taking are clear:

• Invest heavily in R&D: $46.3 million in H1 2025.
• Acquire software capability: Tignis acquisition for AI/ML integration.
• Win key high-growth orders: $28 million design-win for Mobile/Automotive test.
• Launch new hardware: New Eclipse handler model and ULTRA-S contactor.

Next step: Product Management should draft a detailed competitive analysis comparing the new Eclipse handler's mmWave performance specs (e.g., insertion loss, temperature uniformity) against Teradyne and Advantest by the end of the month.

Cohu, Inc. (COHU) - PESTLE Analysis: Legal factors

Strict intellectual property (IP) protection laws are essential for proprietary test algorithms

For a company like Cohu, which is a leading supplier of semiconductor test automation and inspection equipment, the strength of its intellectual property (IP) protection is defintely a core legal factor.

Your competitive edge is built on proprietary test algorithms and software that enable optimized yield and productivity for customers. The semiconductor industry is currently seeing intense global patent wars, such as the high-stakes clash between Samsung and TSMC over chip fabrication patents. Cohu must continuously invest in patent defense and prosecution to protect its differentiated product portfolio, which includes test handler solutions, semiconductor tester solutions, and interface solutions.

The rise of Artificial Intelligence (AI) in product development, which Cohu is utilizing, also introduces new legal risks. The use of AI-based algorithms in test and inspection equipment is subject to legal and regulatory uncertainty, which could impact operational performance. You must ensure your AI-driven IP is robustly protected and that its use does not infringe on third-party patents, which is a growing area of litigation in 2025.

Compliance with the European Union's General Data Protection Regulation (GDPR) for customer data

Operating globally means you must comply with a patchwork of international data privacy laws, with the European Union's General Data Protection Regulation (GDPR) being the most stringent. Cohu processes personal data, including that of its applicants and employees, and must adhere to GDPR and local laws like the German Federal Data Protection Act (BDSG).

The legal landscape for data is shifting rapidly in 2025, driven by stricter enforcement and the complete phase-out of third-party cookies by major browsers. This means your data collection practices must prioritize transparency and unambiguous consent. The legal risk here isn't just a fine-which can be up to 4% of annual global revenue-but also a loss of customer trust if data handling is perceived as non-compliant. Cohu's Audit Committee, as of the 2025 Proxy Statement, specifically oversees the adequacy and effectiveness of the company's information security policies and internal controls regarding information security and cybersecurity.

Antitrust scrutiny over mergers and acquisitions in the semiconductor equipment sector

The semiconductor equipment sector is highly consolidated, and any significant mergers and acquisitions (M&A) face intense antitrust scrutiny from regulators in the U.S., E.U., and China. This trend has been escalating, with regulators increasingly challenging vertical and complementary deals, not just those between direct competitors.

A prime example of this heightened scrutiny in 2025 is the $35 billion acquisition of Ansys by Synopsys, which is undergoing regulatory reviews across multiple jurisdictions. The regulatory focus is on potential harm to downstream competition, such as the risk of bundling products or reducing interoperability between different software tools. For Cohu, this means that any future strategic acquisitions to expand your product portfolio or market share will face a longer, more complex, and more costly regulatory approval process. You need to budget for potential structural remedies, like divestitures, to get a deal cleared.

New international tax laws, like the OECD's Pillar Two, affect global tax liability

The Organization for Economic Co-operation and Development's (OECD) Pillar Two framework, which establishes a 15% global minimum corporate tax rate, is a critical legal and financial factor for all large multinational enterprises (MNEs). This initiative applies to MNE groups with consolidated revenues of at least €750 million (approximately $800 million).

Cohu's Form 10-K filed in February 2025 stated that the company is currently not subject to Pillar Two but is continuously evaluating its potential future impact. This is the key action item: you must monitor your consolidated revenue against the threshold and prepare for the complex, country-by-country calculations required by the Global Anti-Base Erosion (GloBE) rules. For instance, the rules took effect in jurisdictions like Hong Kong on January 1, 2025.

Here's a quick look at the Pillar Two implications you need to track:

Pillar Two Component	Threshold/Rate	Cohu, Inc. Impact (2025)
Global Minimum Tax Rate	15%	Potential top-up tax if effective tax rate in any jurisdiction falls below this.
Revenue Threshold (MNEs)	€750 million	Cohu must monitor its consolidated revenue against this threshold.
Effective Date (Select Regions)	January 1, 2025	Rules are already in effect in key jurisdictions like Hong Kong, impacting global tax planning.

What this estimate hides is the administrative burden. Compliance requires significant investment in new technology and specialized tax professionals to extract and organize the granular, entity-level data needed for the GloBE calculations.

Cohu, Inc. (COHU) - PESTLE Analysis: Environmental factors

The environmental landscape for Cohu, Inc. in 2025 is less about immediate regulatory fines and more about managing the long-term, material risks of energy consumption and product life-cycle management. The key takeaway for investors is that Cohu's focus on energy-efficient products and operational renewable energy adoption is a clear competitive advantage, not just a compliance cost.

You're seeing a clear push from your customers to reduce their operational carbon footprint, and Cohu is positioning its test solutions right in the middle of that trend. This isn't just altruism; it's a direct path to lower operating expenses for your clients, which makes your equipment a better long-term buy. Honestly, this is where the real value is being unlocked in the capital equipment sector.

Customer demand for energy-efficient test solutions reduces operational carbon footprint.

Customer demand for lower operating costs is driving the need for energy-efficient test solutions, and Cohu's product strategy is capitalizing on this. The company designs differentiating energy-efficient products that directly reduce the operational carbon footprint of its semiconductor manufacturing clients. This includes being a key supply chain partner for at least nine major customers who are developing power management devices, controllers, and inverters that enable solar and wind power generation.

On the operational side, Cohu is actively working to reduce its own Scope 1 and 2 emissions, which is critical for meeting customer-mandated supply chain sustainability requirements. In 2024, the company achieved a global Greenhouse Gas (GHG) reduction of 32% compared to 2023 calculations, largely driven by converting its Melaka, Malaysia, manufacturing facility to renewable electricity.

Here's the quick math on Cohu's energy progress:

Metric	2024 Fiscal Year Data	2025 Goal / Forward Action
Total Energy Usage (Year-over-Year Change)	Decreased by 9% to 18.3 million kWh	Continue investing in more energy-efficient facility infrastructure
Total GHG Emissions (Year-over-Year Change)	Reduced by 32% (vs. 2023)	Develop near-term science-based emissions reduction targets (SBTi commitment)
Renewable Energy Conversion	Melaka, Malaysia, facility converted to renewable energy	Facilities in Laguna, Philippines, and Singapore are scheduled to move to renewable energy

Compliance with the EU's Restriction of Hazardous Substances (RoHS) directive is ongoing.

Compliance with the European Union's Restriction of Hazardous Substances (RoHS) directive is a baseline requirement for any global semiconductor equipment supplier. Cohu's semiconductor test equipment, as a form of industrial monitoring and control instrumentation, is subject to these rules, which restrict the use of specific hazardous materials like lead, mercury, and cadmium in electrical and electronic products. This is defintely a continuous process, not a one-time fix.

While specific 2025 compliance costs aren't publicly itemized, the ongoing effort is managed under the umbrella of their broader regulatory compliance framework. This includes:

• Maintaining a formalized process for material declaration and tracking across the global supply chain.
• Ensuring all new product designs, like the Diamondx and PAx testers, are compliant with the latest exemption renewals under RoHS 3.
• Integrating compliance checks into the supplier onboarding process, which is also used for Conflict Minerals due diligence.

Increased focus on sustainable manufacturing practices in the supply chain.

Supply chain sustainability is a major risk factor, particularly in the semiconductor industry where raw material sourcing and manufacturing span multiple continents. Cohu addresses this through formal engagement with industry-leading organizations and rigorous internal controls.

The company has maintained a Low Risk Rating with the Responsible Business Alliance (RBA), which is the industry coalition focused on responsible business conduct in global supply chains. This rating indicates strong management systems are in place to prevent labor, ethics, and environmental violations among suppliers. Also, Cohu joined the Sustainable Business & Enterprise Roundtable (SBER) in early 2024 to collaborate on strategies for reducing Greenhouse Gas (GHG) emissions at key operating sites.

Specific actions include:

• Monitoring and maintaining buffer stock for critical materials like cobalt, palladium, and rhodium to mitigate supply chain disruption risks.
• Achieving a 95% response rate from in-scope suppliers surveyed for their 2024 Conflict Minerals Report (filed in 2025), demonstrating strong supplier engagement.
• Operating the Melaka, Malaysia, manufacturing facility with the internationally recognized ISO 9001 quality management system certification.

Managing e-waste from older test handlers and equipment requires new recycling programs.

The disposal of old semiconductor test handlers and Automated Test Equipment (ATE) is a growing e-waste challenge. Cohu is tackling this with a two-pronged approach: internal waste management and product life-cycle extension.

Internally, the company has a structured waste management program. In 2024, the total amount of hazardous waste generated was 186,000 kg, and they successfully recycled 83% of that, or 155,000 kg. They also recycled 698.3K kg of non-hazardous waste (paper, plastic, wood, etc.). This shows a strong commitment to keeping materials out of landfills.

For older equipment, the Cohu Refurbished Group, branded as EDGE, runs a formal program that acquires, refurbishes, and resells pre-owned ATE systems. This business unit extends the useful life of capital equipment, providing a lower-cost solution for customers and directly reducing the volume of large-scale e-waste that would otherwise require disposal. It's a smart business model that also addresses the environmental life-cycle problem.