电子行业快评报告：台积电计划调涨产品价格，先进封装赛道维持高景气

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [8]. Core Insights - TSMC plans to raise prices for advanced packaging, with an estimated increase of 10%-20% in advanced packaging quotes by 2025 due to supply-demand imbalance [1]. - The advanced packaging market is projected to grow rapidly, with the global market size expected to increase from $37.8 billion in 2023 to $69.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.7% [2]. - TSMC aims to expand its CoWoS capacity at a CAGR of over 60% until 2026, potentially increasing capacity to four times the 2023 level, while SoIC capacity is expected to grow at a 100% CAGR, reaching six times the 2023 level by the end of 2026 [2]. - The demand for advanced packaging is driven by the rise of AI accelerator hardware, with major clients like NVIDIA accounting for about half of TSMC's advanced packaging capacity [2]. - The investment from major players in the advanced packaging sector is expected to reach approximately $11.5 billion in 2024 [2]. Summary by Sections Advanced Packaging Demand - The demand for advanced packaging is significantly driven by the launch of AI models with trillions of parameters, leading to increased hardware requirements [2]. - TSMC's advanced packaging clients include major companies such as AMD, Broadcom, Amazon, and Marvell, indicating a strong market demand [2]. Market Growth and Investment - The advanced packaging market is experiencing robust growth due to strong demand from mobile, consumer electronics, telecommunications, infrastructure, and automotive sectors [2]. - Major companies are expected to continue investing heavily in advanced packaging technologies, with TSMC, Intel, Samsung, and others leading the charge [2]. Chiplet Technology - Chiplet technology is seen as a key solution for advancing heterogeneous integration in packaging, allowing for modular production and improved performance [2]. - This technology is expected to provide a cost-effective solution for high-performance chips in the context of limited external conditions for developing advanced processes domestically [2]. Investment Recommendations - The report suggests focusing on traditional packaging manufacturers that are upgrading their technologies and leading companies in the Chiplet technology space [3].