"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 异质异构集成产业 群 11月18-19日， 2025异质异构集成前沿论坛暨甬江实验室信息材料与微纳器件制备平台验证线通线仪式 在宁波泛太平洋大酒店举行。 论坛现场 吸引了国内外相关领域的龙头企业和科研机构参会，各方围绕前沿成果、技术趋势和关键挑战进行了深入交流，探讨合作路径。 嘉宾签到&论坛现场 ▼ 左右滑动查看更多 18日下午，大会1号厅举行 异质集成与先进封装论坛 —— 赵毅： 2.5D / 3D 堆叠芯片是时代趋势，其中 2.5D Chiplet 部分设计工具成熟 ， 设计前移 ，各环节协同 ， 可靠性测试 值得探索； 3D IC 设 计方法学， 全局优化复杂度 极高特殊；因此产业整体的发展还需要芯片设计、封装制造、EDA 设计通力配合。 简志宏 ： 先进 Chiplets 整合技术的延伸和快速发展，使得HDFO、2.5 D、3D 等异质/异构整合集成技术方案及结构正突破封IC集成的痛点，极大 推进先进性能晶圆级封装技术的发展。 高占占 ： 2026-2028 年是全球先进封装技术加速渗透，以及新技术从 ...

Core Viewpoint - The company emphasizes that its stock price is influenced by various factors including fundamentals, market sentiment, and investor expectations, while focusing on its core business to enhance competitiveness and profitability [1] Group 1 - The company aims to enrich its packaging product types while ensuring the quality of packaging and testing services [1] - The company is committed to improving its ability to serve customers, which is expected to drive steady revenue growth [1] - The company seeks to enhance its competitive advantages and sustainable profitability to protect the interests of its investors [1]

Core Viewpoint - The company has developed a CPO (Co-Packaged Optics) solution that integrates optical engines with ASIC chips on the same substrate, addressing high bandwidth and low power consumption needs across various applications [1][3]. Company Summary - The CPO solution offers bandwidth expansion and energy efficiency optimization for computing scenarios, facilitating generational upgrades of systems [3]. - Compared to traditional board-level interconnects, CPO has potential advantages in link distance, power consumption, and bandwidth density, making it suitable for high-performance interconnect needs in AI computing clusters and data centers [3]. - The company is collaborating with multiple clients on core aspects such as optical engine packaging integration, thermal management, and reliability validation, focusing on device layout, heat dissipation optimization, and long-term reliability assessment [3]. Industry Summary - CPO is viewed as a significant direction for enhancing interconnect efficiency, although mass production faces challenges related to optical alignment precision, yield, and maintainability [3]. - As the ecosystem matures and standards advance, manufacturers with advanced packaging and validation capabilities are expected to benefit from increasing demand [3]. - Industry perspectives suggest that if the company achieves large-scale adoption and stable yield on the client side, there could be improvements in order volume and product structure; however, uncertainties remain regarding downstream demand trends, standard evolution, and supply chain collaboration [3].

Group 1 - The core viewpoint of the article is that Huatian Technology (002185.SZ) has successfully mastered DDR5 DRAM packaging technology, and related packaging products have already entered mass production [1]

Core Viewpoint - Huatian Technology has confirmed its possession of DDR5 DRAM packaging technology, with related packaging products already in mass production [1] Group 1 - Huatian Technology (002185.SZ) responded to an investor inquiry on November 11 regarding its capabilities in DDR5 and DRAM packaging technology [1]

Core Viewpoint - Changdian Technology has engaged in collaborations with multiple clients in key areas such as optical engine packaging integration, thermal management, and reliability verification [1] Group 1 - The company is actively working on optical engine packaging integration [1] - Collaborations are focused on thermal management solutions [1] - Reliability verification processes are being developed in partnership with various clients [1]

Group 1 - The core point of the news is that Huicheng Co., Ltd. has experienced a continuous decline in stock price, dropping 1.38% on November 4, with a total market value of 13.53 billion yuan and a cumulative decline of 8.42% over four days [1] - Huicheng Co., Ltd. is located in Hefei, Anhui Province, and was established on December 18, 2015. It was listed on August 18, 2022. The company specializes in the manufacturing of gold bumping, wafer testing, and various packaging services for display driver chips [1] - The main business revenue composition of Huicheng Co., Ltd. is 90.25% from display driver chip testing and packaging, while other services account for 9.75% [1] Group 2 - From the perspective of fund holdings, one fund under Shenwan Hongyuan has Huicheng Co., Ltd. as its second-largest holding, with 21,900 shares, accounting for 1.97% of the fund's net value [2] - The fund, Shenwan Hongyuan Intelligent Life Quantitative Selection Mixed Fund A, has experienced a floating loss of approximately 48,180 yuan today and a total floating loss of 31,800 yuan over the past four days [2] - The fund was established on March 17, 2023, with a current scale of 19.53 million yuan, and has achieved a return of 30.57% this year, ranking 2,983 out of 8,150 in its category [2]

Group 1 - The core point of the news is that Huicheng Co., Ltd. has experienced a continuous decline in stock price, dropping 1.38% on November 4, with a total market value of 13.53 billion yuan and a cumulative decline of 8.42% over four days [1] - Huicheng Co., Ltd. is located in Hefei, Anhui Province, and was established on December 18, 2015. It went public on August 18, 2022. The company specializes in the manufacturing of gold bumping, wafer testing, and various packaging services for display driver chips, with 90.25% of its revenue coming from this core business [1] - The company's stock trading volume on November 4 was 462 million yuan, with a turnover rate of 3.35% [1] Group 2 - According to data, one fund under Huatai PineBridge holds Huicheng Co., Ltd. as a significant investment, with 191,200 shares representing 0.39% of the fund's net value, ranking as the ninth largest holding [2] - The fund, Huatai PineBridge National Index 2000 Enhanced A, has a total scale of 672 million yuan and has achieved a return of 49.92% this year, ranking 596 out of 4,216 in its category [2] - The fund managers, Wu Zhenxiang and Wang Xingxing, have significant experience, with Wu having a tenure of over 15 years and a best fund return of 199.41%, while Wang has been managing for over 2 years with a best return of 67.09% [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported strong growth in Q3 2025, with a year-on-year revenue increase of 17.94% and a net profit increase of 95.08% [4][5] - The revenue for the first three quarters of 2025 reached 20.116 billion yuan, a 17.77% increase year-on-year, while the net profit attributable to the parent company was 860 million yuan, up 55.74% [4] - The company is benefiting from increased revenue from high-end products and improved management and cost control [5] - A significant partnership with AMD to support AI data center construction is expected to bolster revenue growth [5] Financial Summary - For Q3 2025, the company achieved a single-quarter revenue of 7.078 billion yuan, marking a 17.94% year-on-year increase and a 1.90% quarter-on-quarter increase [4] - The net profit for Q3 2025 was 448 million yuan, reflecting a 95.08% year-on-year increase and a 44.32% quarter-on-quarter increase [4] - The projected net profits for 2025-2027 are 1.271 billion, 1.439 billion, and 1.850 billion yuan respectively, with corresponding EPS of 0.84, 0.95, and 1.22 yuan [6] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 49.9, 44.0, and 34.2 respectively [6] Market Position and Growth Potential - The company is positioned to benefit from the growth of its major client, AMD, particularly in the AI sector, which is expected to drive significant revenue growth [5] - The company’s overall efficiency has improved due to better management and cost control measures [5] - The historical highs in revenue and net profit for Q3 2025 indicate a strong market position and growth potential [5]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 20.116 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 17.77%. The net profit attributable to shareholders reached 860 million yuan, with a year-on-year growth of 55.74% [1] - In Q3 2025, the company continued to show high growth, with a revenue of 7.078 billion yuan, a quarter-on-quarter increase of 1.90% and a year-on-year increase of 17.94%. The net profit attributable to shareholders was 448 million yuan, with a quarter-on-quarter increase of 44.32% and a year-on-year increase of 95.08% [1] - The company is actively expanding its market share in various application fields such as mobile phones, home appliances, and automotive chips, benefiting from the domestic production of chips and favorable national policies [2] - The company continues to benefit from strong growth from its major client AMD, with significant performance in data center, client, and gaming businesses [2] - The company is making significant advancements in top-tier packaging technologies such as Chiplet and 2D+, with large-size FCBGA entering mass production and breakthroughs in optical-electrical hybrid packaging technology [3] Financial Forecasts - The company is projected to achieve net profits of 1.34 billion yuan, 1.645 billion yuan, and 1.814 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 48, 39, and 36 times [4][3] - Revenue is expected to grow from 27.103 billion yuan in 2025 to 38.108 billion yuan in 2027, with growth rates of 13.5%, 19.0%, and 18.1% for the respective years [4][9]