Core Viewpoint - Hanmi Semiconductor is confident in dominating the increasingly competitive HBM4 (High Bandwidth Memory) TC bonding machine market and has received orders for the next-generation Fluxless Bonder, expected to be delivered in the second half of the year [1][2]. Group 1: Company Performance and Market Position - Hanmi Semiconductor reported a projected sales revenue of 180 billion KRW and an operating profit of 86.3 billion KRW for Q2 2025, representing year-on-year growth of 45.8% and 55.7% respectively, with an operating profit margin of 47.9% [2]. - The company anticipates that if the growth trend continues in the second half of the year, total sales for the year could reach between 800 billion and 1.1 trillion KRW [2]. Group 2: Market Strategy and Customer Base - Hanmi Semiconductor aims to secure all major customers' orders for HBM4 TC bonding machines, leveraging long-term partnerships and accumulated mass production experience [3]. - The company is actively expanding its overseas sales of TC bonding machines, with profit margins in international markets being 30-40% higher than domestic ones [3]. Group 3: Technological Advancements - The company is preparing to deliver Fluxless Bonding machines this year, which will reduce bonding gaps and enable thinner HBM packaging structures [4]. - Hanmi Semiconductor is also developing Hybrid Bonding equipment, which does not use bump connections, aiming to further reduce packaging thickness and improve heat dissipation [4]. - A planned investment of 100 billion KRW is set for a new factory to produce next-generation products, with the Hybrid Bonding machine expected to launch in 2027 [4].

Core Viewpoint - ASMPT reported a revenue of HKD 3.4 billion for Q2 2025, showing a year-on-year growth of 1.8% and a quarter-on-quarter growth of 8.9%, closely aligning with Bloomberg's consensus estimate of HKD 3.47 billion [1] Financial Performance - Revenue for Q2 2025 was HKD 3.4 billion, with a gross margin of 39.7%, a year-on-year decrease of 33 basis points and a quarter-on-quarter decrease of 119 basis points, in line with Bloomberg's expectation of 40% [1] - Net profit was HKD 134.3 million, a year-on-year decline of 1.7% but a quarter-on-quarter increase of 62.6%, falling short of Bloomberg's consensus estimate of HKD 147 million [1] - The company expects revenue for the next quarter to be between USD 4.45 billion and USD 5.05 billion, with a median growth of 10.8% year-on-year and 8.9% quarter-on-quarter, exceeding Bloomberg's consensus estimate of USD 4.65 billion [1] Business Segments - SMT orders saw significant growth, driven by AI and the Chinese market, with SEMI business revenue increasing by 21.4% year-on-year and 0.8% quarter-on-quarter [1] - Non-advanced packaging business is recovering steadily due to supply chain diversification, increased AI demand, and improved OSAT capacity utilization in China [1] - The company observed a trend of increasing orders in the SMT business, with a year-on-year increase of 51.6% and a quarter-on-quarter increase of 29.3% [1] Advanced Packaging Developments - Orders for TCB in advanced packaging increased by 50% year-on-year in the first half of 2025, with successful installations for leading HBM3E 12H customers [2] - The company is progressing from trial production to mass production for C2W AOR TCB in collaboration with leading foundries [2] - The second-generation HB tools are expected to be delivered to HBM customers in Q3, showcasing competitive advantages in alignment and bonding accuracy [2] Investment Recommendations - The target price has been raised to HKD 77.2, maintaining a "Buy" rating, with net profit estimates for 2025/2026/2027 increased by 3%/8%/7% to HKD 623 million/HKD 1.035 billion/HKD 1.627 billion [3] - The company is expected to benefit from AI-driven advanced packaging technology and long-term growth potential, with a target price based on a 31x PE for 2026 [3]

Investment Rating - The report maintains a "Buy" rating for ASMPT with a target price of 77.2 HKD, up from the previous 69 HKD [4][6]. Core Insights - ASMPT's 2Q25 revenue reached 34.0 billion HKD, showing a year-on-year increase of 1.8% and a quarter-on-quarter increase of 8.9%, closely aligning with Bloomberg consensus expectations [1][6]. - The order amount was 37.5 billion HKD, reflecting a year-on-year growth of 20.2% and a quarter-on-quarter growth of 11.9%, exceeding Bloomberg consensus expectations by 16% [1][2]. - The gross margin was reported at 39.7%, a slight decline of 33 basis points year-on-year and 119 basis points quarter-on-quarter, which is in line with expectations [1][2]. - Net profit for the quarter was 1.343 billion HKD, down 1.7% year-on-year but up 62.6% quarter-on-quarter, falling short of Bloomberg consensus expectations [1][2]. Revenue and Orders - The SEMI business revenue increased by 21.4% year-on-year and 0.8% quarter-on-quarter, driven by strong AI-related power management demand and improved OSAT capacity utilization in the Chinese market [2]. - SMT business revenue saw a year-on-year decline of 16.7% but a quarter-on-quarter increase of 22.6%, with orders increasing by 51.6% year-on-year and 29.3% quarter-on-quarter, driven by significant orders from smartphone clients and new AI server-related orders [2]. Advanced Packaging - Orders for TCB in the advanced packaging segment increased by 50% year-on-year in the first half of 2025, with successful installations for leading HBM3E 12H customers [3]. - The company is progressing towards mass production of AOR TCB for C2W applications, with competitive advantages in alignment and bonding accuracy for the second-generation HB tools expected to be delivered in Q3 [3]. Financial Projections - The report projects net profit increases of 3% for 2025, 8% for 2026, and 7% for 2027, resulting in net profits of 6.23 billion HKD, 10.35 billion HKD, and 16.27 billion HKD respectively [4][10]. - Corresponding EPS estimates are 1.50 HKD for 2025, 2.49 HKD for 2026, and 3.91 HKD for 2027 [4][10]. Valuation Metrics - The target price adjustment to 77.2 HKD is based on a 31x PE for 2026, compared to a comparable company average of 25.2x [4][32]. - The current market capitalization is approximately 26.32 billion HKD, with a closing price of 63.20 HKD as of July 23 [7].

Core Viewpoint - The semiconductor equipment manufacturer DISCO is experiencing significant growth driven by the increasing demand for precision processing equipment, particularly due to the rise of generative AI and high-bandwidth memory (HBM) technology [1][2][3]. Group 1: DISCO's Performance - DISCO's non-consolidated shipment amount for the first quarter of fiscal year 2025 is expected to reach 93 billion yen, marking an 8.5% year-on-year increase and achieving the fifth consecutive quarter of growth [1][2]. - The company has revised its revenue forecast for the first quarter of fiscal year 2025 from 75 billion yen to 89.9 billion yen, reflecting a 19.9% increase [5][6]. - The operating income forecast has been adjusted from 23.8 billion yen to 34.5 billion yen, indicating a 44.9% increase [6]. Group 2: HBM and AI Demand - HBM technology is crucial for the development of generative AI, as it meets the need for rapid data access and storage, thus driving the sales of semiconductor manufacturing equipment [3][9]. - The demand for HBM is not only benefiting DISCO but also numerous semiconductor backend equipment manufacturers, showcasing significant market potential [3][9]. Group 3: Industry Trends - The global market for TCB (Thermal Compression Bonding) equipment used in HBM packaging is projected to grow from approximately $460 million in 2024 to over $1.5 billion by 2027, with a compound annual growth rate exceeding 50% [33][34]. - Companies like Hanmi Semiconductor and ASMPT are emerging as key players in the HBM TCB equipment market, with Hanmi Semiconductor achieving record sales and significant profit growth [34][35]. - The competitive landscape is evolving, with multiple companies, including K&S and Zeus, also making strides in the HBM equipment sector, indicating a shift from a single dominant player to a more diversified market [43][52].

Group 1 - LG Electronics has initiated the development of hybrid bonding equipment, aiming for mass production by 2028. This technology is crucial for constructing 16+ layer stacked HBM memory, utilizing copper-copper bonding without bumps to reduce the spacing between DRAM dies and achieve higher stacking with lower heat generation [1] - Heilongjiang Province has implemented a subsidy policy for manufacturing innovation centers, providing 30% reimbursement on research equipment purchases, with a maximum annual subsidy of 3 million yuan at the provincial level and a one-time national award of 10 million yuan to accelerate the commercialization of R&D results [1] - The SQX-3 rocket's sub-stage methane tank successfully completed a low-temperature static test, marking a significant achievement for the company in the aerospace sector [1] Group 2 - The first humanoid robot sports science joint laboratory has been established in Beijing Yizhuang, in collaboration with Li Ning Group, indicating a significant advancement in the field of humanoid robotics [1] - Panasonic has postponed the full operation of its new electric vehicle battery factory in the U.S. due to sluggish sales reported by its main customer, Tesla. The factory, located in Kansas, was initially set to begin operations by the end of the 2026 fiscal year, reflecting a broader slowdown in the global electric vehicle market [1]

Core Viewpoint - The semiconductor equipment manufacturer DISCO is experiencing significant growth driven by the increasing demand for high-bandwidth memory (HBM) due to the rise of generative AI, with a record shipment amount expected in the first quarter of fiscal year 2025 [1][3][4]. Group 1: DISCO's Performance and Market Position - DISCO's non-consolidated shipment amount for the first quarter of fiscal year 2025 is projected to reach 93 billion yen, marking an 8.5% year-over-year increase and surpassing the previous record of 90.8 billion yen in the third quarter of fiscal year 2024 [1][2]. - The company has revised its revenue forecast for the first quarter of fiscal year 2025 from 75 billion yen to 89.9 billion yen, indicating a 19.9% increase, and its operating income forecast has been adjusted from 23.8 billion yen to 34.5 billion yen, reflecting a 44.9% increase [4][5]. - DISCO holds a 20% market share in the advanced packaging sector, benefiting from strong demand for precision processing equipment [4]. Group 2: HBM Technology and Its Impact - HBM is identified as a key technology supporting the development of generative AI, with its high bandwidth and low power consumption making it essential for rapid data access [3][8]. - The demand for HBM is not only benefiting DISCO but also driving significant revenue growth for various semiconductor equipment manufacturers, indicating a robust market potential [3][8]. - The rise of HBM technology is pushing semiconductor manufacturers to adopt advanced packaging techniques, such as 3D stacking, to meet the performance and efficiency demands of AI applications [8][12]. Group 3: Industry Trends and Future Outlook - The global market for TCB (thermal compression bonding) equipment used in HBM packaging is expected to grow rapidly, with projections indicating an increase from approximately $460 million in 2024 to over $1.5 billion by 2027, reflecting a compound annual growth rate of over 50% [32]. - Companies like Hanmi Semiconductor and ASMPT are emerging as key players in the TCB market, with Hanmi Semiconductor reporting a 252% increase in sales and a significant order from Micron for TCB machines [33][45]. - The competitive landscape is evolving, with multiple companies, including K&S and ASMPT, actively developing advanced packaging technologies to capitalize on the growing demand for HBM and AI applications [53][45].

Core Viewpoint - The article highlights the significant advancements made by domestic semiconductor equipment manufacturers, particularly in the field of thin film deposition equipment, which has reached international leading levels, while acknowledging the existing gap in lithography technology compared to global leaders like ASML [1][4]. Group 1: Breakthrough Direction and Market Dynamics - In 2010, the domestic semiconductor equipment market was dominated by international giants, with over 90% market share, prompting companies like拓荆科技 to focus on PECVD equipment as a breakthrough point due to its large market scale [3][4]. - The push for domestic substitution policies has led to unprecedented support for local semiconductor equipment suppliers, with expectations for domestic wafer production capacity to double by 2027 [4][5]. - The ongoing geopolitical tensions have accelerated the push for domestic semiconductor equipment localization, benefiting the equipment sector in the medium to long term [5][6]. Group 2: Technological Advancements and Milestones - In 2011,拓荆科技 produced its first 12-inch PECVD equipment, marking a significant milestone in China's semiconductor equipment development [6][8]. - By 2015, the PF-300T PECVD equipment had achieved over 10,000 wafers processed at中芯国际, validating the reliability of domestic equipment for large-scale production [8][9]. - The company has successfully developed a comprehensive technology system covering PECVD, ALD, and SACVD, with a strong focus on R&D, resulting in over 1,200 patents filed [12][13]. Group 3: Industry Ecosystem and Collaboration - The collaboration between various entities, including national research institutions and leading semiconductor manufacturers, has been crucial for the success of domestic equipment suppliers like拓荆科技 [27][28]. - The domestic semiconductor equipment industry has seen a significant increase in localization rates, projected to reach 50% by 2025-2026, compared to less than 5% in 2010 [28][29]. - The competitive landscape among domestic manufacturers is robust, with companies like北方华创 and中微公司 also making strides in different technology routes [29][30]. Group 4: Market Trends and Future Outlook - The global semiconductor equipment market is expected to grow significantly, with the thin film deposition equipment market projected to reach $34 billion by 2025, driven by advancements in storage chips and packaging technologies [30][31]. - The rise of three-dimensional integration technologies is anticipated to create new revenue streams for companies like拓荆科技, with a projected market size of nearly 30 billion yuan in the next five years [31].

Core Viewpoint - Samsung plans to adopt hybrid bonding technology in its HBM4 to reduce heat generation and achieve ultra-wide memory interfaces, while SK Hynix may delay its adoption of this technology [1][4]. Group 1: Hybrid Bonding Technology - Hybrid bonding is a 3D integration technology that connects chips directly without using micro bumps, allowing for lower resistance, capacitance, and better thermal performance [2][5]. - The technology supports interconnect spacing of less than 10 µm, providing higher density and thinner 3D stacks compared to traditional bump-based stacking [2][5]. - Despite its advantages, hybrid bonding is expensive and requires specialized equipment, which may affect capital efficiency, especially in space-constrained fabs [2][3]. Group 2: Competitive Landscape - Samsung's plan to use hybrid bonding in HBM4 could reshape the competitive landscape, potentially allowing it to regain market share from Micron and SK Hynix after mass production begins in 2026 [4][5]. - SK Hynix is developing advanced MR-MUF technology as an alternative to hybrid bonding, aiming to produce 16-Hi HBM4 stacks that meet JEDEC specifications [3][4]. - The adoption of hybrid bonding technology is expected to significantly change the semiconductor supply chain, with major players like Applied Materials entering the market for hybrid bonding equipment [5][8]. Group 3: Market Dynamics - The current HBM3E production utilizes TC bonding equipment, which is dominated by domestic suppliers in South Korea, accounting for over 80% of the market [6]. - The demand for HBM is increasing significantly, leading to a rise in supply from domestic companies like Hanmi Semiconductor [6][8]. - The semiconductor equipment ecosystem is anticipated to undergo substantial changes as hybrid bonding technology becomes mainstream [7][8].

Core Viewpoint - The article highlights the revolutionary development of 3D integration and advanced packaging driven by semiconductor bonding technology, with a focus on low-temperature bonding and integration [1][5]. Group 1: Event Overview - The 2025 China International Low Temperature Bonding 3D Integration Technology Seminar (LTB-3D 2025) will be held for the first time in China, organized by Qinghe Crystal and IMSI, bringing together international experts to discuss cutting-edge wafer bonding technologies and their industrial applications [1][3][5]. - The seminar will take place from August 3 to 4, 2025, in Tianjin, China, and aims to provide a platform for international cooperation and exchange in semiconductor integration technology [3][5]. Group 2: Technical Focus - LTB-3D 2025 will focus on core technologies such as low-temperature bonding, heterogeneous integration, and advanced packaging, aiming to align China's semiconductor industry with international standards [3][5]. - The workshop will cover advanced research areas related to low-temperature bonding technologies, including surface activated bonding (SAB) and atomic diffusion bonding (ADB), which enable novel device structures through heterogeneous material integration [5]. Group 3: Registration and Participation - The event is open for topic submissions and registration for global industry professionals, with an early-bird registration fee structure outlined [7][8]. - The registration fees vary by category, with early-bird rates for regular participants at RMB 3000, members at RMB 2400, and students at RMB 2000 [7].

半导体键合技术正推动3D集成与先进封装的革命性发展！作为低温键合与键合集成领域的创新引领 者， 青禾晶元 携手日本先进微系统集成研究所（IMSI）等国际权威机构，共同主办 2025中国国际低温键 合3D集成技术研讨会（LTB-3D 2025） 。这一全球顶尖学术会议将首次登陆中国，汇聚诸多国际巨头及 全球专家，共探晶圆键合技术前沿与产业应用。 技术革新 · 国际视野 · 产业赋能 L TB-3D 2025将聚焦低温键合、异质集成、先进封装等核心技术，为中国半导体产业提供与国际接轨的交 流平台。青禾晶元诚邀学术界、产业界同仁共襄盛举，加速技术创新与产业链协作！ 会议时间：2025年8月3日-4日 会议地点：中国·天津 现面向全球行业人士开放议题征集通道，同时也邀请您注册报名参与此次盛会，详情见下方会议通知： 2025 中国国际低温键合 3D 集成技术研讨会 国际低温键合 3D 集成技术 (LTB-3D) 研讨会是由日本非营利协会-先进微系统集成协会(IMSI) 主办的重要会议，该会议在技术上由美国电化学学会和 IEEE EPS 日本分会共同指导。2025 年该研讨 会将首次在中国举行，这将促进国际半导体低温键合 ...