"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 电子玻璃 群 随着摩尔定理趋近物理极限，集成电路行业进入了 "后摩尔时代"，先进封装的发展成为芯片 性能提升的重要突破口。AI及算力市场持续高涨的需求也进一步"倒逼"封装技术持续演化。 持续爆发的算力需求使得全球先进封装市场实质上处于"供不应求"状态。 据 相关市场机构 数据测算， 2024年全球先进封装市场规模约为 450亿美元，占全球半导体封装市场总额的 55%左右 ，且该占比例仍处于持续增加的动态变化之中 。 相关机构 预计， 到 2030年全球先进封装市场规模将增长至约800亿美元，2024-2030年 复合年增长率达到9.4% ，成为推动半导体行业价值升级的核心环节。 中国市场同样增长潜 力巨大。 而对中国先进封装市场规模的预测显示， 2022年中国先进封装市场规模约为 399亿人民币 ， CAGR约为15%，显著高于全球平均增长率，市场潜力巨大，呈现出"蓝海"局面。 作为封装工艺中必不可少的关键材料， DAF膜和底部填充胶 （underfill）的市场需求也受惠 于此。 DAF膜用于连接芯片与基板 ...

Core Insights - The 2025 European Thermal Management Exhibition recently concluded in Stuttgart, Germany, showcasing advanced thermal management solutions from Guangdong Siquan New Materials Co., Ltd. [1] - The exhibition is the only professional platform in Europe focused on thermal management systems, components, and materials, covering key sectors such as automotive, aerospace, electronics, and data centers, with over 60% of attendees from the automotive and electronics industries [1] Company Highlights - Siquan New Materials presented comprehensive solutions in three main areas: thermal management, electronic protection, and electromagnetic shielding, including thermal simulation design, liquid cooling plates, uniform temperature plates, bottom filling adhesives, UV protective coatings, and absorbing materials [1] - The company expressed a desire to collaborate with more international partners to advance global electronics industry towards a more efficient, reliable, and intelligent future using their leading thermal control and protection technologies [1]

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry, indicating a positive outlook for the sector over the next six months [1]. Core Insights - The advanced packaging sector is crucial for the development of domestic computing power, with significant growth expected due to rising demand for advanced packaging technologies such as CoWoS and Fan-out [4]. - The report highlights the strong performance of ASMPT in Q2, driven by robust demand in China, with a 50% year-on-year increase in TCB orders, indicating a recovery in domestic advanced packaging demand [4]. - The report suggests that domestic computing power is likely to replicate the rapid growth seen in overseas markets, particularly in AI applications, positioning advanced packaging as a foundational element for this growth [4]. Summary by Sections Industry Trends - The report notes a projected increase in the electronic industry, with a focus on advanced packaging technologies that are essential for GPU, CPU, and base station applications [4]. - The importance of domestic advanced packaging supply is emphasized, especially in light of constraints in Taiwan's advanced packaging capacity [4]. Investment Recommendations - The report recommends focusing on leading companies in advanced packaging, including Shenghe Jingwei, Changdian Technology, Tongfu Microelectronics, and Yongxi Electronics, as well as materials and equipment suppliers like Qiangli New Materials and Jingzhida [4].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to see a resurgence in profits due to the anticipated volume increase of new IC and smart terminal products [1] - The company reported a revenue of 1.17 billion yuan in 2024, a year-on-year increase of 25.2%, while the net profit attributable to the parent company was 97 million yuan, a decline of 5.4% [7] - In Q1 2025, the company achieved a revenue of 316 million yuan, representing a year-on-year growth of 55.7%, and a net profit of 27 million yuan, up 96.9% year-on-year [7] - The company has made significant breakthroughs in the research and development of integrated circuit packaging materials, with new products expected to drive growth in the advanced packaging sector [7] - The smart terminal packaging materials segment is experiencing rapid revenue growth, benefiting from new product developments and the expansion of consumer electronics applications [7] - The company has adjusted its profit forecasts for 2025 downwards due to unexpected declines in average prices of new energy application materials, while increasing forecasts for 2026 and 2027 [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 1.447 billion yuan, with a year-on-year growth rate of 24.1% [6] - The net profit attributable to the parent company is projected to be 161 million yuan in 2025, reflecting a year-on-year growth of 65.1% [6] - The company’s gross margin is expected to improve from 27.5% in 2024 to 29.4% in 2025 [6] - The return on equity (ROE) is projected to increase from 4.2% in 2024 to 6.6% in 2025 [6]