证券日报网讯 2月24日，飞凯材料在互动平台回答投资者提问时表示，PCB相关材料行业竞争趋于红 海，毛利率较低，公司已无PCB相关材料。在IC制造封装的战略布局上，公司将业务重心聚焦于技术附 加值更高的半导体材料领域。目前公司在半导体制造及先进封装领域已形成锡球、环氧塑封料、光刻胶 及湿制程电子化学品等产品矩阵。 （文章来源：证券日报） ...

格隆汇2月24日丨飞凯材料(300398.SZ)在互动平台表示，PCB相关材料行业竞争趋于红海，毛利率较 低，公司已无PCB相关材料。在IC制造封装的战略布局上，公司将业务重心聚焦于技术附加值更高的半 导体材料领域。目前公司在半导体制造及先进封装领域已形成锡球、环氧塑封料、光刻胶及湿制程电子 化学品等产品矩阵。 ...

格隆汇2月24日丨飞凯材料(300398.SZ)在互动平台表示，PCB相关材料行业竞争趋于红海，毛利率较 低，公司已无PCB相关材料。在IC制造封装的战略布局上，公司将业务重心聚焦于技术附加值更高的半 导体材料领域。目前公司在半导体制造及先进封装领域已形成锡球、环氧塑封料、光刻胶及湿制程电子 化学品等产品矩阵。 ...

Industry Insights - TianShu ZhiXin, a leader in the domestic AI computing sector, announced three significant updates: a roadmap for its fourth-generation chip architecture aiming to surpass NVIDIA's Rubin architecture by 2027, the launch of the "Tongyang" series edge computing products outperforming NVIDIA's AGX Orin, and the first disclosure of large-scale implementation results and benchmark clients across multiple industries. This indicates a comprehensive acceleration in technology, product, and commercialization dimensions for domestic self-developed GPUs [3] - The satellite communication industry chain has become a recent market focus as global low-orbit satellite networks enter a phase of intensive construction. Data from Wind shows that the satellite communication sector index has risen approximately 40% over the past two months, with several satellite communication-related chip companies experiencing significant gains. Market participants believe that as the large-scale launch of satellite internet approaches, chips, as core components, are likely to be the first to benefit from the surge in demand [3] Company Developments - Feikai Materials stated on January 26 that it is closely monitoring advanced packaging technology trends, including HBF. The company has stable mass production of functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants applicable to HBF manufacturing processes. The development of temporary bonding materials and LMC liquid packaging materials is currently in the verification phase, with no large-scale revenue yet. The company is collaborating with relevant manufacturers to enhance the maturity and reliability of HBF process technology [4] - Jefferies noted that the surge in artificial intelligence spending has entered a new phase, with pricing power shifting from chip designers or cloud platforms to memory manufacturers. The market widely anticipates that the "super cycle" in memory driven by the AI boom will continue. According to Counterpoint's analysis, memory prices are expected to rise by 50% in the first quarter of 2026 [4] Related ETFs - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Shanghai Stock Exchange Sci-Tech Board semiconductor materials and equipment theme index, encompassing semiconductor equipment (60%) and semiconductor materials (25%) within the hard technology sector. The semiconductor equipment and materials industry is a crucial area for domestic substitution, characterized by low domestic replacement rates and high ceilings for domestic substitution, benefiting from the semiconductor demand driven by the AI revolution, expansion, and technological restructuring and mergers [5] - The Huaxia Semiconductor Equipment ETF (562590) and its linked funds focus on semiconductor equipment (63%) and semiconductor materials (24%), emphasizing the upstream semiconductor sector [5]

Core Viewpoint - The company is actively monitoring and engaging with advanced packaging technology trends, particularly HBF, and is developing materials that can be applied in HBF manufacturing processes [1] Group 1: Company Developments - The company has stable mass production capabilities for functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants, which are applicable in HBF manufacturing processes [1] - The company is currently in the verification and introduction phase for temporary bonding materials, LMC liquid encapsulation materials, and GMC particle encapsulation materials that are compatible with HBF process conditions [1] - The company is collaborating closely with relevant manufacturers to develop and test related materials, aiming to enhance the maturity and reliability of the HBF process [1] Group 2: Future Outlook - The company plans to leverage its existing collaboration foundation to continuously iterate and innovate its material technologies [1] - The goal is to establish a solid technical advantage and enhance market influence in advanced packaging fields such as HBF [1]

Core Viewpoint - Feikai Materials (300398) is actively involved in the semiconductor advanced packaging sector, focusing on the production of functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants, which are applicable in HBF and HBM manufacturing processes [1] Group 1: Product Development - The company has achieved stable mass production of functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants for HBF and HBM manufacturing processes [1] - The packaging processes for HBF and HBM involve wafer thinning, stacking, and encapsulation, for which the company has developed temporary bonding materials, LMC liquid encapsulation materials, and GMC particle encapsulation materials [1] - Currently, these materials are in the verification and introduction stage and have not yet generated scaled revenue [1] Group 2: Collaboration and Innovation - The company is closely collaborating with relevant manufacturers to develop and test related materials, aiming to enhance the maturity and reliability of HBF and HBM process technologies [1] - Future efforts will continue to focus on customer cutting-edge demands, driving the iteration and innovation of material technologies [1]

Core Viewpoint - The company is actively monitoring and engaging with advanced packaging technology trends, including HBF, and is developing materials suitable for HBF manufacturing processes [1] Group 1: Company Developments - The company has stable mass production capabilities for functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants applicable to HBF manufacturing processes [1] - The HBF packaging process involves wafer thinning, stacking, and encapsulation, for which the company has developed temporary bonding materials, LMC liquid encapsulation materials, and GMC particle encapsulation materials [1] - Currently, these materials are in the verification and introduction stage and have not yet generated significant revenue [1] Group 2: Collaboration and Future Prospects - The company is closely collaborating with relevant manufacturers to develop and test related materials [1] - The goal of this collaboration is to enhance the maturity and reliability of the HBF process technology [1]

Core Viewpoint - The company is optimistic about its copper substrate segment in Thailand, expecting to turn profitable this year and gradually stabilize over the next two years, contributing incremental growth [1] Group 1: Copper Substrate Segment - The Thai company within the copper substrate segment is projected to achieve profitability this year [1] - The segment is expected to gradually stabilize over the next two years, contributing to incremental growth [1] Group 2: Tin Substrate Segment - The company plans to increase R&D efforts for high-end products in the tin substrate segment, such as tin balls and solder columns [1] - These products are currently in the validation and ramp-up phase [1] Group 3: 3D Printing Powder Materials - The construction of the 3D printing powder materials industrial base is expected to be completed in the second half of 2026, with equipment installation and debugging to follow [1] - New growth is anticipated in 2027 from this segment [1] Group 4: Electronic Paste Segment - The electronic paste segment is primarily focused on micro-nano powders [1] - The company will make flexible adjustments based on R&D progress and market demand [1]

Core Viewpoint - A Taiwanese semiconductor materials manufacturer, 瑞升金属工业, has unexpectedly ceased operations due to financial difficulties exacerbated by U.S. tariff policies and tightening bank credit [1] Company Summary - 瑞升金属, founded in 1974, announced its closure on August 12, 2023, citing an inability to continue operations due to financial challenges [1] - The company had previously warned in May 2023 about the impact of rising global transportation costs, geopolitical tensions, and U.S. tariff policies, predicting a potential 20% increase in raw material and consumer goods prices [1] - 瑞升金属's product lines include electronic-grade solvents, lead and lead-free solder bars, solder balls, solder powder, solder wire, solder paste, special alloys, and semiconductor-related materials such as phosphor copper balls and oxygen-free copper blocks [1] Industry Summary - The traditional manufacturing sector, particularly small and medium-sized enterprises in automotive components and machine tools, is expected to be most affected by U.S. tariffs [1]

Summary of the Conference Call for Feikai Materials Industry Overview - The semiconductor materials business of Feikai includes functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants, with projected revenue of approximately 670 million yuan in 2024, accounting for 24% of total revenue, marking it as a strategic pillar for future development [2][3][4]. Key Points and Arguments - **Revenue Growth**: In the first four months of 2025, functional wet electronic chemicals grew by 29% year-on-year, while EMC epoxy encapsulants increased by 2.3%. However, the solder ball business declined due to the sale of the Taiwan plant, although the Shanghai plant saw a 9% increase [2][6]. - **Client Base**: Major clients for functional wet electronic chemicals include Changdian Technology, Tongfu Microelectronics, and Huada Semiconductor. Solder ball clients include ASE and SPIL, while EMC epoxy encapsulants are used by companies like Yangjie Technology and BYD for IGBT substrates [2][5]. - **Competitive Advantage**: Feikai has over ten years of experience in wet electronic chemicals, establishing a competitive edge through comprehensive solutions and rapid response services. The company benefits from a strong moat due to process safety advantages and customer certification barriers [2][9]. - **Gross Margin Stability**: The gross margin for functional chemicals is approximately 35%-40%, while demand-type materials have a margin of about 20%, and EMC epoxy encapsulants around 30%. Fluctuations in raw material prices have minimal impact on margins, which are expected to remain stable in the coming quarters [2][10]. - **Future Expansion**: Feikai is constructing a third EMC epoxy encapsulant plant in Anqing, focusing on supplying leading domestic memory chip manufacturers. The company plans to collaborate with JNC to acquire its China operations and patents, aiming to replace Merck as a leading global LCD supplier [3][17]. - **Market Trends**: The semiconductor materials business is expected to achieve revenue of approximately 700 million yuan in 2025, reflecting a 20% growth when excluding contributions from the Taiwan plant. The demand structure is benefiting from trends in artificial intelligence and advanced packaging technologies [3][14][21]. Additional Important Insights - **Downstream Demand**: The overall demand for advanced packaging solutions is increasing, with a 5% growth observed in the semiconductor packaging segment. This growth is attributed to the rising adoption of semiconductor packaging solutions to address front-end process challenges [4][6]. - **Competition Landscape**: Feikai faces competition from international suppliers such as Japan's Ishihara, Korea's Dongjin, and US companies like Rohm and Haas and Dow DuPont. However, the company’s established client relationships and experience provide a buffer against new entrants [11][12]. - **Domestic Market Development**: The domestic EMC epoxy encapsulant market is still developing, with the new plant expected to take one to two years to achieve significant market penetration and cost reduction [13][14]. - **Liquid Crystal Market Dynamics**: The global liquid crystal market demand is approximately 1,000 tons annually, with China accounting for about 900 tons. The middle-sized panel market is dominated by Merck, but Feikai aims to expand its share through collaboration with JNC [15][16][20]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market dynamics, and competitive positioning of Feikai Materials in the semiconductor and liquid crystal industries.