半导体行业专题研究：芯片高性能趋势演进下，玻璃基板有望崭露头角

Investment Rating - The investment rating for the semiconductor industry is optimistic [5]. Core Insights - The trend of high-performance chips highlights the advantages of glass substrates, which have a thermal expansion coefficient (CTE) close to that of components and a zero humidity coefficient, making them suitable for integrated circuit (IC) packaging [2][9]. - Advanced packaging is expected to incorporate glass substrates, with major manufacturers like Intel and Samsung beginning to invest in this technology. Glass substrates can accommodate approximately 50% more chip "dies" compared to traditional materials, making them a promising option for future chip performance enhancements [3][14]. - The TGV (Through Glass Via) technology is essential for the application of glass substrates in advanced packaging, with domestic companies already possessing relevant technologies and equipment [4][17]. Summary by Sections 1. Glass Substrates in High-Performance Chips - Glass substrates are poised to gain traction in high-performance chip packaging due to their thermal stability, good light transmission, and strong insulation properties [2][9]. 2. Advanced Packaging and TGV Technology - The introduction of glass substrates in advanced packaging is driven by their superior thermal and electrical properties, as well as their larger packaging size. This shift is supported by the development of TGV technology, which is crucial for integrating glass substrates into advanced packaging solutions [3][15]. 3. Key Companies - Changdian Technology: A leading integrated circuit packaging company actively investing in advanced packaging technologies, with plans to mass-produce glass substrate packaging by 2024. The company reported a revenue of 6.842 billion yuan in Q1 2024, a year-on-year increase of 16.75% [21][24]. - Dier Laser: A prominent player in laser equipment for photovoltaic applications, now expanding into the semiconductor field with TGV laser micro-hole equipment. The company achieved a revenue of 450 million yuan in Q1 2024, reflecting a year-on-year growth of 29.60% [25][28]. 4. Investment Recommendations - The report suggests focusing on companies involved in advanced packaging, such as Changdian Technology, and those producing TGV equipment, like Dier Laser and Delong Laser [5][29]. 5. Earnings Forecasts - Key companies are projected to see significant growth in net profits, with Changdian Technology expected to reach a net profit of 3.01 billion yuan in 2024, and Dier Laser forecasted to achieve 800 million yuan [30].