Investment Rating - The report initiates coverage on Disco Corporation with a "Buy" rating and sets a target price of 79,000 JPY, corresponding to a 48x FY26E PE [1]. Core Insights - Disco Corporation is a leading player in the global semiconductor wafer cutting and thinning equipment market, maintaining a market share of 70%-80%. The company has built a comprehensive product lineup around its core technologies of "cutting, grinding, and polishing," and continues to demonstrate industry-leading profitability through its integrated business model of "equipment + consumables + services" [1][15]. - The upgrade of AI chips is expected to drive rapid growth in demand for high-end thinning and polishing equipment. The transition to HBM4/4E and 3nm processes will necessitate thinner wafers (<30µm), with Disco's unique dry polishing technology poised to secure a significant market share in the HBM4 era [2][16]. - Disco's integrated business model, which includes high-margin consumables (approximately 25% of revenue), allows for consistent revenue generation and smooths out cyclical fluctuations. The company maintains a gross margin of 69%-70% due to increased consumable density driven by higher material hardness and precision requirements [3][17]. Summary by Sections Industry Overview - The global AI chip market is entering a new cycle, with significant capital expenditure growth expected from major storage companies, projected to increase by 17% in 2026. The DRAM market is anticipated to see an 85% increase in value, surpassing 300 billion USD [2][16]. Financial Projections - The report forecasts Disco's net profit for FY2025, FY2026, and FY2027 to be 127.8 billion JPY, 178.5 billion JPY, and 212.3 billion JPY, respectively, reflecting year-on-year growth of 3.1%, 39.7%, and 18.9%. The corresponding EPS is projected to be 1,178 JPY, 1,646 JPY, and 1,957 JPY [5][15]. Competitive Positioning - Disco's unique "razor and blades" business model, characterized by high-margin consumables, positions the company favorably against pure equipment manufacturers. The deep integration with clients during the R&D phase enhances pricing power and customer loyalty [3][17]. - The report highlights a divergence from market sentiment, suggesting that concerns over power semiconductors negatively impacting performance underestimate the demand for high-end equipment driven by AI chip performance upgrades [4][18]. Valuation Analysis - The report values Disco at 48x FY26E PE, considering its monopolistic position in HBM and advanced packaging sectors, as well as its superior gross margin structure compared to peers [5][19].

国内市场综述 缩量震荡 小幅收涨 周二（1 月 27 日）大盘缩量震荡，小幅收涨。截至收 盘，上证综指收于 4139.9 点，上涨 0.18%；深成指收 于 14329.91 点，上涨 0.09%；科创 50 上涨 1.51%；创 业板指上涨 0.71%，万得全 A 成交额共 29215 亿元， 较前一日略有上升。 行业方面，30 个中信一级行业有 7 个上涨，其中国防 军工、电子及通信涨幅居前，而煤炭、农林牧渔及综 合金融则跌幅较大。概念方面，培育钻石、超硬材料 及先进封装等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，道指跌 0.83% 周二（1 月 27 日），美国三大股指收盘涨跌不一，道 指跌 0.83%，标普 500 指数涨 0.41%，纳指涨 0.91%。 万得美国科技七巨头指数涨 1.11%，亚马逊、微软涨 超 2%，苹果、英伟达涨超 1%。纳斯达克中国金龙指数 收涨 0.48%，虎牙涨超 19%，金山云涨超 8%。 新闻精要 1. 英国首相斯塔默将访华 中方介绍有关安排及期待 2. 我国将制定《新就业形态劳动者基本权益保障办法》 3. 中国科学院大学星际航行学院成立 4. 中国首个万 ...

每经AI快讯，1月28日，先进封装指数涨逾2%。成分股中，气派科技涨停，富满微涨超13%，康强电子 涨超6%，金海通、华天科技等涨超4%。 （文章来源：每日经济新闻） ...

Market Overview - The A-share market opened with all three major indices rising: Shanghai Composite Index up 0.25%, Shenzhen Component Index up 0.29%, and ChiNext Index up 0.51% [2][3] - The Hang Seng Index opened up 0.73%, with the Hang Seng Tech Index rising 0.56% [5][6] Precious Metals Sector - The precious metals sector continued to strengthen, with China Gold and Hunan Gold hitting the daily limit [1][3] - Other companies in the sector, such as Zhaojin Mining, Yuguang Gold Lead, Sichuan Gold, and Chifeng Jilong Gold, also opened higher [1] Semiconductor and Computing Power Hardware - Semiconductor stocks showed strong performance, with companies like Qitai Technology, Zhongwei Semiconductor, and Guomin Technology rising over 10% [1] - The computing power leasing concept gained traction, with Meili Cloud hitting the daily limit and companies like Wangsu Science and Technology and Qingyun Technology rising over 10% [1] Company-Specific Developments - Zhenlei Technology opened 3.8% higher, projecting a net profit increase of 530%-642% year-on-year for 2025, capitalizing on opportunities in the satellite communication market [3] - Gaomeng New Materials opened 12.44% lower, Yichang Technology opened 6.17% lower, and Dongcai Technology opened 5.88% lower due to the investigation of their actual controller [3][4]

Core Insights - Dinglong Co., Ltd. plans to acquire 70% of Shenzhen Haofei New Materials Co., Ltd. for 630 million yuan to strengthen its position in the new energy materials sector, specifically in the lithium battery materials industry [1][2] - The company anticipates a net profit of approximately 700 million to 730 million yuan for 2025, representing a year-on-year growth of about 34.44% to 40.20% [1][3] Group 1: Acquisition Details - The acquisition aims to enhance Dinglong's competitiveness and business layout in the new energy materials sector, particularly in lithium battery materials [2] - Haofei New Materials is recognized as a leading supplier of lithium battery process materials, holding a significant market share in its sector [2] - The total valuation of Haofei New Materials is set at 900 million yuan, indicating a strategic investment in a key player within the supply chain of the battery industry [2] Group 2: R&D Focus for 2026 - Dinglong's R&D efforts in 2026 will concentrate on three main areas: deepening CMP-related material development, advancing the industrialization of high-end wafer photoresists and semiconductor packaging materials, and continuing the development of new semiconductor display materials [4] - The company aims to enhance its product offerings in CMP polishing liquids and accelerate the validation and market expansion of high-end materials [4] - The focus on these areas is expected to align with the growing demand in the semiconductor and display industries, leveraging the company's existing technological advantages [3][4]

Core Viewpoint - Advanced packaging is emerging as a new engine for computing power in the "post-Moore's Law" era, addressing the limitations of traditional chip performance improvements through innovative bonding technologies [4][5]. Group 1: Hybrid Bonding Overview - Hybrid bonding is an advanced packaging technology that combines dielectric bonding and metal interconnects, allowing for high-density, high-performance 3D integration [8][19]. - The development of hybrid bonding has evolved through various stages, from wire bonding to flip chip, and now to hybrid bonding, which enables ultra-fine pitch stacking and packaging [10][11]. - Hybrid bonding can be categorized into wafer-to-wafer (W2W) and chip-to-wafer (C2W) processes, with C2W offering higher flexibility and lower defect rates for smaller chips [14][16]. Group 2: Advantages and Challenges of Hybrid Bonding - The technology allows for extreme interconnect density and performance breakthroughs, achieving interconnect pitches below 1 μm, significantly enhancing data transfer bandwidth [23]. - Hybrid bonding is compatible with existing wafer-level manufacturing processes and can be integrated with TSV and micro-bump technologies, providing cost optimization potential [24]. - Challenges include yield issues, surface smoothness requirements, cleanliness standards, and complex testing processes that need to be addressed for successful mass production [26]. Group 3: Market Demand and Future Prospects - Major HBM manufacturers, including Samsung, Micron, and SK Hynix, have committed to adopting hybrid bonding technology for HBM5, which aims to meet the extreme demands of AI and high-performance computing [28]. - TSMC's SolC technology, which utilizes hybrid bonding, is expected to double its production by 2026, highlighting the growing adoption of this technology [29][30]. - The global market for hybrid bonding equipment is projected to exceed $600 million by 2030, with significant growth anticipated in the Asia-Pacific region [37]. Group 4: Competitive Landscape - The hybrid bonding equipment market is dominated by international players such as BESI, EV Group, and SUSS MicroTec, with BESI holding a market share of 67% in 2023 [44]. - The competitive landscape is evolving, with Chinese companies like Piotech entering the market, indicating advancements in domestic semiconductor equipment capabilities [42].

核心观点 金融工程日报 市场表现：20260127 规模指数中中证 500 指数表现较好，板块指数中科创 100 指数表现较好，风格指数中中证 500 成长指数表现较好。国防军工、电 子、通信、传媒、机械行业表现较好，煤炭、农林牧渔、综合金融、钢铁、 医药行业表现较差。培育钻石、超硬材料、先进封装、光芯片、存储器等概 念表现较好，锂电电解液、六氟磷酸锂、动物疫苗、锂电隔膜、珠宝等概念 表现较差。 市场情绪：20260127 收盘时有 59 只股票涨停，有 13 只股票跌停。昨日涨 停股票今日高开高走，收盘收益为 2.58%，昨日跌停股票今日收盘收益为 -0.43%。今日封板率 71%，较前日提升 10%，连板率 19%，较前日提升 3%。 市场资金流向：截至 20260126 两融余额为 27254 亿元，其中融资余额 27080 亿元，融券余额 174 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.5%。 证券研究报告 | 2026年01月27日 金融工程日报 沪指震荡收涨，培育钻石概念拉升、黄金股再度大涨 折溢价：20260126 当日 ETF 溢价较多的是国证 2000ET ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index slightly up by 0.18% closing at 4139.9 points, and the Shenzhen Component Index up by 0.09% closing at 14329.91 points. The ChiNext Index increased by 0.71% to 3342.6 points, while the STAR 50 Index rose by 1.51% to 1555.98 points. Overall, there were 1928 stocks that rose and 3450 that fell, with a total trading volume of 28950 billion yuan, a decrease of 3532 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, electronics, communications, defense and military industry, machinery equipment, and media sectors led the gains with increases of 2.27%, 2.15%, 1.65%, 0.64%, and 0.48% respectively. Conversely, the coal, agriculture, forestry, animal husbandry and fishery, steel, beauty care, and pharmaceutical biotechnology sectors experienced declines, with decreases of 2.27%, 1.95%, 1.34%, 1.22%, and 1.11% respectively [1][2]. Concept Sector Performance - The concept sectors that saw the highest gains today included cultivated diamonds, superhard materials, advanced packaging, optical chips, memory, analog chips, BC batteries, automotive chips, semiconductor silicon wafers, MCU chips, semiconductor selections, optical modules (CPO), wafer industry, and IGBT. In contrast, sectors such as cobalt mining, animal health selections, major infrastructure central enterprises, lithium battery anodes, and central enterprise coal experienced pullbacks [2].

Group 1 - The core viewpoint of the article highlights the significant impact of AI innovation on market structure, particularly emphasizing the increasing demand for storage as a critical resource in AI infrastructure [1] - The storage industry is projected to experience a 134% year-on-year growth in value by 2026, driven by the expanding data storage requirements due to AI [1] - The demand for computing power is surging, leading to increased value across various segments including servers, AI chips, optical chips, storage, and PCB boards [1] Group 2 - ASM International, a chip equipment manufacturer, reported that its order volume for Q4 2025 exceeded expectations, primarily due to a rebound in Chinese orders and stable growth in advanced logic/foundry business [1] - The next three years will focus on "advanced process expansion" as a key strategy for self-controlled development, with CoWoS and HBM becoming crucial in the AI industry trend [1] - There is a positive outlook for the recovery of upstream sectors represented by passive components, digital SoC, RF, storage, packaging, and panels [1] Group 3 - The 信创ETF (159537) tracks the 国证信创指数 (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors from the Shanghai and Shenzhen markets to reflect the overall performance of the information technology innovation sector [2]

我们认为： ‼【财通电子&新科技】不用犹豫，坚定看好先进封装：高景气+高成长的国产算力配套环节！ 我们认为，2026年有望成为国内先进封装产能从小批量到大规模扩张的起点，产业链头部公司在近几年高强度 投入下已具备商业化量产落地能力，2026年有望成为CoWoS验证导入、产能爬坡的关键年， 我们认为，2026年有望成为国内先进封装产能从小批量到大规模扩张的起点，产业链头部公司在近几年高强度 投入下已具备商业化量产落地能力，2026年有望成为CoWoS验证导入、产能爬坡的关键年， 我们认为： 参考此前外发报告， 富微电、佰维存储、甬矽电子、汇成股份。 先进制程的下一步就是先进封装； 国产算力持续起量背景下，国产CoWoS产能供不应求，强景气周期具有 后续催化：盛合晶微科创板上市节奏、大客户端存储封测调价进展、国产算力芯片进展。 ‼【财通电子&新科技】不用犹豫，坚定看好先进封装：高景气+高成长的国产算力配套环节！ 潜在风险：下游需求波动风险、行业竞争加剧风险等。 先进制程的下一步就是先进封装； 国产算力持续起量背景下，国产CoWoS产能供不应求，强景气周期具有持续性； 多家封测公司继续提高资本开支，加速卡位国产算力 ...