格隆汇2月12日丨华天科技(002185.SZ)在投资者互动平台表示，公司有HBM相关封装技术。 ...

ai 推动先进封装成长，国产替代迎来新机遇 20260210 摘要 AI 算力需求激增推动先进封装技术发展，尤其以 COWS 等技术为代表， 预计 2026 年将成为国产先进封装需求元年，全球先进封装市场规模预 计到 2030 年将超过 794 亿美元。 台积电 CoWoS 先进封装产能长期短缺，部分产能外溢至日月光、安靠 等公司，推动其股价上涨。国内厂商如盛合晶微、长电通富等在关键技 术上取得突破，并完成部分客户导入验证。 主流方案正从 CoWoS S 演进到 CoWoS L，后者在保留硅优势的同时， 具备更大灵活性和扩展性，成为未来趋势。国产算力芯片厂商如华为升 腾、寒武纪、海光等在推理和训练场景上取得进展。 中芯国际、中芯南方等企业加速突破主流消费级及高算力领域制程工艺。 从 2026 年起，中芯南方产量提升，带动国内风测厂出货量增加，今年 是国产算力爆发和高级别 2.5D/3D 封装元年。 国内传统封装市场占有率超 20%，先进封装被视为弯道超车机会。盛合 晶微是国内 CoWoS 先进封装龙头，2022-2024 年营收复合增长率位居 全球前十，其 12 寸 WL CSP 和 2.5D 封装业务收入规 ...

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①ABF载板+AI服务器，封装基板已满产，新扩产能正在爬坡，这家公司作为国内少数布局BT和ABF载板 的厂商，稀缺产能受益AI服务器需求爆发； ②字节+AI大模型，这家公司为字节跳动等头部客户提供多模 态、多语种AI数据解决方案，支持全球AI应用本地化与出海。 前言 ...

Financial Data and Key Metrics Changes - Q4 2025 revenue was $1.89 billion, down 5% sequentially but up 16% year-on-year, with full year revenue growing 6% to $6.7 billion [12][14] - EPS for Q4 was $0.69, with net income of $172 million, and full year net income was $374 million, resulting in EPS of $1.50 [14][15] - Gross profit for Q4 was $315 million, with a gross margin of 16.7%, while full year gross profit was $939 million, with a gross margin of 14% [13][15] Business Line Data and Key Metrics Changes - Communications revenue grew 28% year-on-year in Q4, and 1% for the full year, driven by strong demand in iOS [12][14] - Computing revenue increased 6% year-on-year in Q4 and 16% for the full year, supported by AI-related PC devices [12][14] - Automotive and industrial revenue rose 25% year-on-year in Q4 and 8% for the full year, driven by advanced automotive content [12][14] - Consumer revenue declined 10% year-on-year in Q4 but grew 9% for the full year [12][14] Market Data and Key Metrics Changes - The computing segment is expected to grow over 20% in 2026, with strong contributions from AI and HPC [10][11] - Communications, computing, and automotive markets are projected to see strong year-on-year growth in Q1 2026 [16] - The automotive market is expected to remain flat in unit sales, but increased semiconductor content per vehicle is anticipated [40] Company Strategy and Development Direction - The company aims to elevate technology leadership, expand geographic footprint, and enhance strategic partnerships [8][10] - Focus on advanced packaging platforms, including HDFO and Flip Chip, critical for next-generation AI and HPC [9][10] - Construction of the Arizona campus is underway, with significant capital expenditures planned for facility expansion and advanced packaging capacity [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market shifts and geopolitical challenges, emphasizing strong customer engagements [5][11] - The company anticipates a strong start to 2026, with revenue guidance for Q1 between $1.6 billion and $1.7 billion, reflecting a 25% year-on-year increase [16][17] - Management is monitoring export control and trade policies, which are factored into Q1 guidance [11] Other Important Information - Capital expenditures for 2026 are expected to increase to $2.5 billion-$3 billion, with a significant portion allocated for facility expansion [17] - The company held $2 billion in cash and short-term investments at year-end, with total liquidity of $3 billion, a 30% increase from the prior year [16] Q&A Session Summary Question: CapEx guidance and its implications - The CapEx projection includes 65%-70% for facilities, with significant spending on the Arizona project expected to peak in 2026 [19][21] - Customer commitments for HDFO projects are contributing to the high CapEx numbers [20][23] Question: Growth expectations in computing - Computing is expected to show 20% year-on-year growth, with data center HDFO programs anticipated to ramp significantly [27][29] Question: Margin outlook and impacts - Q1 margins are impacted by a one-time asset sale, but the company expects to achieve a 30% incremental flow-through for the full year [41][43] Question: Partnership with TSMC - The partnership with TSMC is ongoing, focusing on technology and manufacturing needs in the U.S., with increasing customer interest [49][51]

Q4 2025 Financial Results February 2026 © 2026 Amkor Technology, Inc. Presenter Introductions Disclaimer Non-GAAP Measures This presentation contains certain measures that are not defined terms under U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures should not be considered in isolation or as a substitute for, or superior to, measures of liquidity or performance prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other ...

Core Insights - The increasing complexity and demands of chip design are making advanced packaging increasingly important, which is a positive trend for ASE Technology [1] - Investments in AI are significantly amplifying opportunities in the semiconductor industry, creating a large and rapidly growing market [1]

Core Viewpoint - The company, Jingfang Technology (603005.SH), focuses on advanced packaging technology services for integrated circuits and has a significant leading advantage in wafer-level TSV advanced packaging technology, with a notable trend of growth in business and profitability in recent years [1] Group 1 - The company specializes in advanced packaging technology services for integrated circuits [1] - The company has a significant leading advantage in wafer-level TSV advanced packaging technology [1] - The company is continuously innovating and expanding into new application and product markets [1] Group 2 - The company's business and profitability have shown a significant growth trend in recent years [1] - The company's production and operations are currently normal [1]

Core Viewpoint - The company, Chongda Technology (002815.SZ), is focusing on its subsidiary, Punowei, which has the technical capability for storage chip packaging substrates while also concentrating on other packaging substrate markets such as MEMS, RF, SiP, and power management [1] Group 1 - The subsidiary Punowei is currently emphasizing the packaging substrate market for MEMS, RF, SiP, and power management [1] - The company is maintaining continuous attention on the storage chip carrier board market, which is dominated by international manufacturers and is highly competitive [1]

Summary of Toppan Holdings Electronics Business Update Company Overview - **Company**: Toppan Holdings (OTCPK:TOPP.Y) - **Industry**: Electronics, specifically focusing on semiconductor packaging Key Financials - **Net Sales (FY 2024)**: JPY 283.3 billion [1] - **Non-GAAP Operating Profit**: JPY 53.4 billion [2] - **Non-GAAP Operating Margin**: 18.9% [2] - **Electronics Business Contribution**: 16% of consolidated net sales [2] - **Semiconductor-Related Sales**: JPY 194.8 billion [2] - **Sales Forecast (FY 2030)**: Targeting JPY 350 billion with a CAGR of 22% [4] Strategic Focus Areas - **Semiconductor Packaging Business**: Identified as a growth driver, focusing on high-end FCBGA market centered on AI applications [3][4] - **High-End Applications**: Targeting high-end switches, AI accelerators, and server CPUs [6][7] - **Market Position**: Secured the number three position globally in FCBGA substrates for high-end switches [6] Market Trends and Projections - **AI Semiconductor Market Growth**: Expected to grow approximately seven-fold from 2022 to 2030 [11] - **Data Traffic Increase**: Global data traffic projected to increase 100-fold from 2020 to 2040 [12] - **AI Server Demand**: Shipment volume for AI servers projected to grow 3.2 times from 2024 to 2030 [13] - **AI ASICs Demand**: Expected to grow at a high annual rate of 16% between 2024 and 2030 [16] Technology Roadmap - **Next-Generation Performance Requirements**: By 2030, data centers will require transmission speeds of 800 terabits, necessitating ultra-high speed and low-latency performance [19] - **Miniaturization and Interconnects**: Emphasis on miniaturization of interconnects to achieve high-density integration [20] - **Chiplet Structure**: Transitioning from single-chip designs to chiplet structures for enhanced performance and efficiency [22] Innovations and Initiatives - **Submicron Organic RDL Interposers**: Development of large interposers with submicron RDLs using the Damascene process [25][26] - **Glass Core FCBGA**: Utilizing glass as a core material for improved rigidity and low warpage [27] - **Photonics-Electronics Convergence**: Developing technologies for low-loss optical transmission within FCBGA substrates [28] Production and Expansion Plans - **New Production Lines**: Plans to open new production lines in Japan and Singapore, with operations expected to begin in late 2026 [29] - **Ecosystem Development**: Building partnerships with domestic and international companies to enhance R&D capabilities [28][29] Conclusion - Toppan Holdings is strategically positioning itself to capitalize on the growing demand for AI and data center solutions through innovative semiconductor packaging technologies and a robust production strategy aimed at sustainable growth in the electronics sector [30]

Group 1 - The core point of the article is that Yongxi Electronics (688362.SH) announced that its 2.5D packaging production line is expected to be operational in the fourth quarter of 2024, and the company is currently validating products with relevant customers [1] Group 2 - The company is actively engaging with customers for product validation related to the new packaging technology [1]