Investment Rating - The report maintains a positive outlook on the semiconductor industry, particularly in advanced packaging, driven by increasing demand from AI and high power chips [2]. Core Insights - There is a growing demand for advanced packaging tools, with management indicating that both non-China and China clients are expanding their capacities, benefiting the business growth of Capcon [9][10]. - Capcon's competitive edge lies in its ability to provide tools with higher throughput, enhancing manufacturing efficiency and profitability for clients [10]. - The adoption of Fan-out Panel-level Packaging (FOPLP) technology is expected to increase, particularly with glass substrates, which are cost-effective and perform well in heat dissipation [11]. Company Profile - Capcon Semi is an equipment manufacturer specializing in semiconductor advanced assembly and packaging, offering products such as Flip-Chip Bonder and Multi-Chip Die Bonder. Key clients include ASE, TSMC, and JCET [3].
高盛：中国半导体-Capcon私人技术考察 - 先进封装需求增长
Goldman Sachs·2025-04-21 05:09