Huajin Securities·2025-09-18 08:06Investment Rating - The report maintains an investment rating of "Outperform the Market" for the semiconductor industry [4]. Core Insights - The semiconductor packaging sector has shown significant improvement in gross margins, with leading companies like Huada and Liyang experiencing notable growth [12][13]. - AI continues to be the primary driving force behind industry growth, with major OSAT players focusing on advanced packaging solutions [6][18]. - The report highlights the strong performance of key companies such as Tongfu Microelectronics and ASE Technology, driven by robust demand in AI and automotive electronics [50][47]. Summary by Sections 1. Overview - The gross margin of the semiconductor packaging sector has significantly increased, surpassing levels seen in 2024. In Q2 2025, the gross margin reached 21.44%, up 4.52 percentage points from the previous quarter [12][13]. 2. OSAT - ASE Technology: In Q2 2025, ASE's revenue reached 132.13 billion RMB, with a year-on-year growth of 6.68% and a quarter-on-quarter increase of 9.55%. The advanced packaging and testing business has shown strong growth, accounting for over 10% of total revenue [18][19]. - Anke Technology: Reported revenue of 107.79 billion RMB in Q2 2025, with a quarter-on-quarter growth of 14.3% and a year-on-year increase of 3.42%. The company is expanding its testing capabilities and focusing on advanced packaging solutions [31][39]. - Powertech Technology: Achieved a revenue of 42.26 billion RMB in Q2 2025, with a quarter-on-quarter growth of 16.56%. The company is set to restart significant capital expenditures to expand its production capacity [40][44]. 3. Testing - King Yuan Electronics: Capital expenditures surged to 26.62 billion RMB in Q2 2025, reflecting a 149.64% quarter-on-quarter increase and a 474.34% year-on-year increase. All application segments reported growth [2][29]. - Weichai Technology: Continued to enhance its high-end testing capacity, with strong revenue and profit growth in H1 2025, driven by AI and automotive electronics [5][35]. 4. Equipment - AI remains the main driver for industry development, with significant growth in TCB, hybrid bonding, and SoC testing machines. ASMPT reported a 50% year-on-year increase in TCB equipment orders in H1 2025 [5][4]. 5. Market Trends - The smartphone market is experiencing regional differentiation, with strong growth in specific areas such as the Middle East and Africa. The PC market saw an 8.4% year-on-year increase in shipments in Q2 2025 [6][11]. 6. Investment Recommendations - The report suggests focusing on companies involved in packaging, testing, and equipment, including ASE Technology, Tongfu Microelectronics, and ASMPT, as they are expected to benefit from the ongoing advancements in AI and semiconductor technology [6][50].