研报掘金丨浙商证券：维持长电科技“买入”评级，存储与先进封装两翼齐飞

Core Viewpoint - The report from Zheshang Securities highlights that Changdian Technology's stock incentive plan reflects confidence, with dual growth in storage and advanced packaging sectors [1] Group 1: Company Developments - The company has launched the XDFOI® chip series for high-density multi-dimensional heterogeneous integration, which has entered mass production [1] - Continuous R&D and product validation have led to breakthroughs in the XDFOI® technology, now applied in high-performance computing and artificial intelligence fields, positioning the company to benefit from the domestic computing power industry trend [1] Group 2: R&D and Innovation - The company is increasing R&D investments, focusing on innovative packaging technologies in storage and optical communication sectors [1] - As advanced packaging technology scales in computing chips and storage, it is expected to improve the company's average selling price (ASP) and gross margin [1] Group 3: Market Position and Experience - In the semiconductor storage market, the company's packaging services cover various memory chip products, including DRAM and Flash, with over 20 years of mass production experience in memory packaging [1] - The company leads in 32-layer flash memory stacking, 25um ultra-thin chip processing capabilities, high-density 3D packaging, and autonomous testing of control chips, maintaining a competitive edge both domestically and internationally [1] Group 4: Future Outlook - As a leading domestic packaging and testing factory, the company is expected to benefit first from continuous innovation in AI applications by major clients, the increasing share of high-growth application areas, and breakthroughs in advanced packaging technology [1] - The company maintains a "buy" rating based on its growth prospects [1]