Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading domestic solid-state laser manufacturer, expanding its product spectrum to unlock significant growth potential [10]. - The demand for laser micro-machining is driven by WLG optical innovations and advanced packaging, with sustained high growth in niche markets [2]. - The supply side is characterized by a high-barrier market structure, with accelerated domestic substitution processes [3]. Financial Summary - Revenue projections show a growth trajectory from 368 million yuan in 2023 to 903 million yuan by 2027, with a compound annual growth rate (CAGR) of 28.9% [1]. - The net profit is expected to turn from a loss of 4 million yuan in 2023 to a profit of 131 million yuan by 2027, reflecting a significant recovery [1]. - The company's return on equity (ROE) is projected to improve from -0.5% in 2023 to 10.6% in 2027 [1]. Demand Side Analysis - The solid-state laser market is experiencing continuous high growth due to its applications in precision micro-machining, particularly in the semiconductor sector [2]. - WLG technology is a critical innovation in the optical field, enhancing laser processing demand in consumer electronics and advanced packaging [2]. - The semiconductor capital expenditure is expected to rise, driven by AI demand, positioning advanced packaging as a new engine for laser processing demand [2]. Supply Side Analysis - The domestic laser industry is evolving towards high power, high precision, and intelligent manufacturing, with solid-state lasers playing a crucial role in micro-machining [3]. - The domestic supply chain is growing, accelerating the process of localization and substitution in the laser market [3]. Profitability Forecast and Investment Recommendations - The company is expected to achieve net profits of 51 million yuan, 80 million yuan, and 131 million yuan from 2025 to 2027, with corresponding earnings per share (EPS) of 0.34 yuan, 0.52 yuan, and 0.86 yuan [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 86.5x in 2025 to 34.0x in 2027, indicating an attractive valuation as earnings grow [1].

Investment Rating - The report does not explicitly provide an investment rating for the advanced packaging equipment industry. Core Insights - The advanced packaging technology aims to enhance chip performance, increase functional integration, reduce product size, and improve thermal management capabilities, driven by the demand for high-performance electronic products. The key to achieving these advanced packaging technologies lies in advanced packaging equipment [2]. - The future of the IC packaging equipment market is expected to grow significantly as advanced packaging becomes a core and cost-effective path to surpass Moore's Law, leading to an increase in the sales proportion of packaging equipment [5][26]. Summary by Sections Semiconductor Packaging Equipment Industry Overview - Traditional packaging focuses on low cost and simple structures, while advanced packaging meets the demands of high-performance computing, 5G, and AI through high-density interconnects and heterogeneous integration [16]. - The global semiconductor manufacturing equipment sales are projected to grow from $106.3 billion in 2023 to $117.1 billion in 2024, with packaging equipment sales expected to increase significantly due to the rising complexity and demand for AI chips [21][22]. Required Semiconductor Equipment for Packaging Processes - Advanced packaging introduces new applications such as wafer thinning, RDL (Redistribution Layer) production, bump production, and TSV (Through-Silicon Via) production, necessitating both existing back-end packaging equipment and new front-end equipment [9][27]. - The traditional back-end packaging equipment must undergo technological upgrades to meet the requirements of smaller sizes, higher integration, and more complex structures [32]. Advanced Packaging Equipment Analysis - The report highlights the need for various traditional back-end devices, including thinning machines, dicing machines, bonding machines, and molding machines, which must adapt to advanced packaging requirements [35][45]. - The global thinning machine market is dominated by Japanese companies, with a concentration ratio of approximately 85%, while domestic companies are also emerging in this space [40][44]. Traditional Back-End Equipment Upgrades and Manufacturers - Traditional back-end packaging equipment requires upgrades in precision, material compatibility, process control, and automation to meet the demands of advanced packaging technologies [32]. - Key domestic suppliers for thinning machines include Huahai Qingke, Jing Sheng Machinery, and China Electronics Technology Group, among others [32].

Core Viewpoint - IBM has formed a significant alliance with Deca Technologies in the semiconductor packaging sector, allowing IBM to enter the advanced fan-out wafer-level packaging (FOWLP) market [1][2]. Group 1: IBM and Deca Technologies Collaboration - IBM plans to establish a new high-volume production line at its existing packaging facility in Bromont, Quebec, to produce advanced packaging based on Deca's M series fan-out interconnect technology (MFIT) [1]. - The MFIT technology enables the integration of complex multi-chip packages, particularly for AI and memory-intensive computing applications [2][12]. - The collaboration aims to expand IBM's packaging capabilities and provide North American customers with new fan-out production options [2][9]. Group 2: Background on IBM's Semiconductor History - IBM has a long history in the semiconductor industry, dating back to its founding in 1911, and has made significant contributions, including the invention of DRAM in 1966 [4][5]. - The company entered the commercial semiconductor market in 1993, manufacturing and selling ASICs, processors, and other chips [5]. - In the 2010s, IBM's microelectronics division faced challenges, leading to the sale of its semiconductor business to GlobalFoundries in 2014 [6][8]. Group 3: Current Semiconductor and Packaging Efforts - IBM continues to design processors and chips but relies on foundries for production, with a significant semiconductor R&D center in New York [8]. - The Bromont facility is the largest outsourced semiconductor packaging and testing (OSAT) facility in North America, providing flip-chip packaging and testing services [8]. - IBM is also collaborating with Rapidus to develop 2nm processes based on IBM's nanosheet transistor technology [8]. Group 4: Fan-Out Wafer-Level Packaging (FOWLP) - FOWLP is an advanced packaging technology that integrates complex chips into a small package, enhancing chip performance [1][10]. - The technology gained prominence in 2016 when Apple used TSMC's fan-out packaging in its iPhone 7 [10]. - FOWLP allows for the integration of multiple chips and components, offering a compact solution with numerous I/O interfaces [10][12]. Group 5: Future Developments and Contracts - IBM and SkyWater are developing fan-out packaging capabilities based on Deca's technology, with SkyWater having secured a $120 million contract with the U.S. Department of Defense [11]. - Deca is also advancing its M series technology, which includes the MFIT version, enabling high-density integration of memory and processors [12].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自经济日报 。 半导体业界流传日本化工巨头旭化成（Asahi KASEI）对客户发出的通知，提到因该公司产能无法 跟上市场需求，将对部分客户断供先进封装关键耗材感光型聚醯亚胺（PSPI），业界忧心恐导致 AI断链危机一触即发。 业界指出，目前没有任何材料能全面替代PSPI在所有先进封装制程中的性能，考量先进封装是AI 芯片生产关键技术，若缺少PSPI导致先进封装产能供给受限，不仅牵动台积电（2330）、日月光 投控、群创等业者先进封装业务接单，进而冲击全球AI产业发展。业界分析，旭化成是全球PSPI 数一数二关键供应商，以封装材料来说，旭化成和HD（杜邦与日立合资公司）居前两大，一旦供 货不足，牵动整个半导体生态。 根据业界人士转述，此次旭化成拟对部分客户断供其PIMEL系列感光材料供应，即PSPI相关产 品，主因AI高速发展，使得算力需求快速增长，对先进封装需求暴增，同步带动PSPI需求劲扬， 该公司产能无法及时跟上市场需求。 业界人士说，旭化成的PSPI材料，在半导体封装领域具有关键应用价值，并广获半导体指标厂采 用，主要用于元件表面保护层、凸块钝化层 ...

半导体业界流传日本化工巨头旭化成（Asahi KASEI）对客户发出的通知，提到因该公司产能无法跟上 市场需求，将对部分客户断供先进封装关键耗材感光型聚醯亚胺（PSPI），业界忧心恐导致AI断链危 机一触即发。 先进封装爆红，三星、英特尔、日月光投控、群创等大厂也积极抢进，进一步消耗PSPI产能。随着旭化 成对部份客户断供，业界忧心AI断链危机一触即发。 对于相关消息，至昨（26）日截稿前，台积电未回应。业界分析，台积电是全球晶圆代工龙头，应会获 得旭化成优先供货，研判对台积电影响不大。不过，对正积极强化先进封装能量日月光投控而言，旭化 成PSPI供货不顺，可能会打乱原先集团布局规划。惟日月光投控对此不予回应。 日月光投控内部规划，目标2025年CoWoS先进封装月产可达1万片，力拚今年相关业绩倍增至10亿美元 以上。 业界人士说，旭化成的PSPI材料，在半导体封装领域具有关键应用价值，并广获半导体指标厂采用，主 要用于元件表面保护层、凸块钝化层及RDL绝缘层，在晶圆级封装（WLP）制程中，晶圆表面钝化层 及RDL重布线层介质制造需依赖光敏绝缘材料，由于PSPI的独特优点在于兼具光敏特性与绝缘性能，可 显著简 ...

Summary of Conference Call for Aisen Co., Ltd. Industry Overview - The focus for investment this year (2025) is on self-sufficiency, particularly in the equipment and materials sectors, with domestic companies actively replacing foreign products [2][3] - The advanced packaging sector is trending towards higher integration and heterogeneous integration, with 2.5D and 3D packaging becoming key directions for GPU and AI chip development [2][4] Company Insights - Aisen Co., Ltd. has launched mass production of its positive DNQ series photoresist products, with a high market share expectation, while the negative acrylic series holds about a low double-digit percentage [2][6] - The company is conducting chemical amplification RDL photoresist tests, with client validation expected in the second half of the year, aiming for a comprehensive product layout [2][6] - Aisen's positive DNQ and negative acrylic series have gained market share in the domestic advanced packaging sector, which primarily uses JSR's post-film revival photoresist [2][7] Market Dynamics - The HBM memory market is currently dominated by international giants, but domestic companies are gradually entering this space [2][7] - Due to international political factors, the supply of HPV3 and subsequent products is limited, necessitating independent development of related technologies in China [2][8] - The TSV (Through-Silicon Via) technology is crucial in HBM structures, and Aisen is developing TSV photoresist and high-speed copper plating products [2][9] Product Development and Strategy - Aisen is focusing on developing new PSPI materials to meet the diverse needs of advanced packaging, with plans to become a leading supplier in this area within two to three years [2][4][14] - The company has established a strategic partnership with Shenghe Jingwei, focusing on electroplating and photoresist products, with significant sales growth expected [2][26] - Aisen's business performance in the advanced packaging sector is projected to grow rapidly, with a target of achieving significant sales in the wafer and advanced packaging fields [2][14][31] Challenges and Opportunities - The ongoing trade tariff war has increased material procurement costs for several packaging and testing companies, prompting a shift towards domestic materials [2][33] - The domestic PSPI market is still in its infancy, with a market size of approximately 1.5 billion RMB, and Aisen is working to increase its market share through product development and client validation [2][17][22] - The company is addressing supply chain challenges by developing multiple alternative solutions to mitigate reliance on single products [2][19] Future Outlook - Aisen anticipates structural growth driven by increasing demand from domestic clients, particularly in the HBM sector, and plans to expand its product offerings to meet market needs [2][28] - The company aims to enhance its domestic replacement rate and market share through improved risk control and technology advancements [2][25]

华尔街见闻从供应链权威渠道获悉，由于台积电（TSMC）封测产能扩张，日本旭化成全力供应低温PI （PSPI）材料给台积电，导致这种材料的全球供应链条紧绷，旭化成因而限供中国封测公司，致使中国 封测公司转向求购国内低温PI材料供应商同类产品。由此，国产供应商"意外"承接泼天富贵。先进封装 是低温PSPI材料的主要应用场景之一。（作者 周源） ...

Core Viewpoint - Heterogeneous integration presents significant opportunities for performance enhancement and power reduction in semiconductor packaging, but it also introduces complex challenges such as chip misalignment, warpage, and CTE mismatch [1][2]. Group 1: Heterogeneous Integration - Heterogeneous integration allows for the combination of various components with different manufacturing processes into a single package, potentially offering cost-effectiveness and higher yield compared to integrating similar components on a single silicon die [1]. - The integration of devices into a single package can improve performance and reduce overall circuit footprint, although it poses substantial challenges in aligning different components on a single substrate [1]. Group 2: Interconnect and Mediator Layers - Most heterogeneous components utilize some form of mediator layer to connect circuit components, with the choice of materials influenced by the required interconnect and power density [3]. - Managing the thermal expansion coefficient (CTE) differences between silicon devices and copper-based system-level wiring is a fundamental challenge in the design of these mediator layers [3][4]. Group 3: Challenges in Packaging - The process of aligning chips and managing warpage is particularly challenging in panel-level packaging, where the thermal expansion characteristics of materials can lead to misalignment during the assembly process [6][7]. - Once the packaging materials harden, any chip misalignment becomes "frozen," complicating detection and correction of alignment issues [7]. Group 4: Power Devices and Packaging - Packaging is a critical differentiator for power devices, which require low-loss, low-noise, and excellent thermal characteristics [8]. - The degradation of epoxy-based molding compounds due to thermal and electrical fields can lead to brittleness and moisture ingress, necessitating careful consideration of packaging materials [9]. Group 5: Collaborative Design and Optimization - The integration of heterogeneous packaging blurs the lines between on-chip and off-chip environments, emphasizing the need for co-optimization of packaging design and component devices [9]. - Standardized interfaces like UCIe are a good starting point, but thorough simulation of proposed designs remains essential for effective integration [9].

Report's Industry Investment Rating - No information provided regarding the industry investment rating. Report's Core View - The mask industry will develop towards high precision, multi - layer, localization, and application diversification in the next few years. It is less affected by the downstream industry cycle, with the average price of mask showing a stable - to - rising trend. The company, as a local mask manufacturer, has significant advantages in delivery, service, and response speed, and downstream customers have a strong willingness for domestic substitution. The diversification of downstream applications and technological evolution will drive the industry into a high - prosperity cycle [26][28]. Summary According to Related Catalogs 01. Research Basic Situation - The research object is Luwei Optoelectronics, belonging to the optoelectronics and photonics industry. The reception time is May 22, 2025, and the listed company's reception staff includes the chairman, president, directors, financial supervisor, and independent director [17]. 02. Detailed Research Institutions - The reception objects include investors and others [20]. 03. Research Institution Proportion - No information provided. 04. Main Content Data - **Semiconductor Business Progress**: Luxin Semiconductor plans to send samples of 90 - 100nm semiconductor masks in the first half of 2025 and trial - produce 40nm semiconductor masks in the second half. It will contribute revenue in 2025 and may promote the 28nm project from 2026 - 2027 [24]. - **Gross Margin Impact**: As the proportion of semiconductor masks in the revenue structure increases, it will have a positive impact on the company's overall gross margin [24]. - **Future Revenue Outlook**: The company will follow the national development strategy, increase investment and R & D, and implement the "screen - driven - chip" strategy for dual - wheel drive development of two product lines [24]. - **Domestic Flat - Panel Mask Market**: The domestic flat - panel photomask market space is expected to be close to 1 billion RMB in the next 3 - 5 years. The current localization rate is about 20%, and the situation of industry scale improvement and domestic substitution can support domestic manufacturers' expansion [25]. - **Mask Replacement and Attribute**: Mask replacement depends on downstream product diversity, usage frequency, process requirements, and technology iteration. Masks are consumable - like molds [25]. - **Industry Development Prospect**: The mask industry is closely related to downstream industries. It is less affected by the downstream cycle, with a stable - to - rising average price. The company has local advantages, and downstream customers have a strong willingness for domestic substitution. Downstream applications and technological evolution drive the industry into a high - prosperity cycle [26][28]. - **Profit Growth Drivers**: Multiple expansion projects are advancing steadily, including the "High - Precision Semiconductor Mask and Large - Size Flat - Panel Display Mask Expansion" project, the Luxin Semiconductor project, and the "Xiamen Luwei Optoelectronics High - Generation High - Precision Photomask Production Base Project", which will expand production capacity and enhance the company's competitiveness [29]. - **Financial Performance**: In 2024, the company's revenue was 875.5487 million yuan, a year - on - year increase of 30.21%. The net profit attributable to the parent was 190.8622 million yuan, a year - on - year increase of 28.27%. In the first quarter of 2025, the revenue was 260.08 million yuan, a year - on - year increase of 47%. The net profit attributable to shareholders of the listed company increased by 20% year - on - year, and the growth rate would be higher than the revenue growth rate if the exchange gain or loss was excluded [30][32].

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on current valuations and expected demand recovery [1]. Core Insights - The basic chemical industry showed a year-on-year recovery in profitability in Q1 2025, with revenue and net profit increasing by 5.58% and 13.33%, respectively [4][45]. - The oil and petrochemical sector's performance remains stable despite short-term fluctuations in oil prices, with a slight decline in revenue and net profit [27][33]. - The report highlights that the construction projects in the basic chemical sector experienced a negative growth for the first time in five years, indicating potential challenges ahead [20]. Summary by Sections Industry Overview - In Q1 2025, the basic chemical industry achieved total revenue of 534.57 billion yuan and a net profit of 34.26 billion yuan, marking the first year-on-year growth in nearly three years [4][5]. - The oil and petrochemical sector reported total revenue of 1,931.83 billion yuan, a decrease of 6.78% year-on-year, with net profit declining by 6.35% [27][30]. Profitability Metrics - The basic chemical industry's gross margin and net margin improved to 16.91% and 6.63%, respectively, with a return on equity (ROE) of 1.85% [11][45]. - The oil and petrochemical sector maintained a gross margin of 19.19% and a net margin of 5.74%, with a slight decrease in ROE to 2.82% [33][38]. Sub-industry Performance - Among 33 sub-industries in the basic chemical sector, 22 reported revenue growth, with significant increases in other chemical raw materials (+29.08%) and compound fertilizers (+25.84%) [4][10]. - The oilfield services segment within the oil and petrochemical sector saw a robust net profit growth of 29.82% [27][31]. Construction and Investment Trends - The basic chemical sector's construction projects totaled 363.16 billion yuan, reflecting a 6.04% year-on-year decrease, the first negative growth in five years [20][23]. - The oil and petrochemical sector's construction projects increased by 8.23% to 582.72 billion yuan, indicating ongoing investment despite revenue declines [40][41]. Market Valuation - As of May 11, 2025, the price-to-earnings (P/E) ratio for the basic chemical sector was 21.92, and for the oil and petrochemical sector, it was 10.58, both indicating low historical valuations [1][23].