海外电子点评：玻璃基板未来发展大趋势，全球半导体龙头争相布局

Industry Investment Rating - The report assigns an "Overweight" rating to the glass substrate industry, indicating a positive outlook for the sector [1] Core Viewpoints - Glass substrates are emerging as a significant trend in the packaging substrate industry, with global semiconductor leaders actively investing in this technology [1] - Glass substrates offer advantages over traditional organic materials, including better thermal expansion coefficients, higher temperature tolerance, and improved lithography focus depth, allowing for 50% more dies on the same chip area [1] - The technology enables a 10x increase in interconnect density between chips, providing speed and power efficiency benefits for high-power chips in servers and data centers [1] Key Developments by Companies - Intel: Leads in glass substrate R&D with a fully integrated production line in Arizona, costing over $1 billion, and plans to start shipments later this decade, focusing on high-end HPC and AI chips [1] - Samsung: Aims to establish a prototype production line in 2024, targeting mass production by 2026 [1] - AMD: Conducting performance evaluation tests and plans to integrate glass substrates into its HPC products by 2025-2026, collaborating with suppliers like Shinko Electric, Unimicron, Samsung Electro-Mechanics, and AT&S [1] - Apple: Actively exploring glass substrate technology, which could accelerate its maturity and enhance chip performance [1] - DNP: Showcased new glass substrate developments, aiming for mass production of TGV glass substrates by 2027 [1] - Absolics (SK Group): Invested $600 million in a glass substrate factory in Georgia, with a monthly capacity of 4,000 units, and received $75 million from the US government under the CHIPS Act for further expansion [2] Investment Recommendation - The report highlights Ibiden as a key player in the packaging substrate market, with major clients including Intel, NVIDIA, TSMC, AMD, and Samsung, and suggests monitoring its progress in glass substrate R&D [2]