Summary of Conference Call Records Industry Overview Macro Environment - The South Korean National Assembly has passed a commercial law amendment aimed at enhancing stock valuations [1] Artificial Intelligence - A seller indicated that the adjustment in CPO was a market misinterpretation of Citigroup's forecast, which actually revised the scale-up prediction numbers [1] - A potential new chip from GTC, identified as the LPU chip, is expected to be primarily used for inference, utilizing a high-layer PCB board and the M9 Q fabric solution [1] - Hetzner, a well-known cloud service provider in the EU, will increase cloud server prices by 37% starting April 1 [1] Semiconductor Industry - Reports suggest that China plans to increase advanced chip production from currently less than 20,000 units to 100,000 units within 1-2 years, with a higher target of 500,000 units by 2030 [1] - A seller has revised storage expansion expectations from 100,000-120,000 units to over 150,000 units, indicating that large equipment orders are about to be finalized [1] - There are rumors of restrictions on Japanese testing machines entering major domestic manufacturers [1] Optical Modules - Leading domestic optical module companies are seeking partnerships or acquisition opportunities with packaging factories, as the transition from precision manufacturing to semiconductor processes in CPO is inevitable [2] - The next-generation NV architecture is expected to adopt hybrid bonding technology, with hybrid bonding and 3DIC anticipated to penetrate the industry formally [2] Satellite Industry - Blue Arrow Aerospace has confirmed the resumption of the Zhuque-3 rocket launch in March [2] - CASIC's reusable liquid rocket, the Lijian-2, is scheduled for its maiden flight in late March [2] Lithium Industry - The Zimbabwean Ministry of Mines has announced an immediate suspension of all raw and lithium concentrate exports, including in-transit goods, which will significantly impact short-term supply in the lithium sector [2] Yttrium Oxide - There is an unprecedented price gap of 80 times between domestic and international markets, with no immediate reversal expected in Sino-Japanese relations [2] Shipping Industry - Spot freight rates are approaching $20,000 per day, with Sinokor continuing to expand its VLCC acquisition scale, controlling approximately 17% of capacity [2] - India may shift towards longer-distance purchases of U.S. oil [2] - The U.S.-Iran situation may temporarily increase compliance demand by about 3% [2] Real Estate - Weekly summary from February 16-22 indicates a continued decline in listings, with prices in various cities showing a month-on-month increase [2] - New policies in the Shanghai real estate market are in line with expectations [2] Other Notable Points - Several legal drafts, including the Ecological Environment Code and the National Development Planning Law, will be submitted for review during the Two Sessions [3] - Horse racing in Guangzhou has resumed after nearly 30 years of suspension [4] Market Strategy Observations - Today's trading volume reached 24.625 billion, with an increase of 2.605 billion, indicating a faster return of funds compared to previous years [5] - The steel, non-ferrous metals, and building materials sectors are leading the market, driven by real estate policy stimuli and cyclical price increases [6] - Price increase themes show sustainability, with a rotation in market direction expected [6] - Semiconductor equipment is showing strength, with expansion directions already confirmed, leading to a rebound after a prolonged adjustment period [6]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the listing review by the Shanghai Stock Exchange for its IPO on the Sci-Tech Innovation Board, becoming the first company to be approved in the Year of the Rabbit [1] Group 1: Company Overview - Shenghe Jingwei is a leading global advanced packaging and testing enterprise for integrated circuits, specializing in advanced 12-inch silicon wafer processing and providing full-process advanced packaging services [1] - The company focuses on supporting high-performance chips, particularly GPUs, CPUs, and AI chips, aiming to enhance performance through heterogeneous integration that surpasses Moore's Law, achieving high computing power, high bandwidth, and low power consumption [1] Group 2: Financial Performance - For the years 2023, 2024, and the first half of 2025, Shenghe Jingwei is projected to achieve operating revenues of 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan, respectively, with net profits attributable to the parent company of 34.13 million yuan, 214 million yuan, and 435 million yuan [1] Group 3: IPO Details - The company plans to raise 4.8 billion yuan through its IPO, which will be allocated to projects including three-dimensional multi-chip integration packaging and ultra-high-density interconnect three-dimensional multi-chip integration packaging, focusing on scaling the chiplet multi-chip integration packaging technology platform and enhancing bump manufacturing capacity [1] Group 4: Shareholding Structure - In the past two years, Shenghe Jingwei has had no controlling shareholder or actual controller. As of the signing date of the prospectus, the largest shareholder, Wuxi Industrial Development Fund, holds a 10.89% stake, while the second largest shareholder, the Zhuhai Bank system, controls 9.95%, and the third largest shareholder, the Houwang system, holds 6.76% [2]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a significant increase in revenue but a decline in net profit due to increased R&D expenses and a shift to a loss in non-recurring profit [1][2]. Financial Performance - In 2024, the company achieved total revenue of 1.222 billion, a year-on-year increase of 20.98% - The net profit attributable to shareholders was 109 million, a year-on-year decrease of 45.46% - The non-recurring net profit was -57 million, compared to 64 million in the same period last year, indicating a shift from profit to loss - In Q1 2025, total revenue was 234 million, a year-on-year increase of 9.77% - The net profit attributable to shareholders was 10 million, a year-on-year increase of 26.72% [1]. R&D Investment - The company increased its R&D investment in 2024, with R&D expenses reaching 868 million, a year-on-year increase of 26.77% - The R&D expense ratio was 71.02%, up by 3.25 percentage points, marking a historical high - The number of R&D personnel reached 914, an increase of 18.1% year-on-year, reflecting the talent-intensive nature of the EDA industry [1][2]. Product Development - The company upgraded its traditional product lines, launching several new tools: - The Andes design automation platform, including Andes Analog for analog circuits and Andes Power for power transistors - The AetherLE layout editing tool with a new coloring function for different mask layers - The ALPS RF circuit simulation tool, reducing simulation time from 1-2 weeks to under 8 hours - The Optimus tool for optical proximity effect optimization in flat panel displays [2]. Strategic Initiatives - The company is accelerating its layout in wafer manufacturing and advanced packaging: - Development of the Layout Decomposer for high-performance mask layout splitting - Introduction of the Vision platform for process diagnostics to improve yield - New tools for 3DIC, including Aether 3DIC and Argus 3DStack - The acquisition of Chip and Semiconductor on March 17, 2025, aims to enhance the company's capabilities in 3DIC Chiplet and RF circuit EDA products, positioning it as a global EDA leader [3]. Future Outlook - The company maintains an "overweight" rating and has added profit forecasts for 2027 - The semiconductor industry's domestic production is seen as an inevitable trend, with the company expected to grow through both organic growth and acquisitions - Projected revenues for 2025, 2026, and 2027 are 1.62 billion, 2.06 billion, and 2.65 billion respectively, with net profits of 250 million, 410 million, and 600 million respectively [4].

以下文章来源于IC后摩院 ，作者赵瑜斌 IC后摩院 . 产业为天，学术为地，搬运在这天地间 如果您希望可以时常见面，欢迎标星收藏哦~ | Contents | | | --- | --- | | 引 | | | 01 | 架构设计 | | 02 | 设计实现 | | 03 | 仿真 | | 04 | PV验证/签核 | | 05 | 供电 / 功耗 | | 06 | 标准/底座/生态 | | 07 | 商用工具现状 | 本篇主要分享从设计视角，对于Chiplet tool的真实需求。在开始前，我们略去了Chiplet设计的必要性和 后摩路径的好处（在其他篇中我们再分享），但是我们从一个基本的角度来看必须用Chiplet来构建未来系 统，尤其是算力系统的必要性——晶体管transistor的增长。 上个月底参加了HiPi联盟大会，以及在近期多场和3DIC、先进封装有关的会议中，国内设计界对EDA的呼声 可谓此起彼伏。这几天方得空整理了一下若干专家对此的讨论和分享。由于流程环节繁多，内容庞大，本文仅 挑一些要点做分享，如有更适合的场合再分别做详细介绍。 2024年，成功商用单片（苹果M3 max@3nm）晶体管最 ...