电子行业深度研究：HBM—AI算力核心载体，产业链迎发展良机

Industry Overview - HBM (High Bandwidth Memory) is a core carrier for AI computing power, breaking through memory capacity and bandwidth bottlenecks, and offering higher bandwidth, larger data capacity, and faster transmission rates compared to GDDR5 memory [1][6] - AI server and high-end GPU demand is driving the expansion of the HBM market, with HBM being essential for AI training and inference due to its high bandwidth, capacity, low latency, and low power consumption [1][12] - HBM is accelerating its iteration, with major manufacturers like SK Hynix, Samsung, and Micron actively expanding production, with SK Hynix planning to double HBM production in 2024 [1][15] HBM Manufacturing and Technology - HBM manufacturing introduces additional technical requirements, with TSV (Through Silicon Via) and bonding becoming key processes [1][19] - HBM's manufacturing process includes front-end wafer fabrication, TSV processes, wafer testing, bumping, and stacking, with TSV and bumping being core incremental processes [21][24] - Hybrid bonding, a next-generation bonding method, is expected to be used in HBM for thinner designs or more DRAM layers, with significant growth potential in the equipment market [42][66] HBM Market and Competitive Landscape - In 2022, the HBM market share was dominated by SK Hynix (50%), Samsung (40%), and Micron (10%), with SK Hynix maintaining a leading position due to its early advantage in HBM3 [15][16] - SK Hynix plans to mass-produce HBM3E in 2024 and develop HBM4 by 2026, while Samsung and Micron are also expanding their HBM production capabilities [16][18] - The global HBM market is expected to grow significantly, driven by AI server demand, with HBM3 expected to account for 60% of the market by 2024 [11][12] HBM Supply Chain and Equipment - HBM manufacturing drives demand for upstream equipment, particularly TSV-related equipment (etching, deposition, polishing, thinning) and bonding-related equipment [1][49] - The global semiconductor manufacturing equipment market is dominated by companies like ASML, AMAT, and Lam Research, with Chinese companies like SMEE and Naura making progress in certain areas [49][51] - The thinning process for HBM is particularly demanding due to the need for ultra-thin wafers, with companies like DISCO leading the market and Chinese companies like Huahai Qingke making breakthroughs [53][54] HBM Materials and Domestic Substitution - HBM manufacturing requires advanced materials such as epoxy molding compounds, packaging substrates, and plating chemicals, with significant opportunities for domestic substitution in China [67][68] - The global packaging materials market is valued at approximately $28 billion, with packaging substrates being the largest segment, dominated by companies like Unimicron and Ibiden [68][72] - Domestic companies like Xingchen Technology and Huahai Chengke are making progress in traditional packaging materials, but still lag in advanced packaging areas like MUF and FOWLP [70][71] Key Domestic Companies in HBM Industry - Xingchen Technology: Focused on packaging substrates, with a growing presence in the domestic market [68][72] - Huahai Chengke: Specializes in epoxy molding compounds, achieving breakthroughs in traditional packaging but still developing in advanced packaging [70][71] - Tongfu Microelectronics: Engaged in HBM packaging and testing, with potential to support domestic storage manufacturers [1][3]