公众号记得加星标⭐️，第一时间看推送不会错过。 在人工智能（AI）时代，封装领域的技术发展遭遇瓶颈，玻璃半导体基板作为能够解决该领域难题的 关键材料正备受瞩目。三星电子、台积电、英特尔、AMD 等全球主要半导体厂商，均在探讨将玻璃 材料应用于封装基板，以此提升芯片集成密度。这款被誉为 "游戏规则改变者" 的玻璃半导体基板， 其核心目标是助力 AI 芯片实现效能跃升。有预测显示，搭载玻璃基板的 AI 芯片最快将于 2028 年 步入商业化阶段。 半导体玻璃基板制造企业已着手加速布局量产体系。在韩国，SKC（旗下子公司 Absolics）、三星 电机、LG Innotek 均已入局，全力推进半导体玻璃基板的商业化进程。不过，各家企业的业务发展 进度存在差异，其中 SKC 的技术与布局处于领先地位，三星电机与 LG Innotek 则紧随其后，正加 紧缩小差距。 据行业消息，最快明年韩国企业研发的半导体玻璃基板就将开启 "早期量产"。目前，SKC 与三星电 机已向客户交付样品，并同步开展相关测试工作。两家企业均制定明确规划：计划于 2026-2027 年 建成量产体系，2027-2028 年全面进入产能爬坡阶段。市 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][11]. Core Views - The company is recognized as a "hidden champion" in high-end glass materials, with its semiconductor substrates and electronic cloth fibers expected to create a second growth curve. The glass materials business is expanding, and the basic performance is likely to recover, driving growth elasticity. The optical glass business has seen revenue growth and improved gross margins since 2024, although the specialty glass segment faces short-term pressure due to the end of major customer orders and delays in onboarding new clients. Increased R&D investment and strategic partnerships are expected to enhance collaboration in the semiconductor field, indicating a potential operational turning point [5][9][13]. Summary by Sections 1. Company Overview - The company has over a decade of experience in the optical glass industry, with core technologies in glass formulation, melting, testing, and production line design. It has expanded its product offerings to include optical glass, specialty functional glass, and semiconductor application glass [19][20]. 2. Market Performance - The global market for nano-microcrystalline glass is projected to grow at a CAGR of 30% from 2024 to 2029, driven by the rapid increase in Android smartphone shipments. The company is positioned to benefit from this trend as one of the few manufacturers capable of mass production [6][34]. 3. Growth Opportunities - The company is strategically expanding into semiconductor glass substrates and electronic cloth fibers, which are critical materials for advanced semiconductor packaging. The domestic market is expected to see significant growth opportunities as local companies accelerate their production capabilities [7][8][13]. 4. Financial Performance - The company is projected to achieve net profits of 44 million, 133 million, and 207 million yuan from 2025 to 2027, with corresponding P/E ratios of 127, 42, and 27 times. The company is considered a leader in high-end glass materials in China, with growth potential in new business areas [9][11][12]. 5. Industry Trends - The optical glass industry is experiencing a shift towards high-end products and domestic substitution, with the company positioned among the top tier of domestic manufacturers. The demand for optical glass is expected to rise due to advancements in consumer electronics, automotive electronics, and security monitoring [37][41].

来源 ： 内容 编译自 etnews 。 公众号记得加星标⭐️，第一时间看推送不会错过。 特斯拉和苹果正在探索引入半导体玻璃基板。随着人工智能（AI）需求的不断增长，此举被解读为试 图通过玻璃基板提升半导体和数据中心性能。作为两家全球领先的科技公司，他们的采用预计将对行 业产生重大影响。 据报道，特斯拉和苹果近期与一家正在准备玻璃基板的制造商会面，了解了半导体玻璃基板技术，并 讨论了合作计划。目前尚未达成具体的合同或技术合作，但据悉，双方在合作中表达了广泛的兴趣和 意见。 据信，苹果也在探索将玻璃基板作为人工智能技术。苹果曾因应对人工智能时代不足而受到批评，但 据信其目标是实现以 iPhone 为中心的人工智能服务。预计苹果将在其人工智能基础设施（包括服务 器和数据中心）中使用玻璃基板。 多位知情人士表示："虽然尚未进入具体讨论阶段，但双方对玻璃基板的需求，包括对该技术的技术 理解，达成了共识。他们可能会重新审视技术开发流程，并决定是否采用。" 苹果公司的主要高管不仅拜访了玻璃基板制造商，还拜访了拥有相关工艺技术的设备供应商，以了解 玻璃基板技术。 玻璃基板由于其与传统塑料相比翘曲度更小，并且易于实现微电路， ...

Core Viewpoint - Intel is committed to advancing the commercialization of semiconductor glass substrates, denying rumors of exiting the business due to financial difficulties [2][3] Group 1: Business Strategy - Intel's roadmap remains unchanged, aiming to introduce glass substrates before 2030, which are considered crucial for producing high-performance semiconductors needed for AI [2] - The company has been developing glass substrate technology for ten years and plans to establish a pilot production line [2][3] Group 2: Market Position and Collaborations - Intel is collaborating with various materials, components, and equipment companies to build its glass substrate pilot production supply chain [3] - Potential partners for glass substrate manufacturing include companies from Taiwan, Austria, and South Korea, although it is unclear whether Intel will produce in-house or through external collaborations [3] Group 3: Financial Context - Recent poor performance has led to speculation about Intel potentially abandoning the glass substrate business, amidst large-scale layoffs and organizational restructuring [2]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Viewpoints - The company has made significant progress in the research and development of semiconductor products, which have been validated by well-known manufacturers, and is expected to generate sales revenue in the second half of the year [1][10] - The company is also advancing in the development of low dielectric constant glass fiber products and has begun to establish corresponding production lines [1][25] - The financial performance for the first half of 2025 shows a revenue of 251 million yuan, a year-on-year decrease of 22.06%, and a net profit attributable to the parent company of 12.39 million yuan, down 74.13% year-on-year [1][22] Summary by Relevant Sections Semiconductor Products - The company has validated several semiconductor products through downstream customer processing, with expectations for continuous sales revenue starting in the second half of 2025 [1][10] - The global glass substrate market is primarily dominated by American and Japanese companies, with Corning holding a 48% market share [2][11] Financial Performance - In the first half of 2025, the company achieved a revenue of 251 million yuan and a net profit of 12.39 million yuan, reflecting a significant decline compared to the previous year [1][22] - The company has adjusted its profit forecasts for 2026 and 2027, expecting net profits of 68 million yuan and 121 million yuan respectively, with corresponding EPS of 0.47 yuan and 0.83 yuan [1][31] Research and Development - The company is actively investing in R&D for semiconductor applications and has made substantial progress in low dielectric constant glass fiber products, with production lines being established [1][25] - The global low dielectric electronic cloth market is projected to reach 530 million USD by 2031, with a compound annual growth rate (CAGR) of 18.7% [25][27] Market Position - The company aims to compete with international leaders like Corning in the high-end glass materials sector, gradually achieving domestic substitution [3][21] - The key technology for glass substrate packaging is Through-Glass Via (TGV) interconnection technology, which addresses various challenges in high-frequency signal transmission [21][24]

Market Overview - The main board led the gains with notable stocks such as Chutianlong (+10.00%), Zhongjing Electronics (+9.99%), and Guanghua Technology (+6.12%) [1] - The ChiNext board saw significant increases with Qiangli New Materials (+20.02%) and Huaming Intelligent (+13.22%) [1] - The Sci-Tech Innovation board was led by Fugang Co. (+8.98%) and Shijia Photon (+6.95%) [1] - Active sub-industries included SW Electronic Chemicals III (+1.61%) and SW Semiconductor Equipment (+0.47%) [1] Domestic News - Shenghe Jingwei's IPO counseling status has changed to "counseling acceptance," marking it as the first global company to adopt an integrated circuit front-end chip manufacturing system [1] - BYD, a leading electric vehicle manufacturer, has formed a strategic partnership with ByteDance to establish an "AI + High-Throughput Joint Laboratory" aimed at overcoming key technological bottlenecks in battery technology [1] - JD Group, China's largest panel manufacturer, is advancing its semiconductor glass substrate business, recently ordering equipment for automatic optical inspection and chemical copper plating [1] - Micro-LED company JBD has undergone a business change and may have completed a B+ round of financing, with its micro-display engine widely used in AR applications [1] Company Announcements - Derun Electronics released a simplified equity change report, with the disclosing parties holding a total of 66,544,966 shares, representing an 11.0084% stake [2] - Haosheng Electronics announced a 2024 annual equity distribution plan, with a stock increase of 4 shares for every 10 shares held, totaling 39,200,000 shares [2] - Dahua Technology reported progress on the sale of its controlling subsidiary, Huacheng Network, which has completed the necessary business registration changes [2] - Woge Optoelectronics adjusted its 2024 annual profit distribution total, maintaining a cash dividend of 0.05 yuan per share, with the total adjusted from 11,114,866.65 yuan to 11,081,611.65 yuan [2] International News - Samsung Electronics is set to launch its XR headset "Project Moohan" on September 29, featuring the Qualcomm Snapdragon XR2+ Gen2 chip and Android XR system [3] - Samsung has completed the first performance evaluation of its UCIe prototype chip, designed for high-performance computing and AI applications [3] - Marvell, a custom AI chip giant, has revealed new opportunities with two large-scale cloud customers, projecting potential revenue of $75 billion [3] - Oakley has launched its first smart glasses in collaboration with Meta, featuring a 12-megapixel camera and 3K Ultra HD video recording capabilities [3]

Core Viewpoint - BOE is advancing its semiconductor glass substrate business, leveraging its existing glass substrate technology from the display sector to expand into the semiconductor field [1][3]. Group 1: Business Development - BOE has recently ordered semiconductor glass substrate equipment, including automatic optical inspection (AOI) and electroless copper plating equipment [2]. - The AOI equipment will be supplied by Onto Innovation, a U.S. company, while other equipment will be sourced from domestic suppliers [3]. - The purpose of the equipment is to establish a research and development testing line for glass-based packaging technology, aimed at verifying the process technology for glass-based integrated circuit (IC) packaging substrates and achieving industrialization [3]. Group 2: Technical Advantages - Semiconductor glass substrates are smoother and thinner than traditional substrates, allowing for finer circuits and better performance in high-performance, high-integration semiconductor applications [3]. - The development of semiconductor glass substrates is challenging due to the material's properties, as even minor cracks can have significant negative impacts [3]. Group 3: Market Positioning - Industry insiders indicate that BOE's interest in the semiconductor glass substrate business has been rumored since the second half of last year, and the business is now in the equipment supplier selection phase [4]. - BOE's expertise in glass processing technology positions it favorably in the competitive landscape of semiconductor glass substrates, as it can leverage its existing supply chain advantages [3].