如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自路透 ，谢谢。 半导体先进封装设备供应商BE Semiconductor Industries（Besi）周三表示，由于亚洲代工厂对 AI相关数据中心应用的需求增加，其第一季度订单有所增长。 投资者寄望于Besi的混合键合解决方案订单持续增长。混合键合是一项关键芯片技术，能实现两颗 芯片直接叠层键合，而Besi作为该技术的先行者，正受益于AI技术激增带来的市场需求。 Besi 首 席 执 行 官 Richard Blickman 在 声 明 中 表 示 ： " 我 们 收 到 了 两 家 领 先 的 存 储 芯 片 厂 商 针 对 HBM4应用的混合键合订单，同时也收到了一家亚洲领先晶圆代工厂关于逻辑芯片的追加订单。" 这家荷兰公司当季订单量为1.319亿欧元（约合1.501亿美元），较2024年第四季度增长8.2%，订 单量被视为未来增长的重要指标。 截至上个交易日收盘，Besi股价今年已下跌30%，但截至格林威治时间07:30，其股价上涨了9%。 KBC证券的分析师在一份报告中称，Besi的新订单"非常积极"，即使短期内可能有波动，也凸显 其长期增 ...

Core Viewpoint - BE Semiconductor Industries (Besi) has reported an increase in first-quarter orders due to rising demand from Asian foundries for AI-related data center applications, indicating a positive outlook for the company's hybrid bonding solutions [1][2]. Group 1: Orders and Demand - Besi's first-quarter order volume reached €131.9 million (approximately $150.1 million), reflecting an 8.2% increase compared to Q4 2024, which is seen as a key indicator for future growth [1]. - The company received hybrid bonding orders for HBM4 applications from two leading memory chip manufacturers and an additional order from a major Asian foundry for logic chips [1]. Group 2: Financial Performance - Despite a 30% decline in Besi's stock price this year, the stock rose by 9% as of the last trading day, with analysts noting that new orders are "very positive" and highlight long-term growth potential [2]. - The company's revenue for the quarter was €144.1 million, a 6.1% decrease quarter-over-quarter, with expectations for Q2 revenue to remain at a similar level, with a fluctuation range of ±5% [2]. Group 3: Market Outlook - The global trade war has created uncertainty, making it difficult for the company to predict the timing and path of demand recovery [2]. - Besi anticipates that the mainstream packaging market will begin to recover in the second half of the year, depending on end-market trends and the evolution of global trade restrictions [2]. - Advanced packaging demand for AI applications remains strong, primarily benefiting from new equipment and use cases planned for 2026 to 2028 [2].

Investment Rating - The report assigns an "Accumulate" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [2][17]. Core Insights - The report highlights that hybrid bonding solutions are becoming a critical breakthrough for AI chips and advanced packaging, with significant developments expected in the coming years [3][4]. - Applied Materials (AMAT) has acquired a 9% stake in Besi, viewing hybrid bonding as a strategic long-term investment, and both companies will collaborate on developing hybrid bonding solutions [3][4]. - The demand for hybrid bonding technology is projected to surge, particularly in the logic process field starting in 2022, with a second wave of demand anticipated in 2024 [4]. Summary by Sections Industry Overview - Hybrid technology is expected to begin mass production in the logic process field in 2022, with further adoption in the memory sector by 2025-2026 and in advanced packaging (AP) by 2027-2028 [4]. - By 2030, the demand for hybrid bonding equipment is estimated to reach around 1,400 units [4]. Company Developments - AMAT's acquisition of Besi shares is part of a long-standing partnership aimed at developing the industry's first fully integrated equipment solution for wafer-based hybrid bonding [4]. - Besi's equipment orders are expected to increase significantly in 2024, driven primarily by demand from AI applications [4]. Financial Performance - Besi is projected to achieve revenues of €607.5 million in 2024, reflecting a year-on-year increase of 4.9%, with a gross margin of 65.2% [4]. - The company's order intake is expected to rise to €586.7 million, a 7.0% increase year-on-year, largely due to the growing demand for AI application equipment [4]. Recommended Companies - The report recommends companies such as Tuojing Technology and Northern Huachuang for investment, highlighting their potential benefits from the hybrid bonding technology [4][9].