公众号记得加星标⭐️，第一时间看推送不会错过。 硅通孔 (TSV) 是现代三维集成电路 (3D-IC)技术的基础技术之一，它提供垂直互连，穿过硅片连接 堆叠芯片，形成短而低延迟的信号路径。在本篇博文中，我们将深入探讨 TSV 的结构、间距和电气 特性，解释关键的布局规则，例如禁区 (KOZ) 和应力约束，并探讨 TSV 寄生参数如何影响带宽、 延迟和系统级性能。 本文介绍了一些基本概念，包括TSV间距、TSV寄生参数、堆叠芯片、先进封装、混合键合、中介 层、微凸块和TSV可靠性。这些主题共同为理解基于TSV的集成在现代3D-IC设计中的作用以及相关 的架构权衡奠定了坚实的基础。 TSV本质上是一种垂直金属塞（vertical metal plug），通常由铜制成，嵌入硅芯片的厚度方向。经 典的制造流程包括深反应离子刻蚀（DRIE）、衬垫层和阻挡层沉积、铜电化学沉积以及背面减薄以 暴露通孔。根据通孔在工艺流程中的引入时间，TSV可分为先通孔型、中间通孔型和后通孔型，其中 中间通孔型TSV最常用于高密度逻辑存储器堆叠结构。 TSV间距是直接影响系统设计选择的关键参数。更小的间距可以在单位面积内实现更多的垂直互连， ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [6]. Core Insights - The company is a leading manufacturer of front-end thin film deposition equipment in China, with core products including PECVD, ALD, SACVD, and HDPCVD, which are widely used in integrated circuit manufacturing and advanced packaging [9][14]. - The global thin film deposition equipment market is expected to reach $34 billion by 2025, with a CAGR of 13.3% from 2020 to 2025, driven by the continuous evolution of advanced logic processes and the increasing complexity of storage devices [6][43]. - The company has a clear layout in three-dimensional integration and is transitioning from a single deposition equipment focus to a dual-engine platform that includes both deposition and bonding technologies [6][9]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 2,705 million yuan in 2023 to 10,817 million yuan in 2027, with a CAGR of 54.4% [5]. - The net profit attributable to the parent company is expected to increase from 663 million yuan in 2023 to 2,522 million yuan in 2027, reflecting a growth rate of 40.4% [5]. - The gross margin is forecasted to stabilize around 41.1% by 2027, after experiencing fluctuations due to new product introductions and validation costs [29]. Company and Industry Situation - The company has established a strong competitive position in the PECVD segment, which accounts for approximately 33% of the thin film deposition market value, and is the only domestic manufacturer to achieve stable mass production of PECVD equipment [47][59]. - The thin film deposition equipment is a core component of the semiconductor front-end equipment system, with a stable market share of about 22% in wafer manufacturing equipment [47]. - The company is well-positioned to benefit from the ongoing expansion of domestic wafer fabs and the trend towards domestic substitution in semiconductor equipment [6][43]. Product and Technology Development - The company’s product lineup includes advanced bonding equipment and supporting measurement devices, which have already achieved mass production in fields such as advanced storage and image sensors [19][21]. - The PECVD series products have maintained a competitive advantage, with significant production scale expansion, while ALD products have also begun to receive repeat orders due to their leading domestic process coverage [19][20]. - The company’s new product introductions, including ALD and SACVD, are expected to enhance profitability as they transition from validation to mass production [21][25].

公众号记得加星标⭐️，第一时间看推送不会错过。 为何混合键合成为必选项？ 对于NAND厂商而言，伴随着层数的不断攀升，采用混合键合的必要性正在不断增加。 从技术层面来看，当NAND层数突破300层后，传统的单片制造架构开始遭遇系统性瓶颈。在PUC （Peri under Cell，单元下外围电路）架构中，外围电路被构建在晶圆的最底部，而数百层的存储单 元堆叠在其上。这意味着外围电路必须承受整个堆叠制程的高温考验——其长期暴露在高温环境中， 导致晶体管性能退化、良率恶化，可靠性问题日益突出。 而根据业内人士透露，SK海力士在321层V9 NAND之前一直采用PUC工艺。但随着层数增加，外围 电路故障的可能性也随之增加。三星电子在推进V9（286层）到V10（400+层）的过程中，同样面临 这一挑战。更关键的是，堆叠效率的下降让单纯依靠增加层数变得越来越不经济。 提前一个世代的决策背后，是残酷的市场竞争现实。三星电子正全力冲刺400多层的V10 NAND，其 采用的混合键合外围单元（CoP）架构已经完成技术验证。虽然三星V10的量产之路并不顺利——原 定今年年底开始量产的计划已经推迟，超低温蚀刻设备的评估仍在进行 ...

Group 1: Smartphone Panel Market - The global smartphone panel shipment volume is projected to reach 586 million units in Q3 2025, reflecting a quarter-on-quarter increase of 8.1% and a year-on-year increase of 5.3% [2] - The growth is primarily driven by the iPhone 17 series and new product launches from other major smartphone brands in the second half of the year [2] - AMOLED panel demand continues to rise, while LCD panel shipments remain stable in the entry-level smartphone and repair markets [2] - The total smartphone panel shipment volume for 2025 is expected to reach 2.243 billion units, marking a year-on-year increase of 3.4%, which is a recent peak [2] Group 2: Memory Industry Capital Expenditure - The average selling price (ASP) of memory products is on the rise, leading to increased profitability for suppliers [5] - Capital expenditure for DRAM and NAND Flash is expected to continue to rise; however, the contribution to bit output growth in 2026 will be limited [5] - The investment focus in the DRAM and NAND Flash industries is shifting from merely expanding capacity to upgrading process technologies, high-layer stacking, hybrid bonding, and high-bandwidth memory (HBM) products [5]

Financial Data and Key Metrics Changes - Camtek reported record revenues of $123.3 million for Q2, reflecting over 20% growth year over year [6][12] - Gross margin was maintained at approximately 52%, contributing to a record operating income of over $37 million [6][12] - Operating profit for the quarter was $37.4 million, compared to $30.8 million in the same quarter last year [13] - Net income for Q2 was $38.8 million, or $0.79 per diluted share, compared to $32.6 million, or $0.66 per share in the prior year [14] Business Line Data and Key Metrics Changes - High-performance computing (HPC) applications contributed approximately 45-50% of total revenue, while advanced packaging applications accounted for about 20% [7] - The advanced packaging segment is rapidly evolving, driven by technological changes to support high-performance computing for AI applications [8] Market Data and Key Metrics Changes - Geographic revenue split for the quarter was 90% from Asia and 10% from the rest of the world [12] - The advanced packaging market supporting AI-related applications is expected to grow rapidly over the next few years [8] Company Strategy and Development Direction - Camtek has made significant strategic investments to develop innovative solutions addressing emerging opportunities in advanced packaging and inspection technologies [10] - The company anticipates that its new systems, AUK and Eagle 5, will generate approximately 30% of total revenue this year, with larger contributions expected next year [11] Management's Comments on Operating Environment and Future Outlook - Management expressed positive momentum heading into the third quarter, with expectations of approximately $125 million in revenue for Q3 [8][16] - The company expects continued growth in the high-performance computing market, driven by advancements in packaging technologies [36][54] Other Important Information - Operating expenses increased to $26.6 million due to exceptionally high shipping costs related to geopolitical conflicts, but these costs are expected to normalize [13][75] - Cash and cash equivalents as of June 30, 2025, were $544 million, up from $523 million at the end of the previous quarter [15] Q&A Session Summary Question: Update on business composition for the second half of the year - Management expects HPC contribution to remain similar to the first half, with a slight increase in China's contribution to total revenue [20][21] Question: Camtek's position against KLA in HPC markets - Management believes they are well-positioned to compete with KLA, citing strong customer relationships and competitive technology [25][26] Question: Traction for Eagle G5 and Hawk products - The Hawk provides high throughput and addresses challenging applications, while the Eagle G5 is faster and offers better defect detection capabilities [30][32] Question: Growth prospects for 2026 - Management anticipates rapid growth in the high-performance computing market, with expectations for another growth year in 2026 [36][54] Question: Impact of HBM4 on shipments - The ratio of Hawk versus Eagle shipments for HBM4 is customer-dependent, with both products being successful in the market [85] Question: OSATs and their strengthening - OSATs are increasingly involved in high-performance computing applications, with significant orders being received for these applications [58][89]

Core Viewpoint - Hybrid bonding technology is rapidly transitioning from laboratory to mass production, becoming a new pillar in storage chip manufacturing, particularly in the context of advanced packaging technologies like 3D NAND and HBM [2][3]. Group 1: Hybrid Bonding Technology - Hybrid bonding eliminates size limitations and parasitic effects associated with traditional bump structures, resulting in shorter signal transmission paths, lower power consumption, and higher speeds [3]. - In 3D NAND, hybrid bonding is expected to replace some existing structures, enabling stable manufacturing at higher stacking layers (e.g., over 300 layers) [3][7]. - Leading companies like Micron, SK Hynix, and Samsung are actively investing in hybrid bonding technology for HBM4 and next-generation CUBE architectures, highlighting its strategic importance [3][5]. Group 2: Samsung's Initiatives - Samsung has shown a strong commitment to hybrid bonding, recognizing its necessity for manufacturing 16-layer HBM [4][5]. - The company plans to produce HBM4 samples by 2025, with mass production expected in 2026, and has already tested a 16-layer HBM sample using hybrid bonding technology [5][6]. - Samsung is also preparing for a custom HBM business, responding to demand from major tech companies like Google and NVIDIA for tailored HBM products [6][7]. Group 3: SK Hynix's Developments - SK Hynix is also pursuing hybrid bonding technology, planning to mass-produce 16-layer HBM4 by 2026 and exploring the potential for over 20 layers [9][10]. - The company aims to implement hybrid bonding for its NAND products, targeting 400-layer NAND flash production by 2025 [10][11]. Group 4: Micron's Position - Micron has been relatively quiet about hybrid bonding but has begun delivering HBM4 samples, which feature a capacity of 36 GB and a bandwidth of up to 2 TB/s [13][14]. - The company is focusing on optimizing existing technologies and may adopt hybrid bonding later than its competitors [14]. Group 5: Equipment Manufacturers - Equipment manufacturers like BESI and Applied Materials are leading the hybrid bonding equipment market, with BESI having developed systems for high-precision bonding since 2019 [15][16]. - Applied Materials has integrated its hybrid bonding platform with wafer processing data, emphasizing system-level integration [16][17]. - Other companies, including ASMPT and Korean firms like Hanmi Semiconductor and Hanwha, are also entering the hybrid bonding equipment market, with various development stages and partnerships [18][19][20]. Group 6: Future Outlook - The semiconductor industry is increasingly focused on hybrid bonding as a key technology to overcome traditional packaging limitations and achieve higher performance integration [25]. - As Moore's Law slows, hybrid bonding is expected to play an irreplaceable role in advancing the industry towards greater integration and performance [25].

Investment Rating - The report maintains a positive outlook on ASMPT, indicating strong performance and growth potential in the advanced packaging sector [1][11]. Core Insights - ASMPT reported robust financial results for the first half of 2025, with revenue reaching $837.6 million, a year-on-year increase of 31.7%, and an operating profit of $329.3 million, up 79.5% quarter-on-quarter [1][11]. - The advanced packaging (AP) business is a key growth driver, accounting for 39% of total revenue, with TCB tools being the largest revenue source, showing a 50% increase in orders [2][12]. - The company expects Q3 revenue guidance of $445-455 million, reflecting a year-on-year growth of approximately 10.8% and a quarter-on-quarter increase of 8.9%, surpassing market consensus [1][11]. Revenue Breakdown - The Semiconductor Solutions (Semi) segment generated Q2 revenue of $257.6 million, up 20.9% year-on-year, driven by growth in the AP business, particularly TCB tools [3][14]. - The SMT segment reported Q2 revenue of $178.5 million, a quarter-on-quarter increase of 22.6%, primarily fueled by demand from the Chinese market, including AI servers and electric vehicles [3][14]. Long-term Growth Prospects - ASMPT forecasts the TCB market to reach a total addressable market (TAM) of $1 billion by 2027, with HBM, C2W logic, and advanced memory packaging identified as key growth areas [3][15]. - Despite anticipated short-term declines in Q3 orders, year-on-year growth is expected to continue, supported by AI-driven TCB orders and demand for mainstream semiconductor equipment [3][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company,拓荆科技, is expected to achieve a significant increase in revenue and net profit for Q2 2025, with revenue projected between 1.21-1.26 billion yuan, representing a year-on-year growth of 52.18%-58.47% and a quarter-on-quarter growth of 74.26% [5] - The net profit attributable to the parent company is forecasted to be between 238-247 million yuan, showing a year-on-year increase of 100.64%-108.22% and a turnaround from loss to profit [5] - The gross profit margin has improved significantly quarter-on-quarter, indicating better cost control and operational efficiency [7] Financial Performance Summary - For Q2 2025, the company anticipates a net cash flow from operating activities of 1.48-1.58 billion yuan, a substantial year-on-year increase due to higher advance payments and sales collections [7] - The company is projected to achieve revenues of 5.61 billion, 7.23 billion, and 8.98 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 990 million, 1.38 billion, and 1.93 billion yuan [9][10] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 44, 32, and 23 respectively, indicating a favorable valuation trend as the company grows [9][10] Market Performance - As of July 17, 2025, the company's stock price is 156.55 yuan, with a market capitalization of approximately 43.79 billion yuan [6] - The company's performance relative to the CSI 300 index shows a 1-month increase of 11.7%, a 3-month decrease of 1.1%, and a 12-month increase of 22.9% [6]

Group 1 - LG Electronics' stock rose in the Seoul market following reports of its development of advanced tools for manufacturing storage chips that work with AI processors designed by Nvidia and others [1] - The company plans to achieve mass production of HBM chip hybrid bonding machines by 2028, although the specific timeline for mass production has not been confirmed [1] - Hybrid bonding is crucial for HBM manufacturing, allowing for thinner chip stacking by directly bonding the electrodes of adjacent layers [1] Group 2 - Other Korean companies producing hybrid packaging equipment include Hanmi Semiconductor, Samsung Electronics' Semes, and Hanwha Vision's semiconductor technology division [4] - Hanmi Semiconductor's stock fell by 6.5%, Hanwha Vision's stock dropped by 4.7%, and Samsung Electronics' stock decreased by 1.3% [4] - Analysts note that the hybrid bonding market has high entry barriers, and established companies with years of expertise hold significant advantages [4] Group 3 - LG Electronics may face competition from foreign companies such as ASMPT listed in Hong Kong and BE Semiconductor Industries NV based in the Netherlands [4] - Increased R&D and capital expenditures may lead to profit pressure for LG Electronics, with sales contributions potentially limited before 2030 [4]

Market Overview - The market experienced a small V-shaped recovery today, with various sectors showing strong performance, particularly in brain science, semiconductor, and innovative medicine [3][4] - The Shanghai Composite Index and Shenzhen Component Index closed up by 0.39% and 0.11% respectively, while the ChiNext Index saw a slight decline of 0.24% [4] Semiconductor Sector - The semiconductor materials polishing liquid concept stocks saw significant gains, with companies like Feilu Co., Kangda New Materials, and San Chao New Materials hitting the daily limit [6][12] - A report indicated a supply disruption of CMP DSTI slurry due to Taiwanese export controls, which has led to a surge in related stocks [6][12] - The semiconductor sector initially rose over 1.5% but later retraced, ultimately closing up 0.59% [12] Innovative Medicine Sector - The innovative medicine sector experienced a notable increase, with companies such as Seli Medical, Guizhou Bailing, and Aonlikang reaching the daily limit [24] - A government document supporting the high-quality development of innovative drugs was released, which included measures to encourage investment and expedite drug approval processes [25] Microcrystalline Cellulose - Following an explosion at Sigachi Industries in India, a major producer of microcrystalline cellulose, stocks related to this sector saw a significant rise, with companies like Shanhe Pharmaceutical hitting the daily limit [16][21] - The incident has sparked interest in potential substitutes, although the chemical structures of cellulose ether and microcrystalline cellulose differ significantly [20]