Core Insights - The semiconductor I/O field has undergone significant transformation over the past 25 years, evolving from simple GPIO units at the 180nm process node to complex libraries at 16nm and 22nm that support multiple protocols and functionalities [1][2] - Modern I/O design emphasizes adaptability, optimization, and performance tailored to specific markets rather than just basic functionality [1] Group 1: Evolution of I/O Design - Historically, a single basic I/O library sufficed for each process node, providing classic GPIO or open-drain I/O variants to meet early 21st-century telecommunications and consumer electronics needs [2] - The explosive growth in mobile computing, IoT, edge AI, automotive infotainment, and autonomous driving has increased the demand for flexibility in I/O solutions [2] - The introduction of GPODIO, a hybrid I/O that operates in both CMOS and open-drain modes, allows a single ASIC chip to serve multiple markets without dedicated pins [2][3] Group 2: Advanced I/O Technologies - GPODIO exemplifies multi-protocol I/O and is foundational to modern design, featuring configurable output drivers that can switch between high-speed GPIO and slow open-drain modes [3] - The voltage support range for modern GPIO has expanded to handle 1.2V to 3.3V VDDIO, down to 0.65V core power, and up to 5V for external open-drain I/O [3] - "Super" I/O units, which include multiple single-ended or differential pairs, support over 20 standards crucial for high-performance computing and 5G infrastructure [3] Group 3: Variants and Customization - At the 22nm process node, a GPIO design can yield multiple libraries optimized for different applications, such as ultra-low power IoT and automotive-grade designs [4] - Each library is tailored for speed, leakage current, ESD protection, and interface support, with product architects needing to select the appropriate library based on application goals [4] - The maturity of analog and RF I/O technologies has led to pre-characterized units that reduce design risk and shorten time-to-market [4] Group 4: Challenges and Future Directions - Emerging 2.5D/3D packaging and chiplet interconnects introduce ultra-low power, high-density I/O, essential for multi-chip AI and memory stacking [5] - The complexity of verification has increased dramatically, with modern multi-voltage, multi-mode GPIO requiring over 12,000 corner points for accurate modeling [5] - The I/O design landscape has shifted from a one-size-fits-all approach to a complex ecosystem of optimized, configurable, and market-specific solutions, necessitating a deep understanding of application requirements for success in 2025 [5]

Core Viewpoint - HUISEN Technology (7730.TW), a Taiwanese advanced plasma equipment manufacturer, was listed on the Taiwan Stock Exchange's Innovation Board on November 4, with an initial offering price of NT$72 per share, which surged by 34.03% to NT$96.5 at opening [1] Company Overview - Founded in 2002, HUISEN specializes in advanced plasma technology, offering products for plasma cleaning, etching, and surface modification, applicable in semiconductor, ABF substrates, PCB, and new energy environmental sectors [2] - The company has a comprehensive technology platform including vacuum plasma, atmospheric plasma, and plasma flame, used for cleaning, etching, adhesive removal, coating pre-treatment, and high-temperature cracking processes [2] - HUISEN is expanding its market presence beyond Taiwan and mainland China to Japan, the United States, Europe, and Southeast Asia [2] Technological Advancements - HUISEN is actively positioning itself in the advanced packaging market, investing in heterogeneous material etching and surface activation technologies, providing integrated solutions for Epoxy+SiO₂ and Glass+Cu packaging processes [2] - The company has achieved technical leadership in advanced packaging and heterogeneous integration processes, having passed wafer regeneration validation from leading manufacturers [2][3] Financial Performance - For 2024, HUISEN's consolidated revenue is projected to be NT$547 million (approximately RMB 126 million), a year-on-year decrease of 28.14%, with a net profit after tax of NT$86 million, down 34.75%, marking the lowest figures in three years [7] - In the first three quarters of 2025, the cumulative consolidated revenue was NT$356 million (approximately RMB 82.02 million), reflecting a year-on-year decline of 5.6% [7] - The sales manager expressed optimism for the upcoming year, anticipating that semiconductor performance will account for 30-40% of revenue, doubling from the current year, with expected growth in applications including glass substrates and wafer manufacturing [7]

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company benefits from the expansion of PCB equipment and the acceleration of semiconductor equipment layout, maintaining a "Buy" rating. Despite a downward revision of the company's annual profit forecast due to limited capacity in the first phase of the factory, the company is expected to benefit from downstream PCB manufacturers' expansion and the upcoming production of the second-phase factory, leading to a positive mid-term performance release. Long-term, the company's semiconductor business is gradually constructing multiple growth drivers, with projected revenues of 1.5 billion, 2.2 billion, and 2.7 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 300 million, 516 million, and 709 million yuan for the same years [5][6][9]. Company Overview - The company is a leading manufacturer of direct imaging lithography equipment, primarily serving the PCB and semiconductor sectors. Its products include direct imaging equipment for PCB and semiconductor applications, covering various processes from microns to nanometers. The company has a complete range of LDI equipment for PCB manufacturing, including IC substrates, HDI, and flexible printed circuits [6][15]. PCB Business - The PCB business is driven by high-end demand from AI infrastructure, with optimistic capital expenditure guidance from PCB manufacturers. The company has maintained a full order book since Q2 2024, but growth has been limited by capacity constraints. The gradual production of the second-phase factory is expected to release capacity and positively impact order growth [6][15]. Semiconductor Business - The semiconductor business is accelerating its industrialization process, with multiple layouts constructing a new growth curve. The company is focusing on advanced packaging technologies and has successfully completed product validation for several advanced packaging customers. The company is also making steady progress in the general semiconductor field, benefiting from the long-term trend of domestic substitution [7][36]. Financial Summary and Valuation Metrics - The company's revenue has shown steady growth, with a projected revenue of 1.467 billion yuan in 2025, representing a year-on-year increase of 53.8%. The net profit is expected to reach 300 million yuan, with a year-on-year growth of 86.7%. The gross margin is projected to be 39.9% in 2025, with a net margin of 20.4% [8][34]. Market Position - The company has established a strong market position with a complete range of products covering various PCB types and processes. It has successfully penetrated the high-end PCB market and is positioned to benefit from the ongoing expansion in the semiconductor sector [6][15].

Core Viewpoint - The article discusses the advancements and challenges in the 2.5D/3D IC backend design EDA tools, emphasizing the need for collaborative innovation in the heterogeneous integration and advanced packaging sectors to meet the growing demands for AI computing power and overcome existing technological barriers [3][4][5]. Group 1: Event Overview - The "2025 TrendBank Heterogeneous Integration Packaging Industry Conference" was held on April 29, 2025, in Ningbo, co-hosted by TrendBank and Yongjiang Laboratory, with support from Zhuhai Silicon Core Technology Co., Ltd. and Ningbo Electronics Industry Association [1]. - Dr. Zhao Yi, founder and chief scientist of Zhuhai Silicon Core Technology Co., Ltd., delivered a keynote speech focusing on the EDA platform for 2.5D/3D advanced packaging, exploring collaborative innovation in backend design, simulation, and verification [1][3]. Group 2: Industry Insights - The demand for AI computing power has surged, outpacing the growth rate predicted by Moore's Law, leading to a conflict between increasing computational needs and the slow performance growth of chips [4]. - Advanced packaging technologies, such as stacked chips, allow for flexible integration and high-density interconnections, significantly enhancing integration levels and driving improvements in computing speed and storage capacity [4][5]. Group 3: Technical Challenges - The design complexity of stacked chips has increased exponentially, creating a scarcity of comprehensive EDA design toolchains that can address the new challenges in design, testing, and simulation [5]. - Key challenges in the 2.5D/3D Chiplet design field include achieving a cohesive top-level architecture, managing various packaging types, and understanding the benefits of architectural-level analysis [5]. Group 4: Solutions and Innovations - Zhuhai Silicon Core Technology has developed the 3Sheng Integration Platform, which provides a comprehensive solution covering the entire backend design process for Chiplets [5]. - The platform integrates five centers: architecture design, physical design, multi-die testing, analysis simulation, and multi-Chiplet integration verification, facilitating a collaborative design approach that maximizes performance, cost, and testability [5].