公众号记得加星标⭐️，第一时间看推送不会错过。 近日，光刻机巨头ASML在其最新财报中正式揭晓了其首款专注于3D集成领域的先进封装设备—— TWINSCAN XT:260。 这一举动，不仅揭开了ASML进军先进封装市场的战略序幕，更释放出一个强烈的市场信号：在摩尔 定律趋近物理极限的今天，标志着前沿的半导体光刻技术正以前所未有的力度，向先进封装领域渗透 与延伸。 ASML的强势入局，无疑为火热的先进封装赛道再添一把火，并促使我们重新审视先进封装设备赛道 的竞赛浪潮、竞争态势与未来走向。 可以说，一场围绕先进封装设备的全新竞赛正拉开序幕。 先进封装设备，成为"香饽饽" 事实上，ASML的战略落子，恰是先进封装赛道持续升温的鲜明缩影。 近年来，随着AI芯片、高性能计算对芯片集成度、功耗效率的要求陡增，先进封装从"后端辅助工 艺"跃升为性能突破关键环节，市场热度持续攀升。台积电、三星、英特尔等头部晶圆厂纷纷加码 CoWoS、SoIC、Foveros等先进封装产能。据IMARC Group数据显示，2024年全球先进封装市场规 模为457.3亿美元，预计到2033年将达到1133.3亿美元，复合年增长率达9.5%，增 ...

Group 1 - HBM chips have become the standard for AI computing, with their core advantage stemming from the vertical stacking structure of DRAM chips [2] - The main chip stacking technology currently is Thermal Compression Bonding (TCB), which faces limitations as the number of stacked layers exceeds 16, affecting yield and signal integrity [2][4] - Hybrid bonding technology emerges as a revolutionary solution, allowing for direct copper-to-copper bonding between DRAM chips, enhancing interconnect density without the limitations of bumps [2][4] Group 2 - The semiconductor industry is shifting towards small chips and 3D integrated chip (3DIC) technology due to the slowdown of Moore's Law, making packaging a key factor in driving AI chip performance [4][6] - According to Yole Group, the evolution of chip bonding technology is moving towards hybrid bonding as the ultimate goal, with a projected market growth for hybrid bonding equipment to reach $397 million by 2030 [6][9] Group 3 - Hybrid bonding technology offers significant advantages over TCB, including a 15x increase in interconnect density, 11.9x speed improvement, and over 100x energy efficiency performance [9][10] - Despite the higher infrastructure costs, the cost per interconnect is reduced by 10 times with hybrid bonding, and it can lower the HBM stack temperature by 20% [9][10] Group 4 - Currently, no company has successfully achieved mass production of hybrid bonding equipment due to challenges such as existing TCB machines being sufficient, high precision requirements, and the high cost of hybrid bonding machines [12][21] - Predictions indicate that by 2030, the cumulative installation of hybrid bonding equipment will range from 960 to 2000 units, reflecting a 7% increase from previous forecasts [12][14] Group 5 - Major players in the hybrid bonding equipment market include Besi, which has seen significant revenue growth and strategic partnerships, particularly with Applied Materials [21][22] - South Korean companies like Hanmi Semiconductor and Hanwha Semitech are key competitors in the hybrid bonding space, with Hanmi holding a dominant market share in TCB machines [23][24] Group 6 - LG Electronics is entering the hybrid bonding equipment market through a national project aimed at developing HBM hybrid bonding machines, indicating a strategic focus on semiconductor equipment [25][26] - Samsung is also developing its own hybrid bonding machines through its subsidiary SEMES, aiming to reduce reliance on external suppliers [27] Group 7 - In China, companies like Tuojing Technology and Qinghe Crystal Semiconductor are making strides in hybrid bonding equipment, with Qinghe announcing the launch of the world's first dual-mode hybrid bonding equipment [29] - Besi predicts that the hybrid bonding market will reach €1.2 billion by 2030, driven by the transition from TCB to hybrid bonding technology [29]

Core Viewpoint - The company, 快克智能 (603203), has demonstrated steady revenue growth and strong performance in high-demand sectors, particularly in AI and automotive intelligent driving technologies, as highlighted in its 2025 semi-annual report [2][7]. Financial Performance - In the first half of 2025, the company achieved revenue of 504 million yuan, representing a year-on-year increase of 11.85%. The net profit attributable to shareholders was 133 million yuan, also up by 11.84%, while the net profit excluding non-recurring items reached 113 million yuan, marking a 16.46% increase [3][7]. - The company's gross margin stood at 50.78%, an increase of 1.39 percentage points year-on-year, and the net profit margin was 26.22%, up by 0.09 percentage points, indicating strong profitability [3][7]. - The company effectively controlled its expenses, with sales, management, financial, and R&D expense ratios at 7.38%, 4.34%, -0.52%, and 13.11% respectively, showing improvements in cost management [3][7]. Business Focus and Growth Engines - The company is concentrating on enhancing its core business, with AI and automotive intelligent driving serving as dual growth engines. The AI sector is experiencing significant growth, particularly in the AI server market, where the company has supplied precision electronic assembly equipment to major suppliers like Nvidia and Moog [4][8]. - The demand for precision inspection equipment has surged, enabling the company to support continuous training for AI servers in high-demand scenarios. Additionally, the company has provided automated production lines for cooling pumps to clients like Feilong, resulting in repeat orders [4][8]. - The penetration of laser radar in domestic passenger vehicles has increased, with a year-on-year delivery growth of 83.14% in the first half of 2025. The company has supplied high-precision laser welding equipment to Hesai Technology for their laser radar production lines [4][8]. Expansion into Emerging Markets - The company is exploring new growth avenues in smart wearables, intelligent manufacturing equipment, and semiconductor packaging, laying a foundation for long-term development. In smart wearables, its laser welding equipment is being used in the mass production of Meta smart glasses, and PCB laser cutting technology has secured multi-million yuan orders from Foxconn and Luxshare [5][9]. - The intelligent manufacturing equipment business emphasizes flexible manufacturing and has deepened its global layout, delivering multiple production lines to European companies like Faurecia [5][9]. - The global semiconductor packaging equipment market is expanding, with the company securing orders from leading clients. The development of its thermal compression bonding (TCB) equipment is progressing well, with expectations to complete R&D and initiate customer sampling within the year, supporting the localization of key advanced packaging equipment [5][9]. Investment Outlook - The company is projected to achieve revenues of 1.104 billion yuan, 1.3 billion yuan, and 1.532 billion yuan for the years 2025, 2026, and 2027 respectively. The net profits attributable to shareholders are expected to be 265 million yuan, 325 million yuan, and 393 million yuan for the same years, with corresponding EPS of 1.06 yuan, 1.31 yuan, and 1.58 yuan per share [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 32.78 and a sector rating of "Outperform" [1][5]. Core Insights - The company has demonstrated steady revenue growth, achieving RMB 504.31 million in revenue for the first half of 2025, a year-on-year increase of 11.85%, and a net profit of RMB 132.90 million, also up 11.84% year-on-year [3][9]. - The company is positioned to benefit from the high demand for welding and related equipment driven by the booming AI industry, alongside breakthroughs in the semiconductor sector that will further enhance growth potential [3][5]. - The report highlights the company's advancements in precision welding and assembly equipment, including successful developments in laser welding technologies and machine vision process equipment, contributing to steady performance [8]. Financial Summary - For the first half of 2025, the company reported a gross margin of 50.78%, an increase of 1.39 percentage points year-on-year, and a net margin of 26.22%, up 0.09 percentage points [9]. - The company’s revenue projections for 2025-2027 are RMB 11.27 billion, RMB 13.57 billion, and RMB 15.69 billion, with net profits expected to be RMB 2.60 billion, RMB 3.10 billion, and RMB 3.87 billion respectively [5][7]. - The earnings per share (EPS) are projected to be RMB 1.03, RMB 1.22, and RMB 1.53 for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 32.0, 26.8, and 21.5 [5][7]. Market Opportunities - The company is capitalizing on the increasing demand for semiconductor packaging equipment, with significant orders from major clients such as Huichuan, CRRC, and BYD [8]. - The report emphasizes the company's ongoing development of advanced packaging equipment, which is expected to enhance its competitive edge in the domestic market [8].