Core Viewpoint - Asahi Kasei's supply adjustments of PSPI materials have significant implications for the global semiconductor industry, highlighting the tension between surging AI computing demands and limited production capacity [1][2]. Group 1: PSPI Material Overview - PSPI (Photosensitive Polyimide) is a high-performance polymer material that combines excellent dielectric properties, mechanical strength, and heat resistance with photosensitivity, playing a crucial role in semiconductor packaging and advanced packaging processes [3][5]. - The global market for PSPI materials is projected to reach USD 402 million in 2024 and USD 802 million by 2030, with major suppliers dominating approximately 95% of the market share [5][9]. Group 2: Domestic Market and Companies - The domestic PSPI market in China is expected to reach RMB 820 million in 2024, driven by the increasing demand for AI computing chips and advanced packaging technologies [9]. - Key domestic players in the PSPI market include Bomi Technology, Dinglong Holdings, Aisen Semiconductor, and Shengquan Group, with various companies actively developing and producing PSPI materials [10][11][12][13]. Group 3: Company Highlights - Bomi Technology has achieved mass production of PSPI materials and is involved in a national key research project for 2.5D/3D packaging technology [10]. - Dinglong Holdings has developed multiple semiconductor packaging materials and is set to begin mass production in 2024 [11]. - Aisen Semiconductor is launching its first domestic positive PSPI product in 2024 and is also working on various other PSPI types [12]. - Shengquan Group has established a pilot line for PSPI and plans to expand production significantly by 2025 [12].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自工商时报 。 特斯拉执行长马斯克（Elon Musk）旗下低轨卫星厂商Space X押宝面板级封装（FOPLP），要求 相关协力厂扩大建置FOPLP产线，以因应其低轨卫星高度整合晶片后续量产需求。据悉，该公司 已与群创签下NRE（委托设计合约），群创有望夺下电源管理晶片大单，并借此力拼FOPLP今年 量产。 群创日前传获恩智浦、意法半导体、英飞凌手机电源管理晶片订单，原规划2024年下半年量产。 惟手机市况不佳，及良率等诸多原因，量产计画告吹。但群创持续投入开发FOPLP，前总经理杨 柱祥2024年底还特别延揽日月光前研发总经理唐和明，担任先进封装产品技术推进处的顾问，全 力冲刺2025年量产。 据悉Space X已要求供应链建置FOPLP产能外，本身也将在马来西亚自建FOPLP产线，基板尺寸 更是目前业界最大的700mmx700mm。 Space X将目标设定在卫星射频晶片、电源管理晶片等进行 共同封装，并透过掌握封装技术，强化卫星系统的垂直整合能力。 身为特斯拉车用面板供应商的群创，也借此机会将双方合作关系延伸至半导体，双方将合作开发类 比晶片，希望 ...

【DT新材料】 获悉，近日，日本 旭化成 向部分客户发出供应调整通知， 拟收 紧其PIMEL系列感光材料供应，此次供应限制主要系AI算力需求快速 增长，导致该公司产能无法及时匹配市场需求所致。 市场更有最新消息称公司 将断供其 液态感光性聚酰亚胺（PSPI）材料（商品名PIMEL）。 鼎龙股份 ，具有 200吨/年显示面板用PSPI，另外 仙桃产业园1000吨PSPI产线投产，PFAS Free PSPI、BPDL产品已完成性能优化、实验线验证阶段，并 送样国内主流面板厂客户G6代线验证。 万润股份 ， OLED用光敏聚酰亚胺（PSPI）已经在下游面板厂实现供应。去年10月， 公司宣布将与京东方材料、德邦科技、业达经发共同出资设立烟台 京东方材料科技有限公司。 八亿时空 表示其 聚酰亚胺（PSPI） 在客户端验证顺利。近日，公司子公司浙江时光新能源有限公司项目环评文件的公示，涉及年产50吨高端光刻胶树脂 (PHS)，200吨光敏聚酰亚胺(PSPI)的生产能力。 PSPI是一种具有光敏性和耐热性双重功能的聚酰亚胺溶液，属于高端聚酰亚胺，是一种在高分子链上兼有亚胺环以及光敏基因的有机材料，在暴露于 光或紫外线时会 ...

Core Insights - Dongguan has launched its first strategic scientist team, achieving significant technological advancements in semiconductor and AI chip development, including the international first TGV 3.0 technology and the world's first low-power AI chip [1][2][4]. Group 1: Technological Innovations - The TGV 3.0 technology has overcome production bottlenecks, achieving sub-10 micron through-hole and a 10:1 aspect ratio, with a through-hole yield of 99.9%, enhancing 3D packaging solutions [4]. - The world's first "energy-aware computing" low-power AI chip operates at only 70mW with a processing power of 512 GOPS, suitable for AIoT and edge computing applications [4]. - The first PLP plasma etching equipment in the country supports large glass substrates and achieves international advanced levels in etching rate and uniformity [4]. - The first fully automated AI-AOI detection equipment offers precision detection at 0.001 microns with an accuracy exceeding 99%, filling a gap in high-end semiconductor testing equipment in China [4]. Group 2: Strategic Development - Dongguan's strategic scientist team, led by Professor Yang Xiaobo, focuses on advanced packaging and low-power AI chips, addressing critical technological challenges in the semiconductor industry [3][4]. - The city aims to transition from "Dongguan manufacturing" to "Dongguan intelligent manufacturing," leveraging its manufacturing base to enhance its technological capabilities [5]. - Dongguan has established a complete industrial chain in semiconductor and integrated circuit sectors, with 257 semiconductor companies and projected industry revenue exceeding 75 billion yuan in 2024 [6]. Group 3: Talent and Policy Support - The local government is optimizing talent policies to attract high-level scientific talent, supporting innovation and entrepreneurship through strategic scientist teams and research initiatives [8][12]. - The Dongguan Integrated Circuit Innovation Center aims to enhance technological innovation capabilities and strengthen the industrial ecosystem, focusing on the transformation of scientific achievements into industrial applications [8][12]. - The collaboration between research teams, the innovation center, and local government is noted for its efficiency and responsiveness, fostering a supportive environment for startups [11].

Core Insights - Global semiconductor capital expenditure (CapEx) is projected to decrease by 7% quarter-on-quarter in Q1 2025 but increase by 27% year-on-year, driven by investments in advanced logic, high-bandwidth memory (HBM), and advanced packaging technologies supporting AI applications [1] - Memory-related capital expenditure has surged by 57% year-on-year, while non-memory spending has grown by 15% during the same period [1] - Wafer fab equipment (WFE) spending is expected to rise by 19% year-on-year in Q1 2025, with a further 12% increase anticipated in Q2, fueled by significant investments in advanced logic and memory production to meet growing AI demands [1] - Test equipment spending has increased by 56% year-on-year in Q1, with a forecasted growth of 53% in Q2, driven by demand for AI and HBM chips [1] - Global wafer fab capacity is expected to exceed 42.5 million 300mm equivalent wafers per quarter in Q1 2025, reflecting a 2% quarter-on-quarter and 7% year-on-year growth [1] China Wafer Capacity Growth - China remains the leading region for wafer capacity expansion, although growth momentum is expected to slow in the coming quarters [2] - Japan and Taiwan are experiencing the fastest quarterly capacity growth, driven by significant investments in power semiconductors and the expansion of advanced foundries [2] Major Chip Manufacturers Increasing CapEx - TSMC has reaffirmed its annual capital expenditure target for 2025 at $38 billion to $42 billion, which aligns with market expectations and represents a historical high, with a midpoint of $40 billion [3] - TSMC's Q1 2025 capital expenditure was $10.06 billion, slightly lower than the previous quarter's $11.23 billion [3] - Approximately 70% of TSMC's 2025 capital expenditure will be allocated to advanced process technologies, with 10% to 20% for special technologies, and another 10% to 20% for advanced packaging, testing, and photomask production [3] - SMIC plans to invest $7 billion in capital expenditure in 2025, reflecting domestic demand growth and efforts to advance chip manufacturing technology following U.S. sanctions against TSMC supplying chips to Huawei [3]

Group 1: Core Insights - The semiconductor industry is transitioning into the "post-Moore era," leading to a shift in technological innovation towards advanced packaging technologies, which are crucial for the development of AI, HPC, and 5G [1][7] - The demand for advanced packaging technologies, such as CoWoS, is surging due to the rapid penetration of domestic AI chips in large model training and terminal applications [1][5] Group 2: Advanced Packaging Technology Overview - Advanced packaging technology plays a critical role in semiconductor manufacturing, providing electrical interconnection, mechanical support, and thermal management [2] - The evolution of packaging technology has seen significant changes from through-hole mounting to surface mount technology, and now to advanced packaging techniques like BGA, CSP, and 2.5D/3D packaging [3][4] Group 3: Market Demand and Applications - Advanced packaging is increasingly applied in high-end fields such as AI, HPC, and 5G, with its market share in the overall packaging and testing market continuously rising [5] - The need for advanced packaging is particularly high in AI chips due to the demands for high performance and efficiency, driven by large model training and inference [6] Group 4: Domestic Equipment Development - The domestic semiconductor industry is making significant strides in the development of advanced packaging equipment, driven by the increasing adoption of technologies like CoWoS [8] - Companies like Huazhuo Precision and Pulaixin Intelligent are leading the way in developing high-end equipment for HBM chip manufacturing and CoWoS technology, respectively [9][11] Group 5: Future Prospects - The advanced packaging market is expected to experience explosive growth as the challenges in advanced process technology increase [7] - The advancements in domestic equipment and technology are likely to enhance the competitiveness of the domestic semiconductor industry in the global market [8][10]

Group 1 - Foxconn announced a €250 million investment in Europe, focusing on semiconductor advanced packaging and satellite manufacturing [1] - The investment includes a joint venture with Thales SA and Radiall SA in France for OSAT, marking the establishment of Europe's first FOWLP advanced packaging testing facility [1] - The initial sales will target the European market, serving industries such as automotive, space technology, 6G mobile communication, and defense [1] Group 2 - The collaboration with Thales aims to develop high-quality, high-value satellite mass production capabilities, supporting future large-scale satellite constellation projects [2] - Foxconn has demonstrated its commitment to the satellite communication industry through partnerships and the development of various satellite-related technologies [2] - The company envisions low Earth orbit satellites becoming a crucial component of 5G or 6G communication in the next 10 to 15 years, with plans to standardize and industrialize production processes [2]

Group 1 - The company is involved in the research, production, and sales of electronic chemicals, with a focus on electroplating solutions and photoresists, which are critical in semiconductor manufacturing and packaging processes [5][9][10] - The company has launched several advanced packaging photoresists and supporting reagent products, indicating a strong market opportunity in the advanced packaging sector [2][3] - The company has achieved significant growth in its advanced packaging segment, with revenue from this area increasing, although the growth rate is lower than the overall revenue growth due to increased R&D investments [7][8] Group 2 - The company faces core competitiveness risks as it competes with domestic and international firms in the high-end market, necessitating continuous technological updates and product development to maintain market share [2][3] - The company has experienced negative operating cash flow, primarily due to the reliance on bill settlements from downstream customers, which may pressure operational management if this trend continues [4][8] - The company’s financial performance shows a 20.04% increase in revenue to approximately 432.19 million yuan, while net profit attributable to shareholders increased by 2.51% to approximately 33.48 million yuan [6][7] Group 3 - The company has a strong market presence in the electronic chemicals sector, particularly in traditional packaging, but faces risks from limited growth potential in niche markets [5][9] - The company has successfully developed and certified several self-researched photoresist products, although full replacement of existing products in downstream clients has not yet been achieved [3][10] - The company’s R&D expenditure has increased significantly, accounting for 10.62% of revenue, reflecting its commitment to innovation and product development [7][11] Group 4 - The company has effectively managed its fundraising, with a total of approximately 617.59 million yuan raised from its IPO, and has utilized a portion of the funds for cash management and investments in structured deposits [12][13] - The company has maintained compliance with regulations regarding the use of raised funds, ensuring that there are no violations or misuses of the funds [13][14] - The company’s core competitiveness remains stable, with ongoing advancements in technology and product offerings in the semiconductor materials sector [11]

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) to discuss various proposals, including profit distribution, financial reports, and compensation plans for directors and supervisors, ensuring compliance with relevant laws and regulations [1][2][3]. Group 1: Meeting Procedures - The AGM will only allow attendance from shareholders, their proxies, company directors, supervisors, senior management, and invited legal representatives to maintain order and protect shareholder rights [1][2]. - Shareholders must sign in 30 minutes before the meeting and present necessary identification to receive meeting materials [2]. - The meeting will follow a predetermined agenda for reviewing and voting on proposals, with shareholders having the right to speak and ask questions [2][3]. Group 2: Proposals for Review - Proposal 1 involves the approval of the 2024 Annual Report and its summary, which has been prepared in accordance with legal requirements [5][6]. - Proposal 2 pertains to the 2024 Board of Directors' Work Report, emphasizing the board's diligence in promoting the company's stable development [7]. - Proposal 3 focuses on the 2024 Supervisory Board's Work Report, highlighting the board's commitment to safeguarding shareholder interests [8][9]. - Proposal 4 addresses the 2024 Financial Settlement Report, which has been audited and is intended to provide shareholders with a comprehensive understanding of the company's financial status [10]. Group 3: Profit Distribution and Capital Increase - Proposal 5 outlines the profit distribution plan for 2024, proposing a cash dividend of 5.50 yuan per 10 shares and a capital increase of 4.90 shares for every 10 shares held, based on a net profit of approximately 1.02 billion yuan [11][12]. - The total share capital will increase to approximately 352.47 million shares after the proposed distribution [11]. Group 4: Related Party Transactions - Proposal 6 discusses the confirmation of 2024 related party transactions and the expected transactions for 2025, which are necessary for the company's operations [13][14]. - The proposal includes details on the expected amounts and categories of transactions with related parties, ensuring compliance with market pricing principles [15][16]. Group 5: Compensation Plans - Proposal 7 addresses the confirmation of director compensation for 2024 and the proposed compensation plan for 2025, with non-independent directors receiving salaries based on their actual roles [24]. - Proposal 8 focuses on the compensation for supervisors, similar to the directors' compensation structure [25]. Group 6: Risk Management - Proposal 9 involves purchasing Directors, Supervisors, and Senior Management Liability Insurance to enhance the company's risk management framework [26][27].

Group 1: Business Performance - In 2024, the revenue from self-owned brands was CNY 348.40 million, a decrease of 20.06% year-on-year, while the revenue from testing services was CNY 353.02 million, an increase of 21.13% year-on-year [2] - The company’s annual production capacity exceeds 15 billion semiconductor units, with a stable capacity utilization rate compared to the previous year [3] - The company experienced a decline in both revenue and net profit in 2024 due to factors such as the global semiconductor market cycle, weak consumer electronics demand, and rising raw material and labor costs [6] Group 2: Strategic Focus and Future Plans - The company plans to deepen its core business and enhance IC product process R&D capabilities, actively expanding its customer base in industrial, automotive, and new energy markets [2] - Future capacity expansion will be based on market demand recovery and completed fundraising projects [3] - The company aims to enhance its competitiveness by increasing R&D investment in automotive-grade products and expanding its market share in the automotive electronics sector [4] Group 3: Technology and Innovation - The company has implemented smart manufacturing systems (MES, ERP, APS) to improve production efficiency and product quality [3] - Advanced packaging technologies such as ultra-thin chip packaging and system-in-package (SiP) are being developed, although their current application ratio is low [5] - The company is focusing on R&D in emerging fields such as wide-bandgap power semiconductor devices and plans to launch competitive new products [5] Group 4: Investor Relations and Market Confidence - The management emphasizes the importance of maintaining investor confidence through proactive communication and engagement strategies [3] - The company is committed to optimizing its capital structure and financing plans to maximize shareholder value [5] - The company recognizes the need to continuously improve product structure and operational efficiency to address competitive pressures [6]