国泰海通｜电子：CoWoP有望商用，PCB工艺及设备随之升级

Core Viewpoint - The CoWoP technology is expected to gradually commercialize, significantly boosting the demand for ultra-fine line SLP substrates. Leading companies with advanced SLP processes will benefit deeply, while also driving upgrades in upstream equipment [1][2]. Group 1: CoWoP Technology - CoWoP (Chip on Wafer on PCB) integrates multiple chips directly onto a PCB without the intermediate IC substrate, improving electrical performance by shortening interconnect paths and reducing signal loss and delay [2]. - The advantages of CoWoP include reduced packaging thickness and area, as well as enhanced heat dissipation, necessitating a lower thermal expansion coefficient for PCBs to avoid warping issues [2]. Group 2: SLP Substrates - SLP substrates are positioned between HDI boards and IC substrates in terms of specifications and performance, with current mainstream line width/spacing reaching 20/35 microns, and potential improvements to 10/10 microns in the future [3]. - The performance of SLP substrates is expected to improve significantly as CoWoP technology penetrates the market, making SLP performance closer to that of IC substrates [3]. Group 3: Manufacturing Process - The SLP manufacturing process relies heavily on the Modified Semi-Additive Process (mSAP), which requires high precision in graphic transfer and plating, utilizing a thin and uniform seed copper layer [4]. - The mSAP process demands advanced laser direct imaging (LDI) equipment and high-resolution photolithography to achieve fine lines, indicating a rising requirement for upstream laser writing and drilling equipment [4].