Investment Rating - The report rates the advanced packaging industry as "stronger than the market" [1] Core Viewpoints - The advanced packaging technology is positioned as a key path to overcome the limitations of Moore's Law, driven by the exponential growth in computing power required for AI and large model training [2][14] - The global advanced packaging market is projected to exceed $79 billion by 2030, highlighting its role as a core growth engine in the semiconductor industry [2][23] - The demand for advanced packaging is surging due to the increasing need for high-performance AI chips, with TSMC's CoWoS technology becoming a critical support process for high-performance AI chips [2][17] Summary by Sections Chapter 1: Growing Demand for Intelligent Computing - The demand for intelligent computing is rapidly increasing, with significant growth in enterprise-level markets [5][9] - China's intelligent computing scale is expected to reach 725.3 EFLOPS in 2024, a year-on-year increase of 74.1% [9][10] Chapter 2: Diverse Packaging Paths - Advanced packaging technologies are evolving rapidly, with a focus on 2.5D/3D packaging solutions that are gaining popularity [2][18] - The global advanced packaging market is expected to grow from $46.1 billion in 2024 to $79.1 billion by 2030, with a compound annual growth rate (CAGR) of 21.71% for 2.5D/3D packaging [23][24] Chapter 3: Investment Recommendations - The report suggests focusing on key players in the advanced packaging sector, such as Changdian Technology, Tongfu Microelectronics, and JCET [2][24]

目前，全球范围内，只有少数领先企业具备2.5D的量产能力，其中台积电、英特尔、三星电子合计占据 80%以上的市场规模，2024年度，公司2.5D的全球市场占有率约为8%。 此外，公司亦在持续丰富完善3D集成（3DIC）、三维封装（3D Package）等技术平台，以期在集成电 路制造产业更加前沿的关键技术领域实现突破，为未来经营业绩创造新的增长点。 财务数据显示，2022年度、2023年度、2024年度及2025年1—6月，盛合晶微分别实现营业收入约16.33 亿元、30.38亿元、47.05亿元、31.78亿元；同期实现净利润分别约为-3.29亿元、3413.06万元、2.14亿 元、4.35亿元。 在主营业务领域中，公司已大规模向客户提供的各类服务均在中国大陆处于领先地位，具体而言：在中 段硅片加工领域，公司是中国大陆最早开展并实现12英寸Bumping量产的企业之一，也是第一家能够提 供14nm先进制程Bumping服务的企业，公司具备2.5D/3DIC超高密度微凸块的大规模量产能力，填补了 中国大陆高端集成电路制造产业链的空白。根据灼识咨询的统计，截至2024年末，公司是中国大陆12英 寸Bumpin ...

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, indicating a significant step in its growth trajectory in the semiconductor industry [3]. Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuits, focusing on 12-inch silicon wafer processing and providing wafer-level packaging (WLP) and multi-chip integration packaging services [3]. - The company aims to support high-performance chips, particularly GPUs, CPUs, and AI chips, through heterogeneous integration methods that enhance performance metrics such as computing power, bandwidth, and energy efficiency [3]. Financial Performance - The company reported revenues of 1.633 billion yuan, 3.038 billion yuan, and 4.705 billion yuan for the years 2022, 2023, and 2024 respectively, with a projected revenue of 3.178 billion yuan for the first half of 2025 [3]. - Net profits for the same periods were -329 million yuan, 34.13 million yuan, 214 million yuan, and 43.5 million yuan for the first half of 2025 [3]. Market Position - According to Gartner, Shenghe Jingwei is projected to be the 10th largest packaging and testing company globally and the 4th largest domestically by 2024, with the highest compound annual growth rate in revenue among the top ten companies from 2022 to 2024 [3]. Shareholding Structure - As of the date of the prospectus, the largest shareholder is Wuxi Chanfang Fund with a 10.89% stake, followed by a group of shareholders from the China Merchants Bank system with a combined 9.95% [4]. - The company has no controlling shareholder or actual controller, ensuring a dispersed shareholding structure where no single shareholder can dominate the shareholder meetings [5].

Core Insights - Shenghe Jingwei's application for listing on the Sci-Tech Innovation Board has been accepted, marking a significant step in the ongoing trend of semiconductor companies going public in China [1] - Shenghe Jingwei is a leading global provider of advanced packaging services for integrated circuits, focusing on high-performance chips such as GPUs, CPUs, and AI chips, with a strong technological platform in the 2.5D integration field [2] - Since 2020, Shangfeng has invested over 2 billion yuan in more than 20 semiconductor companies, with a significant portion of these companies either in the listing process or already listed, showcasing its strategic focus on the semiconductor sector [3] Company Overview - Shenghe Jingwei specializes in advanced wafer-level packaging and multi-chip integration packaging, aiming to enhance performance metrics like computing power, bandwidth, and energy efficiency [2] - The company is recognized as one of the earliest and largest producers of 2.5D integration technology in mainland China, achieving a market share of approximately 85% in this segment for 2024 [2] Investment Strategy - Shangfeng's investment in Shenghe Jingwei amounted to 150 million yuan, part of a broader strategy to strengthen its competitive edge in the semiconductor industry [3] - The company has focused on investing in sectors that address critical technology gaps, with a significant portion of its investments directed towards semiconductor and new materials companies [3] - Over 60% of the invested companies are either in the process of applying for listing or have already gone public, indicating a successful investment strategy that enhances financial returns and industry influence [3]

Core Viewpoint - The company, through its wholly-owned subsidiary Ningbo Shangrong Logistics, has established a private equity investment fund, Suzhou Puyun, which has invested in SJ Semiconductor Corporation, a leading global integrated circuit advanced packaging and testing enterprise, that has recently applied for an IPO on the Sci-Tech Innovation Board [1][2] Group 1: Company Investment - Ningbo Shangrong has invested 150 million yuan, holding a 67.72% stake in Suzhou Puyun [2] - Suzhou Puyun holds 17,454,646 shares of SJ Semiconductor, representing a 1.086% ownership before the current issuance [2] Group 2: SJ Semiconductor Overview - SJ Semiconductor specializes in advanced packaging and testing services, focusing on 12-inch silicon wafer processing and offering wafer-level packaging (WLP) and multi-chip integration packaging [1] - The company aims to support high-performance chips, particularly GPUs, CPUs, and AI chips, enhancing performance through heterogeneous integration beyond Moore's Law [1]

Core Viewpoint - The company, through its wholly-owned subsidiary Ningbo Shangrong Logistics Co., Ltd., has established a private equity investment fund to invest in Shenghe Jingwei Semiconductor Co., Ltd., which has applied for an IPO on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Shenghe Jingwei is a leading global advanced packaging and testing enterprise for integrated circuits, focusing on advanced 12-inch silicon wafer processing [1] - The company provides a full range of advanced packaging and testing services, including wafer-level packaging (WLP) and chiplet multi-chip integration packaging [1] Group 2: Industry Focus - Shenghe Jingwei aims to support high-performance chips, particularly graphics processing units (GPUs), central processing units (CPUs), and artificial intelligence chips [1] - The company emphasizes performance enhancement through heterogeneous integration methods that exceed Moore's Law, achieving high computing power, high bandwidth, and low power consumption [1]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 4.8 billion yuan, positioning itself as a leading advanced packaging and testing enterprise in the integrated circuit industry [1] Group 1: Company Overview - Shenghe Jingwei specializes in advanced packaging and testing services for integrated circuits, focusing on high-performance chips such as GPUs, CPUs, and AI chips, utilizing heterogeneous integration methods to enhance performance metrics like computing power, bandwidth, and energy efficiency [1][3] - The company is recognized as one of the earliest and largest players in the multi-chip integration packaging sector in mainland China, with capabilities to compete with global leaders [1][3] Group 2: Technological Advancements - In the mid-sized silicon wafer processing sector, Shenghe Jingwei is one of the first companies in mainland China to achieve mass production of 12-inch bumping technology and is the first to offer 14nm advanced process bumping services, filling a gap in the high-end integrated circuit manufacturing supply chain [2] - The company has achieved significant advancements in 12-inch wafer-level chip packaging (WLCSP), leading the market with a 31% share in 2024 [2][4] Group 3: Market Position - Shenghe Jingwei holds the largest 12-inch bumping capacity in mainland China and ranks first in revenue for both 12-inch WLCSP and 2.5D integration packaging, with market shares of approximately 31% and 85% respectively in 2024 [2][4][3] - The company is projected to be the tenth largest advanced packaging and testing enterprise globally and the fourth largest in mainland China by revenue in 2024, with a compound annual growth rate leading among the top ten global firms from 2022 to 2024 [3] Group 4: Financial Performance - The company reported revenues of approximately 1.633 billion yuan, 3.038 billion yuan, and 4.705 billion yuan for the years 2022, 2023, and 2024 respectively, with a projected revenue of 3.178 billion yuan for the first half of 2025 [5] - Net profits for the same periods were approximately -329 million yuan, 34.13 million yuan, and 214 million yuan, with a forecast of 43.5 million yuan for the first half of 2025 [5][6] Group 5: Fund Utilization - The funds raised from the IPO will be allocated to projects including a three-dimensional multi-chip integration packaging project with a total investment of 8.4 billion yuan, of which 4 billion yuan will come from the IPO proceeds [5]

Core Viewpoint - The article outlines the historical evolution and significant milestones of Changjiang Electronics Technology Co., Ltd. (长电科技), emphasizing its transformation from a small factory in 1972 to a leading player in the global semiconductor packaging and testing (OSAT) industry, with projected revenues exceeding 35 billion yuan in 2024, marking its entry into the top three globally [1]. Group 1: Historical Context - The establishment of Jiangyin Transistor Factory in 1972 coincided with the early stages of China's semiconductor industry under a planned economy, highlighting the challenges faced during this period [3]. - The factory's initial struggles included a near bankruptcy due to competition from foreign firms, but it achieved a breakthrough in 1984 by contributing to the successful launch of China's synchronous communication satellite [4]. - The leadership of Wang Xinchao was pivotal in improving production quality and transitioning the company towards integrated circuit manufacturing, marking a significant shift in its operational strategy [7]. Group 2: Strategic Developments - In 1994, Changjiang Electronics officially launched its packaging and testing business, positioning itself strategically within the semiconductor supply chain [7]. - The company underwent modernization and capital restructuring in the early 2000s, leading to its listing on the Shanghai Stock Exchange in 2003, which facilitated further investments in advanced packaging technologies [9]. - The acquisition of STATS ChipPAC in 2015 marked a significant milestone, enhancing Changjiang's capabilities in advanced packaging and expanding its international presence [16][20]. Group 3: Industry Position and Market Dynamics - Changjiang Electronics has established itself as a key player in the global semiconductor packaging market, competing with major firms like ASE and Amkor, and holding over 10% market share [23]. - The article notes the ongoing transformation in the semiconductor packaging industry, driven by advancements in technology and increasing demand for high-performance packaging solutions, particularly in the context of AI and IoT applications [26][28]. - The advanced packaging market is projected to grow significantly, with expectations of reaching $80 billion by 2029, driven by innovations in 2.5/3D packaging technologies [24][26]. Group 4: Future Outlook - The company is expected to achieve revenues of nearly 36 billion yuan in 2024, with advanced packaging accounting for over 70% of its business, indicating a strong focus on high-value markets [33]. - Despite facing challenges during industry downturns, the company's strategic emphasis on advanced packaging and its ability to adapt to market changes position it favorably for future growth [34].

Core Insights - The semiconductor and integrated circuit sector in Dongguan has seen sustained interest, particularly with the debut of the first strategic scientist team, which has made significant technological breakthroughs in key areas such as TGV 3D packaging technology and low-power AI chips [2][4][5] Group 1: Technological Innovations - The strategic scientist team introduced five major innovations, including TGV 3.0 technology, which features sub-10 micron through holes and a 10:1 aspect ratio for 3D packaging, enabling wafer-level and board-level mass production capabilities [4][5] - The "energy-aware computing" AI chip operates at a low power consumption of only 70mW, integrating self-energy harvesting and multi-modal sensing functions [4] - The PLP plasma etching equipment has broken international monopolies in panel-level packaging, achieving technical specifications comparable to global leaders [5] - The fully automated wafer AI-AOI inspection equipment boasts a detection precision of 0.072 microns, filling a gap in high-end inspection equipment domestically [5] Group 2: Industry Ecosystem and Support - Dongguan has established a robust industrial foundation with 257 semiconductor and integrated circuit companies, projecting industry revenue to exceed 75 billion yuan in 2024 [11] - The Dongguan Integrated Circuit Innovation Center aims to enhance technological innovation capabilities and strengthen the industry ecosystem, providing a comprehensive platform for product development, pilot manufacturing, testing, and talent cultivation [13][15] - The center has attracted 15 research teams, fostering over 40 industry chain enterprises, with a focus on advanced packaging and industrial software [17] Group 3: Market Potential and Future Outlook - The advanced packaging industry is projected to grow from $37.8 billion in 2023 to $89.1 billion by 2029, with a compound annual growth rate of 11% [21] - The center's model is being replicated in other sectors, such as industrial software, indicating a broader strategy for integrating technology and manufacturing [20] - Dongguan is positioning itself as a national hub for advanced packaging, leveraging its scientific resources and industrial capabilities to drive innovation and market growth [25]

Group 1: Definition and Classification of Photomasks - Photomasks, also known as photomask or lithographic mask, are essential tools in microelectronics manufacturing for transferring patterns onto substrates [2][4] - Photomasks can be classified into quartz masks, soda masks, and others, with quartz masks being preferred for high-precision applications due to their superior optical properties [6][16] Group 2: Manufacturing Process of Photomasks - The manufacturing process of photomasks is complex, involving multiple steps such as CAM file processing, photoresist coating, laser lithography, developing, etching, and inspection [6][9] - Key parameters such as critical dimension (CD) and overlay accuracy are crucial for ensuring the quality and yield of photomasks [9][10] Group 3: Photomask Industry Chain - The photomask industry chain consists of upstream raw material suppliers, midstream manufacturers, and downstream users including IC manufacturers and flat panel display (FPD) producers [14][16] - Major players in the midstream photomask manufacturing include companies like HOYA, DNP, and LG-IT, while downstream users include TSMC and Intel [14] Group 4: Market Characteristics of Semiconductor Photomasks - The semiconductor photomask market is projected to reach USD 5.4 billion, with mature processes accounting for 87% of the market share [34] - The market has shown steady growth, with a compound annual growth rate (CAGR) of nearly 7% from 2020 to 2023 [34][39] Group 5: Market Characteristics of Flat Panel Display Photomasks - The flat panel display photomask market is primarily driven by demand in China, which accounted for 57% of global demand in 2022 [57] - The market is expected to grow, with a projected increase in demand for larger and higher precision displays [60][62] Group 6: Competitive Landscape of Photomasks - The global semiconductor photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP controlling over 80% of the market [69] - Domestic manufacturers in China are rapidly catching up, with companies like SMIC and Longtu Photomask making significant advancements [69][74] Group 7: Future Trends in Photomasks - The development of advanced logic processes and specialty processes represents two major directions in semiconductor manufacturing [82] - The trend towards smaller feature sizes and increased integration in semiconductor devices will drive demand for high-precision photomasks [84]