电子6月周专题（06.17—06.22）：Bumping是先进封装技术的重要基础

Investment Rating - The report maintains an "Outperform" rating for the electronic sector [2]. Core Insights - Bumping technology is a crucial foundation 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][17]. - The shipment volume of flip chip (FC) is projected to grow from 14 billion units in 2022 (24% of total advanced packaging) to 21.9 billion units by 2027 (28% of total), with a CAGR of 8.4% [4][17]. - The rapid growth of Bumping technology is anticipated to create significant 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 [9]. - The domestic Bumping market has substantial growth potential, with advanced packaging technologies expected to penetrate various sectors such as mobile, automotive, and data centers [15][17]. - The advanced packaging market is primarily dominated by foreign players, indicating significant growth opportunities for domestic companies [22]. 2. Investment Recommendations - The report suggests focusing on the advanced packaging equipment and materials supply chain, highlighting companies like ChipSource, Shengmei Shanghai, and Huahai Qingke [6][30]. - It also recommends monitoring the semiconductor recovery cycle, particularly in AI hardware products, which are expected to drive growth in consumer electronics [31]. 3. Equipment Investment Opportunities - The demand for advanced packaging equipment is expected to rise due to the increasing complexity of Bumping processes, which require higher precision and performance [5][24]. - Domestic manufacturers are making significant progress in producing equipment for Bumping processes, including photolithography and PVD equipment [29].