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电子 8 月周报（8.26—8.30）：混合键合封装技术大有可为
Guolian Securities·2024-09-01 08:03

Investment Rating - The report suggests a "Buy" rating for the semiconductor industry, particularly focusing on the hybrid bonding technology and its potential impact on the market [11]. Core Insights - The transition from wire bonding to flip chip represents an evolution from traditional packaging to advanced packaging, with hybrid bonding emerging as a key technology due to its ability to achieve extremely fine pitch and high connection density [10][14]. - Hybrid bonding can achieve a pitch of 0.5-0.1μm and a connection density of 10K-1MM/mm², significantly surpassing previous bonding technologies [16]. - The HBM4 generation of products is expected to incorporate hybrid bonding technology to increase the number of stacked layers, potentially reaching 12Hi/16Hi configurations [25]. Summary by Sections Hybrid Bonding as a Key Technology - The bonding method is crucial for chip performance, with hybrid bonding allowing for direct electrical contact without bumps or solder, enhancing connection density [14][16]. - The market for D2W hybrid bonding equipment is projected to grow from $6 million in 2020 to $232 million by 2027, with a CAGR of 69%, indicating strong growth potential [22]. HBM4 and Hybrid Bonding Technology - HBM3/HBM3E currently uses bump interconnection, while HBM4 is anticipated to adopt hybrid bonding to reduce the height of gaps between stacked memory chips [25]. - Samsung has successfully manufactured a 16-layer stacked HBM3 memory using hybrid bonding technology, indicating readiness for future mass production [25]. Investment Recommendations - The report recommends focusing on the computing power supply chain due to the rapid development of AI applications, which is expected to drive demand for HBM [11][26]. - Attention is also advised for the recovery of consumer electronics and the introduction of AI hardware products, which could boost sales in the sector [27]. - The semiconductor economic cycle is expected to rebound in 2024, suggesting investment opportunities in domestic IC manufacturing [28].