Core Viewpoint - The investment by拓荆科技 in芯丰精密 aims to strengthen the company's strategic layout and industrial synergy in the 3D integration and advanced packaging sectors [1][3]. Investment Details -拓荆科技 plans to acquire a stake in芯丰精密 for no more than RMB 270 million, which represents 16.4154% of the company's registered capital post-financing [1]. - The associated party,丰泉创投, will invest RMB 30 million for a 1.8239% stake [1]. - The total registered capital of芯丰精密 will increase from RMB 57,891,044 to RMB 60,819,616 after the financing round [3]. Company Profile -芯丰精密 specializes in the research and manufacturing of core equipment and materials for 3D integration and advanced packaging [3]. - The company has developed capabilities in core software and components, with a product line that includes thinning, dicing, and slicing equipment, as well as advanced bonding equipment [3]. -芯丰精密's products have been successfully applied in advanced storage and image sensor fields [3]. Strategic Importance - The investment is seen as a strategic move to enhance the technological synergy in the high-tech semiconductor equipment market [4]. - As the semiconductor industry evolves towards 3D integration and advanced packaging, the demand for core equipment is increasing, highlighting the strategic value of such investments [4].

Core Viewpoint - Morgan Stanley predicts ASMPT (00522) may report a loss in Q3 due to one-time restructuring expenses, but encourages investors to focus on its long-term growth drivers, including CoWoS-L capacity expansion, development of high-frequency memory in China, and hybrid integration progress [1] Financial Performance - ASMPT's Q3 revenue guidance median is set at $475 million, representing an 11% year-on-year increase [1] - Morgan Stanley forecasts that the company will incur approximately RMB 360 million in one-time restructuring expenses, leading to a net loss of around RMB 69 million [1] - For Q4, revenue is expected to reach RMB 3.646 billion, reflecting a 7% year-on-year growth, with a projected net profit of approximately RMB 126 million, primarily driven by advanced packaging solutions [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating for ASMPT, raising the target price from HKD 80 to HKD 100 [1] - The earnings per share forecasts for 2026 and 2027 have been increased by 10% and 23% respectively, while the full-year earnings estimate for this year has been reduced by 45% [1] Market Trends - The mainstream semiconductor demand is recovering, and the advanced packaging market continues to grow, with ASMPT's Q3 order shipment ratio expected to remain above 1 [1]

Core Viewpoint - The semiconductor backend equipment market is entering a new era, transitioning from cost-sensitive processes to advanced packaging technologies and increasingly complex semiconductor devices. The market size is expected to grow from $6.9 billion in 2025 to $9.8 billion by 2030, with a compound annual growth rate (CAGR) of 7.1% [1]. Market Dynamics: Transformation through Complexity - The semiconductor manufacturing industry is rapidly evolving, with the backend being central to this transformation. Factors such as chip architecture, heterogeneous integration, and the rise of High Bandwidth Memory (HBM) are driving demand for new equipment [2]. Backend Semiconductor Equipment: Growth Prospects by Segment - Core backend equipment segments include die bonders, flip chip bonders, thermal compression bonders (TCB), hybrid bonding, wire bonding, wafer thinning, cutting, and metrology and inspection. Advanced technologies like TCB and hybrid bonding are key to driving significant changes, while traditional solutions like wire bonding still hold market potential [5][6]. TCB: Rapid Rise - TCB is gaining prominence due to its critical role in advanced packaging, especially in HBM integration. Revenue is expected to reach approximately $1.1 billion by 2030, with a CAGR of 13.4%. The no-adhesive TCB technology reduces contamination and enhances reliability, with suppliers like Hanmi, ASMPT, Kulicke & Soffa (K&S), and BESI actively expanding in this area [6]. Hybrid Bonding: Disruptive Technology - Hybrid bonding is one of the most disruptive backend technologies today, enabling ultra-fine pitch below 5 µm without solder bumps, essential for AI, HPC, and chip-based designs. The market for this segment is projected to reach about $477 million by 2030, with a CAGR of 24.6%. Industry leaders like TSMC, Intel, and Samsung are early adopters, while BESI's strategic partnerships position it at the forefront of equipment innovation [7]. Die Attach and Flip Chip Bonder - Traditional die attach machines continue to evolve, offering ±1 µm placement accuracy and enhanced thermal control. By 2030, revenue from die attach machines is expected to reach $912 million, driven by automotive, consumer electronics, and industrial applications [7]. Flip Chip Bonder - Flip chip bonders are crucial for both traditional and advanced high-density packaging, with market size projected to exceed $662 million by 2030. Innovations like no-adhesive processes and ultra-fine pitch interconnects are enhancing I/O density and electrical performance [8]. Wire Bonding - Despite its maturity, wire bonding technology has broad application prospects, particularly in cost-sensitive and traditional applications. Advances in ultra-fine wire (<15 µm), copper bonding, and advanced loop control are driving its evolution. K&S is expected to maintain a strong market position, with revenue projected to grow slightly to about $994 million by 2030 [8]. Wafer Thinning and Cutting - The demand for thinning and cutting technologies is strong due to shrinking device sizes and the surge in wafer-level packaging. By 2030, the wafer thinning market is expected to grow to over $890 million, driven by ultra-thin grinding (<50 µm) and plasma-assisted dry thinning technologies [11]. The cutting market is projected to reach approximately $2 billion, with laser and plasma cutting gaining popularity for their precision and reduced debris [11]. Metrology and Inspection - Metrology and inspection equipment ensure yield, reliability, and compliance with strict quality standards, especially in automotive and HPC sectors. By 2030, this field's revenue is expected to grow to about $850 million, driven by defect classification and high-resolution optics [12]. Key Market Participants and Investments - The growth of backend equipment technology is supported by strategic investments from OSAT suppliers and IDM manufacturers. Leading OSAT firms like ASE, Amkor, JCET, and SPIL are expanding capacity to meet advanced packaging demands, while foundries and IDM manufacturers are investing heavily in HBM, chiplets, and hybrid bonding technologies [19]. Equipment suppliers like K&S, BESI, ASMPT, DISCO, and Hanmi are driving technological advancements and expanding product offerings [19]. Conclusion - The backend equipment market is expected to exceed $9 billion by 2030, driven by a 7.1% CAGR and transformative packaging technologies. While traditional processes remain vital, TCB, hybrid bonding, wafer thinning, and advanced cutting technologies are propelling market growth. This evolution reflects a broader industry shift towards HPC, AI, automotive, and 5G applications, emphasizing performance, density, and reliability [21].

Core Viewpoint - The next significant leap in semiconductor packaging will require a series of new technologies, processes, and materials that will collectively achieve an order-of-magnitude performance improvement, which is crucial for the AI era [1]. Group 1: Advances in Cooling Technologies - Liquid cooling technology at the chip level is emerging as forced air cooling reaches its limits, with up to 40% of power used for current delivery and heat dissipation [4]. - TSMC's silicon integrated micro-cooler (IMEC-Si) is being tested for reliability, designed to handle over 3,000 watts of uniform power dissipation under specific conditions [6]. - The demand for direct liquid cooling is increasing, with innovative concepts like using chips as coolants being proposed [7]. Group 2: Hybrid Bonding and Interconnects - Hybrid bonding with fine-pitch multilayer redistribution layers (RDL) is gaining attention as a cost-effective solution for high-speed interconnects [14]. - Intel's hybrid bonding can achieve spacing as small as 1µm, which is critical for advanced applications [5][17]. - The transition from traditional dielectric materials to polymer/copper hybrid bonding is being explored to enhance performance [16]. Group 3: Backside Power Delivery - Backside power delivery significantly reduces voltage drop related to transistor power supply, but it also exacerbates heat issues [19]. - IBM has developed an anisotropic model for precise heat transfer calculations in backend stacks, emphasizing the importance of thermal considerations in design [21]. - The implementation of backside power delivery is expected to lead to a 10% to 30% reduction in thermal losses [23]. Group 4: Co-Packaged Optical Devices - The demand for faster data networks is driving the integration of optical engines with GPUs and HBM in a single package, significantly increasing data transmission speeds [26]. - Co-packaged optical devices (CPO) are expected to achieve a 32-fold increase in bandwidth by bringing optical engines closer to processors [26]. - However, challenges remain regarding thermal management and warpage sensitivity in CPO implementations [28].