公众号记得加星标⭐️，第一时间看推送不会错过。 第三届集成芯片和芯粒大会(会议网址https://2025.iccconf.cn/)，由武汉大学、中国科学院计算技术研究所、复旦大 学主办，将于2025年10月10-13日在武汉召开。大会主题是"设计封装协同，共筑芯未来"。会议设立7场大会报 告、16场技术分论坛，聚焦三维集成、异构融合、多物理场协同、高速互连、EDA设计方法、先进存储与封装工 艺等前沿方向，为集成芯片与芯粒技术领域专业人士提供思想交锋、技术论道、交流会友的舞台。大会将汇聚来 自全国多所知名高校、研究院所及产业界的顶尖专家，共同探讨从设计、器件、工艺到系统的最新突破与发展趋 势，通过多维度、全链条的交流与碰撞，为推动集成芯片和芯粒技术的协同创新、突破关键瓶颈、加速产业落地 注入新的动能。 本次会议的详细日程如下，欢迎参会！大会倒计时仅剩 2 天，欢迎各位业界学界同仁共聚武汉！ | 2025 湯 | 第三届集成芯片和芯粒大会总体日程 | 10月11日 六 | | | | --- | --- | --- | --- | --- | | 大会开幕式 | 三层 | 09:00 - 09:30 | 大宴会 ...

Core Viewpoint -拓荆 Technology announced a financing plan for its subsidiary,拓荆 Jian Ke, with a pre-investment valuation of 2.5 billion yuan, aiming to raise no more than 1.0395 billion yuan, attracting significant attention from the market due to the participation of Guotou Jixin [1][4] Group 1: Financing Details -拓荆 Technology plans to contribute up to 450 million yuan to the new registered capital of 19.216 million yuan for拓荆 Jian Ke, maintaining a 53.5719% stake post-financing [4] -Guotou Jixin intends to invest up to 450 million yuan, acquiring a 12.7137% stake in the company after the financing [4] -Other investors include Huahong Chuantou and Haining Rongchuang, planning to contribute 30 million yuan and 9.5 million yuan respectively [4] Group 2: Industry Context -3D integration technology is emerging as a new path for China's semiconductor industry, addressing the limitations of traditional 2D chip miniaturization [5][6] -3D-IC technology enhances system performance and reduces power consumption by vertically stacking multiple chips [5] -The demand for high-performance computing chips is surging due to the growth of the global AI server market, with advanced packaging equipment sales expected to grow over 20% by 2025 [6] Group 3: Strategic Shift -Guotou Jixin's investment in拓荆 Jian Ke marks a strategic shift in the National Integrated Circuit Industry Investment Fund's approach, focusing on critical areas with low domestic production rates [8][9] -The investment strategy has evolved from broad-based funding to targeted investments in sectors with high technical barriers and significant international competition [9] -Despite the support from Guotou Jixin,拓荆 Jian Ke faces competition from international giants like EV Group and Applied Materials in the semiconductor equipment market [10]

Core Viewpoint -拓荆科技 announced a series of financing plans, including a capital increase to its subsidiary拓荆键科, aiming to raise up to 4.6 billion yuan to support the rapid development of three-dimensional integration equipment [1][4] Group 1: Financing Details - The financing plan includes a total of no more than 10.4 billion yuan for拓荆键科, with a pre-investment valuation of 2.5 billion yuan [1] - 大基金三期 plans to participate in the capital increase with no more than 450 million yuan, marking its first public investment since its establishment in May 2024 [1][2] - 国投集新 also intends to invest up to 450 million yuan, resulting in a 12.71% stake in拓荆键科 after the capital increase [1][2] Group 2: Company Overview - 拓荆键科, established in September 2020, focuses on the research and industrial application of advanced bonding equipment for three-dimensional integration [2] - The company has launched various products, including wafer-to-wafer bonding equipment and measurement devices, serving clients in advanced storage, logic, and image sensor sectors [2] Group 3: Market Context - Three-dimensional integration aims to overcome the physical limitations of traditional two-dimensional integration by stacking chips vertically, enhancing packaging efficiency and transistor density [3] - The technology is essential for maintaining the momentum of Moore's Law and addressing increasing market demands [3] Group 4: Financial Performance - In 2024, 拓荆键科 reported revenues of 97.3 million yuan and a net loss of 2.1 million yuan [4] - The company has experienced rapid revenue growth, with revenues of 1.706 billion yuan, 2.705 billion yuan, and 4.103 billion yuan in 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 55.08% [4] Group 5: Project Implementation - The implementation of the projects will significantly enhance the production capacity of high-end semiconductor equipment and improve production efficiency through intelligent facilities [5] - The company plans to allocate 20 billion yuan for the construction of a cutting-edge technology research and development center, focusing on advanced thin film deposition equipment [6]

Core Viewpoint - The third Integrated Chip and Chiplet Conference will be held from October 10-13, 2025, in Wuhan, focusing on "Design and Packaging Collaboration to Build the Future of Chips" [2] Conference Overview - The conference will feature 16 technical sub-forums aimed at professionals in the integrated chip and chiplet technology fields, covering topics such as 3D integration, heterogeneous integration, multi-physical field collaboration, high-speed interconnects, EDA design methods, and advanced storage and packaging processes [2] - The event aims to foster collaborative innovation in integrated chip and chiplet technology, address key bottlenecks, and accelerate industry implementation [2] Agenda Summary - Registration will take place on October 10, 2025, from 14:00 to 20:00 at Wanda Reign Hotel [3] - The opening ceremony and keynote presentations are scheduled for the morning of October 11, followed by technical sub-forum reports in the afternoon [3] - The conference will continue with additional keynote presentations and sub-forum reports on October 12, along with self-service lunches and dinners [3] Sub-Forum Topics - Forum 1: Fusion of Storage and Computing for Large Models [5] - Forum 2: Multi-Physical Field Simulation for Integrated Chips [5] - Forum 3: Heterogeneous Integration of Memory and Computing Chips [5] - Forum 4: Optical I/O and Ultra-High-Speed Interfaces for Integrated Chips [5] - Forum 5: Thermal Management and Packaging Heat Dissipation Technologies [5] - Forum 6: Top Conference Forum - System Architecture [6] - Forum 7: Open Source Community Competitions [7] - Forum 8: IEEE Chiplet Workshop on Standards, Circuits, and Systems [7] - Forum 9: Advanced Packaging Processes and Hybrid Bonding for Chiplets [7] - Forum 10: Wafer-Level/Ultra-Wafer Size High-Performance Chips [7] - Forum 11: Heterogeneous Integrated 3D Power Supply Architectures [7] - Forum 12: Advanced Storage Chips Based on 3D Integration [7] - Forum 13: Silicon Interposer and Glass Substrate for Integrated Chips [7] - Forum 14: EDA Layout and Testing for Chiplet Integration [7] - Forum 15: Post-Processing 3D Heterogeneous Integrated Devices and Processes [8] - Forum 16: Top Conference Forum - Packaging Materials and Processes [8] Registration Information - Early bird registration ends on September 20, 2025, with registration available through the conference website [2][15]

Core Viewpoint - The chairman of Tuojing Technology, Lv Guangquan, emphasizes that the innovation path of integrated circuits needs to shift from planar to three-dimensional to overcome storage wall and I/O bandwidth limitations [1] Group 1: Innovation Path - Integrated circuit innovation should transition from planar to three-dimensional structures to address existing limitations [1] - Key technologies include atomic-level manufacturing (ALD/ALE), device density enhancement, bonding technology, and advanced packaging [1] Group 2: Technical Advancements - Three-dimensional integration can increase I/O bandwidth by over a thousand times [1] - Important directions for development include HBM structures and backside power supply technology [1]

Core Viewpoint - The company has implemented a special action plan for 2025 focused on quality improvement and efficiency enhancement, aiming to drive high-quality development and maintain its leading position in the domestic semiconductor equipment industry. Group 1: Focus on Core Business and Operational Optimization - The company continues to focus on its core business, enhancing the competitiveness of its main products through independent innovation and operational management [1][2] - The company has shipped over 3,000 equipment reaction chambers, entering more than 70 production lines [1] - The company has expanded the production scale of advanced PECVD and ALD equipment, achieving significant order growth in the advanced storage sector [2][3] Group 2: Deepening Customer Cooperation and Market Expansion - The company has maintained strategic cooperation with customers, responding to their needs for new processes and products, and has expanded its customer base [3][4] - The company has a full order book, indicating strong demand for its products [3] Group 3: Accelerating Investment Projects and Capacity Expansion - The company has completed the construction of its semiconductor advanced process equipment R&D and industrialization project, significantly enhancing its capacity [4][5] - The company is progressing with the establishment of a new high-end semiconductor equipment industrialization base [5] Group 4: Enhancing Operational Management for High-Quality Development - The company has upgraded its smart manufacturing execution system (MES) to improve production efficiency and monitoring [5][6] - A comprehensive quality management system has been established to ensure product performance and safety [6] Group 5: Strengthening Supply Chain and Talent Development - The company has enhanced its supply chain stability through collaboration and training with suppliers [6][7] - The workforce has grown to 1,569 employees, with ongoing training programs to improve management and technical skills [7] Group 6: Optimizing Performance Assessment and Shareholder Returns - The company has set performance indicators for management and staff, linking their performance to the company's operational results [7][8] - A cash dividend of approximately 75.18 million yuan has been distributed to shareholders, reflecting the company's commitment to shareholder returns [13] Group 7: Enhancing Information Disclosure and Investor Communication - The company has improved the quality of its information disclosure and actively engaged with investors through various platforms [14] Group 8: Strengthening Corporate Governance and Risk Management - The company has implemented a market value management system and focused on high-end semiconductor equipment, enhancing its core competitiveness [15][16] - The company has established an ESG framework to promote sustainable development and compliance with regulations [16]

Core Viewpoint - The emergence of Tuojing Technology marks a significant step towards domestic production in the high-end semiconductor manufacturing sector, particularly in the film deposition equipment market, which has been dominated by international giants [2]. Group 1: Market Overview - The film deposition equipment sector accounts for over 20% of the wafer manufacturing equipment market, with Tuojing Technology capturing approximately 12% of the market share, translating to a revenue of 4.1 billion yuan in a market projected to reach 9.7 billion USD in 2024 [2]. - Tuojing Technology focuses on PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. Group 2: Technological Advancements - Chinese companies, represented by Tuojing Technology, are rapidly catching up in terms of process coverage and production equipment performance, achieving levels comparable to international counterparts [3]. - Tuojing Technology has undertaken 11 national major projects and has filed 1,640 patents, with 507 granted, showcasing its commitment to innovation and technology breakthroughs in the semiconductor film deposition field [3]. Group 3: Future Prospects - The company is preparing for future product generations, with 70% of its products being new or advanced process technologies, indicating a strong focus on innovation [4]. - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3].

Core Viewpoint - The emergence of Tuojing Technology represents a significant step towards domestic production in the monopolized thin film deposition equipment market, which is crucial for high-end semiconductor manufacturing [2][3]. Market Overview - The thin film deposition equipment accounts for over 20% of the wafer manufacturing equipment market, with the Chinese market for this equipment projected to reach approximately $9.7 billion in 2024 [2]. - Tuojing Technology's product market size is estimated at $4.85 billion, with the company generating revenue of 4.1 billion yuan, capturing about 12% market share [2]. Technological Advancements - Tuojing Technology focuses on the research and industrial application of PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. - The company has made significant technological breakthroughs, evidenced by its 1,640 patent applications (including PCT) and 507 authorized patents [3]. Future Prospects - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's future growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3]. - The company is proactively developing technologies for the next two to three generations of products, with 70% of its products being required for new and advanced processes [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.1 billion yuan in 2024, representing a year-over-year increase of 51.7%, driven by increased demand for domestic semiconductor equipment from wafer manufacturers [4][5] - The net profit attributable to shareholders for 2024 was 690 million yuan, with a year-over-year growth of 3.9% [5] - The gross margin for 2024 was 41.7%, a decrease of 9.3 percentage points compared to the previous year [5] - As of the end of 2024, the company had nearly 9.4 billion yuan in orders on hand, providing strong support for future performance [5] - In Q1 2025, the company continued to achieve high growth with a revenue of 710 million yuan, a year-over-year increase of 50.2% [5] - The company is expanding its film deposition process coverage and developing 3D integration equipment, which is expected to benefit from the expansion of advanced processes and packaging [5][6] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 5.8 billion yuan, 7.7 billion yuan, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 940 million yuan, 1.49 billion yuan, and 1.96 billion yuan [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 47, 31, and 23 times respectively [5][7] - The company’s gross margin is expected to recover to 45.2% in 2025 and further improve in subsequent years [7] - The company’s total assets are projected to reach 15.3 billion yuan in 2024 and 22.8 billion yuan in 2027 [9]