Huajin Securities·2025-06-20 09:39Investment Rating - The report maintains an "Outperform" rating for the semiconductor equipment industry [1]. Core Insights - The demand for advanced packaging continues to grow, primarily driven by AI-related applications, high-performance computing (HPC), and the recovery of mobile and consumer markets, alongside the expansion of automotive advanced packaging solutions. The global advanced packaging market is projected to grow from $37.8 billion in 2023 to $69.5 billion by 2029, driven by the extreme demand for computing power density from AI, HPC, and 5G/6G technologies [3][14]. - Advanced packaging technologies are evolving towards diversification, with 2.5D/3D packaging becoming the core solution for AI chips, while system-in-package (SiP) and fan-out packaging (FOPLP) are gaining traction in wearable devices and consumer electronics [3][5]. Summary by Sections Advanced Packaging - The advanced packaging market is expected to grow from $39 billion in 2023 to $80 billion by 2029, with a compound annual growth rate (CAGR) of 12.7%. The 2.5D/3D packaging segment is anticipated to grow at a rate of 20.9%, becoming a key driver for market expansion [14][17]. Fundamental Technologies - Key technologies for advanced packaging include bumps, redistribution layers (RDL), through-silicon vias (TSV), and hybrid bonding. These technologies are essential for achieving high-density interconnections and improving packaging efficiency [3][41]. Stacking Interconnections - The report highlights four main packaging solutions: Flip Chip (FC), Wafer Level Packaging (WLP), 2.5D, and 3D. These solutions are crucial for the iterative advancement of packaging technology, with FC expected to generate $2.3 billion in revenue by Q2 2024, reflecting a 6.8% quarter-over-quarter growth [5][14]. Equipment Demand - The global advanced packaging equipment market is projected to reach $3.1 billion in 2024, marking a historical high. The demand for equipment related to etching, thin film deposition, and plating is expected to increase rapidly due to advancements in packaging technology [5][39]. Related Companies - The report suggests focusing on domestic equipment manufacturers such as ASMPT, North Huachuang, Zhongwei Company, and others, which are expected to achieve breakthroughs in niche areas of the industry [5][39].