赛道Hyper | 低温PSPI材料告急：国产公司有机会？

Core Viewpoint - The global semiconductor industry is facing new challenges in material supply chain stability due to TSMC's aggressive expansion in advanced packaging technology, particularly affecting the supply of low-temperature photosensitive polyimide (PSPI) materials [1][2]. Group 1: TSMC's Expansion and Its Impact - TSMC is significantly increasing its capacity in advanced packaging, particularly through its CoWoS technology, which is crucial for AI chip packaging [2]. - The expansion plan includes building a new packaging facility in Kumamoto, Japan, and aims to double the CoWoS capacity to meet market demand [2]. Group 2: Supply Chain Challenges - As TSMC's demand for low-temperature PSPI materials rises, major supplier Asahi Kasei has decided to limit supply to Chinese packaging companies to prioritize TSMC's needs, leading to a global supply shortage [1][5]. - This limitation has directly impacted leading Chinese packaging firms like Longji Technology and Tongfu Microelectronics, which now face material supply risks [5]. Group 3: Domestic Material Development - The supply constraints have accelerated the development of domestic low-temperature PSPI materials, with companies like Mingshi New Materials achieving significant progress in product performance [5][9]. - Mingshi's materials have been validated by leading domestic packaging firms, but the company is currently undergoing bankruptcy restructuring, raising concerns about its future [5][6]. Group 4: Other Domestic Players - Another domestic company, Aisen Co., has achieved mass production of positive PSPI materials, but its products are more suited for mid-to-low-end packaging applications and do not meet high-end requirements [6][7]. - Companies like Dinglong Co. and Qiangli New Materials are also making strides in developing low-temperature PSPI materials, indicating a shift towards domestic production capabilities [8][9]. Group 5: Future Outlook - The increasing adoption of Chiplet technology and 3D packaging will further elevate the performance requirements for low-temperature PSPI materials [10]. - Domestic companies are expected to continue breakthroughs in reducing curing temperatures and enhancing thermal resistance, aiming for large-scale industrial application within 3-5 years [11].