证券研究报告·行业深度报告·电子 电子行业深度报告 AI ASIC：从台系 ASIC 厂商发展历程看国产 产业链机遇 增持（维持） [Table_Tag] [Table_Summary] 投资要点 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 2025/3/25 2025/7/24 2025/11/22 2026/3/23 电子 沪深300 相关研究 《2026 年度半导体设备行业策略：看 好存储&先进逻辑扩产，设备商国产 化迎新机遇》 2026-02-27 《端云协同驱动 AI 入口重塑与硬件 范式重构》 2026 年 03 月 25 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 证券分析师 李雅文 执业证书：S0600526010002 liyw@dwzq.com.cn 行业走势 2026-02-27 表 1：重点公司估值 | 代码 | 公司 | 总市值 | 收盘价 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

证券研究报告·行业深度报告·电子 电子行业深度报告 AI ASIC：从台系 ASIC 厂商发展历程看国产 产业链机遇 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 03 月 25 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 证券分析师 李雅文 执业证书：S0600526010002 liyw@dwzq.com.cn 行业走势 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 2025/3/25 2025/7/24 2025/11/22 2026/3/23 电子 沪深300 《2026 年度半导体设备行业策略：看 好存储&先进逻辑扩产，设备商国产 化迎新机遇》 2026-02-27 《端云协同驱动 AI 入口重塑与硬件 范式重构》 2026-02-27 表 1：重点公司估值 | 代码 | 公司 | 总市值 | 收盘价 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

🔥 BIG: NVIDIA invests $2B in Nebius Group to build a hyperscale AI/HPC data center for enterprise applications. https://t.co/oDDB3UlNct ...

Group 1 - The combination of HBM and CoWoS has become the standard for AI and computing chips, driving a surge in advanced packaging demand, with the global OSAT industry expected to achieve sales of 333.2 billion yuan in 2025, a year-on-year increase of 9.9% [2][7] - Advanced packaging's future key technology directions focus on material and architecture innovations, including changes in 2.5D interposer layers, the use of glass in packaging, and high-integration architectures like CPO [2][15] - Domestic OSAT manufacturers in China are rapidly emerging under the backdrop of domestic substitution, with expectations for advanced process supply expansion in 2026 to exceed forecasts, particularly in AI-related computing chips [2][35] Group 2 - The OSAT industry is entering a peak capital expenditure phase, with both TSMC and non-TSMC camps increasing their CoWoS capacity expansion plans for 2026, leading to an expanded market presence for OSAT in AI chips [2][23] - Key companies to watch include Tongfu Microelectronics, which is enhancing high-end packaging in collaboration with AMD, and Shenghe Jingwei, a leader in the domestic 2.5D platform [2][56][59] - The advanced packaging market is expected to see significant growth, with domestic manufacturers likely to follow suit in price increases and capacity expansions due to rising costs in packaging services [2][50][47] Group 3 - The global OSAT market is projected to reach a historical high in 2025, driven by HPC and AI applications, with advanced packaging becoming a critical path for enhancing system performance [4][12] - The importance of advanced packaging is increasing as it becomes essential for meeting the complex application demands of downstream industries, especially in high-performance computing and AI [12][28] - The trend towards panel-level packaging (PLP) and glass substrates is expected to become significant in advanced packaging technology, enhancing production efficiency and capacity [24][27]

So what are we doing with DDN very specifically. So to deliver the solutions to our customers, we are a partner with DDN and we we work and resell the excess solution. So the Exoscale as a easy to deploy traditional HPC type server is great.It integrates with our GPUs and we're able to get our customers up and running with a traditional parallel file system that they would be a com, you know, used to using in a AI training environment. ...

Investment Rating - The report indicates a positive outlook for the semiconductor and AI-related sectors, with strong revenue growth expected in 2026 [1][5]. Core Insights - The AI sector is experiencing robust demand, particularly in AI servers, HPC, and cloud data centers, contributing to a significant revenue increase for TSMC, which reported NT$401.26 billion in January 2026, a year-on-year growth of 36.8% [1][5]. - The report highlights that advanced packaging capacity remains tight, which is a critical factor supporting revenue growth [5]. - Companies like Xinxia and JY Electronics are also seeing substantial revenue increases due to the demand for AI-related applications and advanced testing requirements [1][8]. Summary by Sections AI Sector - TSMC's revenue in January 2026 reached NT$401.26 billion, driven by strong demand for AI servers and HPC, maintaining high utilization rates in advanced processes [1][5]. - Xinxia's revenue reached NT$9 billion, a year-on-year increase of 28.5%, reflecting the growing importance of server management chips in AI server architectures [7][8]. Advanced Packaging and Testing - JY Electronics reported NT$33.7 billion in revenue, a 41% year-on-year increase, driven by the complexity of next-generation GPU testing and increased demand for AI ASICs [8]. - Chroma ATE's revenue reached NT$38.3 billion, a 72.1% increase, supported by rising power testing demands and advanced packaging capacity expansion [8]. Semiconductor Manufacturing - UMC, VIS, and PSMC reported revenue increases of 5%, 18%, and 26% respectively, with PSMC achieving a 39-month revenue high due to rising memory wafer prices [15]. - Nanya Technology, Winbond, and Macronix reported significant revenue growth of 608%, 94%, and 51% respectively, driven by structural supply-demand imbalances in the memory market [16]. EMS Sector - Foxconn, Wistron, and Quanta reported revenues of NT$730.04 billion, NT$2,283.7 billion, and NT$2,308.3 billion respectively, with year-on-year growth rates of 36%, 152%, and 62% [12]. - Wistron's chairman emphasized that AI-related orders in 2026 will significantly exceed those of the previous year, indicating a strong outlook for the EMS sector [12]. Passive Components - YAGEO reported NT$130.3 billion in revenue, a 27% year-on-year increase, driven by strong demand from AI-related applications and pre-holiday stocking in Greater China [19].

Investment Rating - The report maintains a positive outlook on the semiconductor industry, particularly in the AI and HPC sectors, indicating a strong demand that supports revenue growth [2][5]. Core Insights - TSMC reported a record revenue of NT$401.26 billion in January 2026, a year-on-year increase of 36.8%, driven by strong demand in AI servers, HPC, and cloud data centers [2][5]. - The advanced packaging capacity remains tight, which is a key factor supporting revenue growth [5]. - The report highlights that the AI sector continues to drive demand, with companies like Xinxia and JY Electronics also reporting significant revenue increases [2][5][20]. Summary by Sections AI Sector - TSMC's revenue growth is attributed to the sustained demand for AI servers and advanced process technologies, maintaining high utilization rates [5]. - Xinxia's revenue reached NT$900 million in January 2026, up 28.5% year-on-year, reflecting the strong demand for server management chips [7]. - JY Electronics reported a revenue of NT$3.37 billion, a 41% increase year-on-year, driven by the rising complexity and demand for AI-related testing [8]. Mature Process - UMC, World Advanced, and PSMC reported revenues of NT$20.86 billion, NT$4.01 billion, and NT$4.62 billion respectively, with year-on-year growth rates of 5%, 18%, and 26% [16]. - PSMC's revenue reached a 39-month high, driven by rising prices in memory wafer foundry and increased demand for logic foundry [16]. Storage - Nanya Technology, Winbond, and Macronix reported revenues of NT$15.31 billion, NT$11.78 billion, and NT$3.02 billion respectively, with year-on-year growth rates of 608%, 94%, and 51% [17]. - Nanya indicated that various DRAM products may remain tight due to limited new capacity, particularly DDR4 and LPDDR4 [17]. End-Side Chips - MediaTek's revenue was NT$46.98 billion, down 8% year-on-year, with expectations of a significant decline in mobile terminal demand due to rising costs [18]. - The Smart Edge business is expected to grow, with data center ASIC revenue projected to exceed USD 1 billion in 2026 [20]. Passive Components - Yageo reported a revenue of NT$13.03 billion, a 27% year-on-year increase, driven by strong demand from AI-related applications [20].

Core Insights - Bitdeer Technologies Group reported significant revenue growth in Q4 2025, with a year-over-year increase of 225.8% to $224.8 million, driven by self-mining and AI infrastructure initiatives [4][7] - Despite the revenue surge, gross profit fell to $10.6 million, reflecting a gross margin of 4.7%, down from 24.1% in the previous quarter, primarily due to lower Bitcoin prices, increased electricity costs, and a change in depreciation methodology [3][7] Financial Performance - The company posted an adjusted EBITDA of $31.2 million for Q4 2025, down from $39.6 million in Q3 2025 [3] - Self-mining revenue reached $168.6 million, significantly up from $41.5 million in Q4 2024 and $130.9 million in Q3 2025, attributed to a higher average operating hash rate [8] - Bitdeer reported a net operating cash outflow of $599.5 million, driven by supply chain costs, electricity expenses, and corporate overhead [5][17] Operational Developments - Bitdeer is expanding its self-mining capacity, exiting 2025 with over 55 EH/s and reaching over 63 EH/s in January 2026 [6][9] - The company commenced mass production of the SEALMINER A3 series and plans to begin production of SEAL04-1 in Q1 2026, with a focus on improving energy efficiency [10][12] - Bitdeer is prioritizing colocation services for AI and HPC at larger sites, with over 1.66 GW of capacity online and a total pipeline of 3 GW [12][14] Strategic Focus - The firm is pivoting towards AI/HPC colocation and GPU-as-a-Service, with plans to expand its cloud platform in Malaysia and the U.S. [5][14] - Management emphasized that significant U.S. GPU deployments will be backed by committed revenue from enterprise contracts, avoiding speculative capacity [15] - The company plans to switch to GAAP reporting in Q1 2026, moving away from IFRS [20]

Q4 '25 Su p p le m e n ta l In ve s tor Pre s e n ta tion A le a d in g te c h c om p a n y for th e b loc kc h a in & a c c e le ra te d c om p u te c om m u n itie s Fe b ru a ry 20 26 NASDAQ: BTDR Dis c la im e r & Forwa rd - Lookin g Sta te m e n ts This presentation and the accompanying oral presentation have been prepared by Bitdeer Technologies Group (the "Company") solely for information purpose, and has not been independently verified. By viewing or accessing the information contained in this prese ...

Group 1 - Samsung Electronics has begun mass production of its latest HBM4 chips and has shipped commercial products to customers [1] - HBM4 is a sixth-generation high-bandwidth memory solution designed for AI and high-performance computing (HPC) applications [1] Group 2 - The announcement was made on February 12, 2026, indicating a significant milestone for Samsung in the semiconductor industry [1] - The development of HBM4 chips is expected to enhance performance in AI and HPC sectors, reflecting the growing demand for advanced memory solutions [1]