Kiwoom证券于 10 日预测，三星电子的非存储器部门 "将于明年恢复营业利润"，维持 "买入"评级和 21 万韩元 的目标价。 该公司分析师朴裕岳表示："将用于 Exynos 2700 的 2nm二代（SF2P）制程的良率改善、客户对降本的需求日 益增长以及基准性能的提升，将使 Exynos 2700 获得更大的市场份额。 他补充道："Exynos 2700 将于今年下半年在三星代工的 SF2P 制程上进入全面量产，预计将在 Galaxy S27 中实 现约 50% 的采用率。 " 因此，Kiwoom证券估计三星电子的非存储器部门明年营收将达到，同比增长，营业利润将转为的盈余。 朴氏指出："随着市场对非存储器盈利的预期上升，这将成为该股的额外上行动力。 " 他补充道："Exyno Kiwoom证券于 10 日预测，三星电子的非存储器部门 "将于明年恢复营业利润"，维持 "买入"评级和 21 万韩元 的目标价。 该公司分析师朴裕岳表示："将用于 Exynos 2700 的 2nm二代（SF2P）制程的良率改善、客户对降本的需求日 益增长以及基准性能的提升，将使 Exynos 2700 获得更大的市场份额。 ...

因此，Kiwoom证券估计三星电子的非存储器部门明年营收将达到36.4 万亿韩元，同比增长21%，营业利润将转为 1.8 万亿韩元的盈余。 该公司分析师朴裕岳表示："将用于 Exynos 2700 的 2nm二代（SF2P）制程的良率改善、客户对降本的需求日益增 长以及基准性能的提升，将使 Exynos 2700 获得更大的市场份额。 " 他补充道："Exynos 2700 将于今年下半年在三星代工的 SF2P 制程上进入全面量产，预计将在 Galaxy S27 中实现约 50% 的采用率。 " 乐金预计明年使非存储业务实现盈利 ——Kiwoom证券 Kiwoom证券于 10 日预测，三星电子的非存储器部门 "将于明年恢复营业利润"，维持 "买入"评级和 21 万韩元的 目标价。 该公司分析师朴裕岳表示："将用于 Exynos 2700 的 2nm二代（SF2P）制程的良率改善、客户对降本的需求日益增 长以及基准性能的提升，将使 Exynos 2700 获得更大的市场份额。 乐金预计明年使非存储业务实现盈利 ——Kiwoom证券 Kiwoom证券于 10 日预测，三星电子的非存储器部门 "将于明年恢复营业利润 ...

Core Viewpoint - Samsung Electronics and SK Hynix have announced the mass production of the sixth generation High Bandwidth Memory (HBM4), but they have postponed the introduction of hybrid bonding machines, which were initially expected to be partially used in HBM4 production [1][2] Group 1: Production and Technology - Samsung and SK Hynix plan to use existing TC bonding machines from companies like Semes and Hanmi Semiconductor for HBM4 mass production, even for the initially expected 16-layer HBM4 products [1] - The companies will continue to use the micro bump DRAM stacking method by adjusting the stacking height of HBM4, which involves reducing the bump pitch [1][2] - Hybrid bonding technology, considered a disruptive technology for the next generation of HBM, is still under research and testing, with large-scale production expected to take time [1][2] Group 2: Performance and Market Dynamics - The number of channels in HBM4 has doubled compared to the previous generation, and the interface width has increased, leading to enhanced signal transmission speeds per pin [2] - The design goal for HBM4 is to reduce the micro bump pitch to approximately 10 micrometers (µm), which is still expected to meet performance targets [2] - Current TC bonding machines can meet the standards set by the International Semiconductor Standards Organization (JEDEC), while hybrid bonding machines and no-flux bonding machines are more expensive and have lower yields [2] Group 3: Future Outlook - Samsung has sent samples of HBM4 using hybrid bonding technology to customers and expects gradual commercialization of HBM4E, the next generation [2] - Despite the potential of hybrid bonding technology for high-end product lines, TC bonding machines will continue to play a core role in mainstream HBM4E products due to stability and cost-effectiveness [2]

Core Viewpoint - The competition in the high bandwidth memory (HBM) semiconductor industry is intensifying, with Samsung Electronics and SK Hynix accelerating their R&D efforts for the next generation of HBM, specifically HBM4E, which is expected to shift from general products to customized solutions based on client needs [2][3]. Group 1: Market Trends and Projections - The demand for HBM is projected to grow significantly, with an annual growth rate of 77% expected next year and reaching 68% by 2027 [2]. - By 2027, HBM4E is anticipated to account for 40% of the total HBM demand, indicating a shift towards customized products [2]. Group 2: Competitive Landscape - SK Hynix is positioned as a leader in the HBM4 market, having negotiated supply agreements with Nvidia for HBM4 chips [2]. - Samsung Electronics is also preparing for the customized HBM market, leveraging its design and manufacturing capabilities to respond to diverse client needs [3]. Group 3: Industry Collaborations - Micron Technology is exploring partnerships with TSMC to enter the HBM4E market, indicating a trend towards collaboration in advanced manufacturing processes [3][4].

Market Overview - On November 6, the semiconductor industry chain experienced a significant surge, with storage chip companies like Demingli hitting the daily limit, and Xiangnong Xinchuan rising nearly 10% to set a new historical high [1] - AI chip leaders such as Haiguang Information and Cambrian both saw increases of over 5% [1] - Semiconductor equipment companies like Zhongwei and Beifang Huachuang also reported gains of over 5% and 3%, respectively [1] Price Increases in Storage and Wafer Foundry - SK Hynix announced a price increase of over 50% for the sixth-generation high bandwidth memory (HBM4) supplied to Nvidia compared to the previous generation (HBM3E) [2] - Overnight, storage stocks continued to rise, with SanDisk up 11.3%, Micron Technology up 8.9%, Seagate Technology up 10.1%, and Western Digital up 5.2% [2] - The storage supply shortage trend continues, with several packaging and testing companies receiving additional orders from major clients, leading to planned price increases across various product lines [2] - Arm reported strong second-quarter earnings and third-quarter guidance, driven by increased demand for AI data center chip designs, resulting in a stock price jump of 5% post-announcement [2] - TSMC has notified clients of a price increase plan for advanced processes below 5nm, with an average increase of 3%-5% starting January 2026, indicating strong demand in AI and high-performance computing (HPC) [2] Institutional Insights - The increase in HBM4's I/O interface and complex chip designs are driving up costs, with HBM production capacity expected to significantly increase by 2026 [4] - The storage price increase is attributed to a recovery in data center construction and heightened storage requirements for AI servers, leading to optimistic price expectations for Q4 2025 and 2026 [4] - The semiconductor equipment market is expected to benefit from increased capital expenditure by manufacturers to meet growing storage demands, with global NAND equipment market size projected to reach $13.7 billion and $15 billion in 2025 and 2026, respectively [4] - China's wafer production capacity is still developing, but advancements in domestic equipment may enhance its competitive potential in advanced processes [4] - Taiwan remains a dominant player in the global wafer foundry market, although its market share may face challenges from increasing global competition [4]

Market Performance - The main board led the gains with notable increases in stocks such as Dongxin Peace (+10.01%), Chunzhong Technology (+10.00%), and Shengjing Micro (+9.99%) [1] - The ChiNext board saw significant growth, particularly in Jiuliang Co. (+20.00%) and Suzhou Tianmai (+17.89%) [1] - The Sci-Tech Innovation board was also strong, with Dingtong Technology (+10.11%) and Youfang Technology (+10.04%) leading the way [1] - Active sub-industries included SW Robotics (+1.95%) and SW Gaming III (+1.88%) [1] Domestic News - Hanbo Semiconductor received listing guidance registration, focusing on high-end GPU chip solutions for intelligent computing and graphics rendering [1] - UBTECH Technology won a major procurement project for humanoid robot equipment worth 90.51 million yuan, marking the largest order in the global humanoid robot sector [1] - China Unicom achieved a breakthrough in long-distance heterogeneous mixed training of large models, successfully completing a 1500 km cross-domain AI model training experiment [1] - Hydrogen-based New Energy Technology announced the commencement of construction for a fourth-generation semiconductor project, expected to reach an annual production capacity of 4.8 million wafers [1] Company Announcements - Juzan Optoelectronics reported a total revenue of 1.594 billion yuan for H1 2025, a year-on-year increase of 19.51%, with a net profit of 117 million yuan, up 3.43% [2] - Mankun Technology projected a net profit of 60 to 70 million yuan for H1 2025, representing a growth of 53.98% to 79.64% compared to the previous year [2] - Yangjie Technology estimated a net profit of 552.30 million to 637.27 million yuan for H1 2025, a year-on-year increase of 30% to 50% [2] - Huahai Chengke announced a cash dividend adjustment to 0.2002 yuan per share after accounting for share buybacks [2] Overseas News - Nikon announced the launch of its first backend lithography system, the digital lithography system DSP-100, set to accept orders starting July 2025 [2] - SK Hynix plans to complete mass production of HBM3E 8-layer products by Q3 this year, evaluating the procurement of materials and components for increased production [2] - Samsung Electronics made significant progress in the 10nm sixth-generation DRAM process, achieving over 50% yield, with plans to start mass production of HBM4 in the second half of the year [2] - Samsung Display will supply 48-inch Pillar-to-Pillar OLED displays for the upcoming Maybach S-Class, set to launch in 2028 [2]

Core Viewpoint - SK Hynix is transforming its wafer cutting process to accommodate next-generation memory manufacturing, specifically the sixth-generation high bandwidth memory (HBM4) and NAND flash wafers with over 400 layers, as existing methods have reached their limits [2][3]. Group 1: Wafer Cutting Technology - SK Hynix plans to introduce femtosecond laser grooving and full cutting methods for HBM4 wafer cutting, moving away from traditional mechanical and stealth cutting techniques [2][3]. - The thickness of HBM4 wafers is expected to be around 20-30 micrometers, which poses challenges for existing cutting methods that are effective for thicker wafers [2][3]. - The adoption of femtosecond laser technology is anticipated to accelerate in the semiconductor industry, following similar moves by TSMC, Micron, and Samsung Electronics [3]. Group 2: Demand for Thin Wafers - The shift from planar SoC to 3D-IC and advanced packaging necessitates thinner wafers to enhance performance and reduce power consumption [4]. - The market demand for ultra-thin wafers is increasing, particularly for applications in fan-out wafer-level packaging and advanced 2.5D and 3D packaging, which are growing faster than mainstream integrated circuits [4]. - The rise of lightweight mobile devices, wearables, and medical electronics further drives the need for reliable thin silicon wafer processing capabilities [4]. Group 3: Challenges in Thin Wafer Processing - Engineers face challenges in preventing defects or micro-cracks during thin wafer processing, especially at the wafer edges [14]. - Selective plasma etching at the wafer edges helps remove edge defects, while selective chemical vapor deposition (CVD) can passivate edges [14]. - The management of back and edge defects is crucial for maintaining yield rates in thin wafer processing [14]. Group 4: Temporary Bonding and Debonding Techniques - The industry is increasingly focused on temporary bonding and debonding processes, with a growing demand for the recycling of carrier wafers, particularly silicon carrier wafers [22]. - Various debonding methods, including laser debonding and mechanical debonding, are being explored for their compatibility with thin wafer formats [17][21]. - The choice of adhesive and release materials is critical for achieving high yield and reliability in the production of ultra-thin devices [22]. Group 5: Process Optimization - The thinning of wafers requires a delicate balance between grinding, chemical mechanical polishing (CMP), and etching processes to meet strict total thickness variation (TTV) standards [11]. - Engineers are keen on quantifying variations during thinning and processing to ensure precision in TSV (through-silicon via) reveal processes [12]. - The use of glass carriers is becoming more common due to their thermal expansion coefficient (CTE) compatibility with silicon, which is essential for maintaining structural integrity during processing [9].

Market Performance - The main board led the gains with notable increases in stocks such as Xinyada (+10.03%), Desheng Technology (+10.02%), and Jingbeifang (+10.01%) [1] - The ChiNext board saw significant growth, particularly with Longyang Electronics (+20.00%) and Nanling Technology (+19.98%) [1] - The Sci-Tech Innovation board was led by TuoJing Technology (+5.78%) and JinChengZi (+5.51%) [1] - Active sub-industries included SW Games III (+2.80%) and SW Printed Circuit Boards (+2.03%) [1] Domestic News - Xiamen Silan Microelectronics has commenced the first equipment installation for its 8-inch silicon carbide power device chip manufacturing line, with a total investment of 12 billion yuan and an annual production capacity of 720,000 chips [1] - The foundation for the high-precision photomask project by Lu Wei Optoelectronics has been laid, with a planned investment of 2 billion yuan, focusing on high-end photomasks for AMOLED and LTPO/LTPS [1] - China Mobile Zhejiang announced the procurement results for its 2025 FTTR products, with Huawei and ZTE winning all bids for a total of 99,750 units [1] - Nanya Technology reported a strong revenue growth in June, reaching 4.074 billion New Taiwan dollars, marking a 22.2% month-on-month increase and a 21.1% year-on-year increase, the highest monthly revenue in three years [1] Company Announcements - Mulin Sen plans to acquire an 18.7722% stake in Puri Optoelectronics for approximately 256 million yuan, which will not significantly impact the company's financials [3] - China Software reported a change in equity, with China Electronics increasing its stake to 13.00% following a stock issuance [3] - New Yichang announced a cash dividend of 2.00 yuan per 10 shares for the 2024 fiscal year [3] - Shenzhou Taiyue declared a cash dividend of 1 yuan per 10 shares based on a total share capital of 1,962,564,954 shares [3] Overseas News - Hanmi Semiconductor has begun production of its latest chip packaging equipment, TC Bonder 4, designed for the sixth-generation high bandwidth memory (HBM4) [4] - Codasip, a European RISC-V processor IP supplier, has initiated a sales acceleration program for its core processor design tools [4] - Counterpoint Research reported a 2% year-on-year decline in global smartwatch shipments for Q1 2025, marking the fifth consecutive quarter of decline [4] - BMW announced that its automatic charging robot has passed the trial period and will be deployed based on future market conditions [4]