长电科技（600584.SH） 2025 年 08 月 26 日 | 投资评级：买入（维持） | | | --- | --- | | 日期 | 2025/8/25 | | 当前股价(元) | 39.00 | | 一年最高最低(元) | 47.92/27.43 | | 总市值(亿元) | 697.87 | | 流通市值(亿元) | 697.87 | | 总股本(亿股) | 17.89 | | 流通股本(亿股) | 17.89 | | 近 3 个月换手率(%) | 140.78 | 报 告 开 源 证 券 证 券 研 相关研究报告 《业绩稳健增长，看好先进封装+汽车 电子领域布局—公司信息更新报告》 -2025.4.22 《Q3 营收单季度历史新高，并表晟碟 助力先进封装—公司信息更新报告》 -2024.10.28 《Q3 营收同环比增长，完成收购晟碟 助力先进封装—公司信息更新报告》 -2024.10.10 | 陈蓉芳（分析师） | 陈瑜熙（分析师） | | --- | --- | | chenrongfang@kysec.cn | chenyuxi@kysec.cn | | 证书编号：S07905241200 ...

Core Viewpoint - The advanced packaging industry is expected to enter a rapid development phase by 2025, with domestic packaging manufacturers likely to benefit from key breakthroughs in high-end advanced packaging technology [1] Group 1: Industry Development - Advanced packaging is a crucial path to enhance chip performance beyond Moore's Law, with significant upgrades in packaging processes leading to various advanced packaging types such as FC, FO, WLCSP, SiP, and 2.5D/3D [1] - The global advanced packaging market is projected to grow from $37.8 billion in 2023 to $69.5 billion by 2029, driven by strong demand in high-performance computing (HPC), AI/machine learning, data centers, and high-end consumer electronics [2] Group 2: Supply Side Dynamics - The growth in advanced packaging wafer numbers is primarily driven by 2.5D/3D packaging, with a CAGR of 30.5% from 2023 to 2029, supporting sectors like AI/ML, HPC, data centers, CIS, and 3DNAND [3] - TSMC is significantly expanding its CoWoS capacity, expecting to reach 90,000 to 110,000 wafers per month by 2026 due to high demand [3] - Domestic manufacturers are gaining advanced packaging industrialization capabilities, with leading firms capturing a significant share in the mid-to-high-end advanced packaging market [3]