今年早些时候，美国总统唐纳德·特朗普称台积电是"世界上最重要的企业之一"。虽然他的说法并不准确，台积电的确是世 界上最重要的企业，但他的政府和其他国家确实意识到将台积电引入本国的重要性。 公众号记得加星标⭐️，第一时间看推送不会错过。 五年过去了，这些项目都已产出晶圆。但代价是什么？台积电（以及台湾）和这些海外晶圆厂是否都实现了目标？海外晶 圆厂在经济上是否具有竞争力？台积电的传奇创始人张忠谋博士一直对美国晶圆厂持悲观态度（重点为笔者所加）： 我们认为，美国最近为增加半导体本土制造所做的努力，目前仅仅投入数百亿美元的补贴，远远不够。我认为这将是一项 代价高昂却徒劳无功的尝试。（原文：We think that the recent effort of the U.S. to increase onshore manufacturing of semiconductors, right now you're talking about spending only tens of billions of dollars of money of subsidy. Well, it's not going to be ...

TSMC Overseas Fabs – A Success? 台积电海外晶圆厂——成功了吗？ Why Morris Chang Said U.S. Fabs Will Fail, Wafer Cost and Economics of Taiwa U.S. Fabs, TSMC Supply Chain Details 张忠谋为何断言美国晶圆厂终将失败：台美两地晶圆厂的成本差异与经济性分析及台 供应链内幕 , , AND DYLAN PATEL STEVEN LEE JEFF KOCH 迪伦·帕特尔、史蒂文·李与杰夫·科克 DEC 01, 2025 2025 年 12 月 1 日 ∙ PAID ∙ 付费内容 29 Share 分享 Earlier this year, U.S. President Donald Trump called TSMC "one of the most important businesses in the world." Although he was incorrect, TSMC is the mos important business in the world, his ...

Core Insights - Hefei Xinhui Microelectronics Co., Ltd. (referred to as "the company") has strategically entered the storage chip packaging and testing sector by investing in Hefei Xinfeng Technology Co., Ltd. and collaborating with East China Technology (Suzhou) Co., Ltd. This move is crucial for expanding its display driver packaging and testing business boundaries and enhancing its competitive edge in the domestic and international storage chip markets [1][4] Group 1: Strategic Positioning - The company leverages the robust semiconductor industry cluster in Hefei, which has allowed it to achieve significant scale in display driver packaging and testing, thus accumulating valuable operational experience [1][2] - By adopting a combination investment model, the company directly acquired a 27.5445% stake in the target entities with an investment of 90.4841 million yuan, while also holding indirect stakes through private equity funds, minimizing risks associated with single business expansion [1][3] Group 2: Operational Efficiency - The local semiconductor ecosystem, including wafer manufacturing and substrate supply, significantly reduces supply chain costs and response times for the storage packaging and testing business [2] - The company plans to enhance its storage packaging capacity by the end of 2027, utilizing its efficient production management and customer service processes from the display driver sector to expedite the transition to large-scale operations [2][4] Group 3: Market Opportunities - The global storage chip market is experiencing structural opportunities driven by AI infrastructure demands, with a notable increase in prices for storage chips over the past six months [3] - The company’s entry into the storage packaging and testing market reflects its strategic foresight and market insight, aiming to establish a dual-core business model of "display + storage" to fuel long-term growth [3][4] Group 4: Technological Advancements - Collaboration with East China Technology, which possesses 3D CUBE solutions, positions the company to make breakthroughs in advanced packaging for 3D DRAM, addressing domestic market gaps and aligning with AI-era storage needs [3] - The company’s non-controlling equity layout helps mitigate short-term profit pressures while leveraging past financial advantages and local investment platforms to promote capacity expansion [3][4]

Performance Forecast - The company forecasts a revenue of 384.525 million yuan for the current reporting period, representing a year-on-year growth of 33.93% to 36.53% [1] - The net profit attributable to shareholders is expected to be between 165 million yuan and 175 million yuan, an increase of 18.59% to 25.77% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 163.5 million yuan and 174.5 million yuan, reflecting a growth of 19.88% to 27.94% year-on-year [1] Reasons for Performance Change - The primary reason for the performance increase is the gradual relocation of production lines to a new advanced materials production base, leading to enhanced capacity and production of ceramic heaters for domestic semiconductor wafer manufacturers and mainstream semiconductor equipment manufacturers [1] - The demand from a complete semiconductor industry cluster has significantly increased, driving continuous growth in sales revenue of advanced ceramic material components in the semiconductor sector [1] - The company is actively developing new material systems and expanding material application technologies to maintain a technological edge, with ongoing R&D focused on "structure-function" modular products [1]