电子6月周专题：Bumping是先进封装技术的重要基础

Investment Rating - Investment recommendation: Outperform the market (maintained) [2] Core Insights - Bumping is a core technology for advanced packaging, enabling various advanced packaging structures and processes [3][9] - The global advanced packaging chip shipment volume was 58.1 billion units in 2022, expected to reach 78.1 billion units by 2027, with a CAGR of 4.9% [4][22] - The shipment volume of Flip-Chip (FC) is projected to grow from 14 billion units in 2022 to 21.9 billion units by 2027, with a CAGR of 8.4%, indicating a faster growth rate than the overall advanced packaging chip shipment [4][22] - The rapid development of Bumping technology is expected to create investment opportunities in equipment [5][30] Summary by Sections 1. Bumping Market Development - Bumping is a key technology in advanced packaging, differentiating itself from traditional packaging methods by using flip-chip bonding for electrical connections [3][9] - The domestic Bumping market has significant potential, with China’s advanced packaging market share lagging behind the global market [18][22] 2. Investment Recommendations - Focus on the advanced packaging equipment and materials supply chain, with recommended companies including ChipSource, Shengmei Shanghai, Huahai Qingke, and others [6][30] - Attention should also be given to the semiconductor recovery cycle, with potential growth in AI hardware products driving demand [6][31]