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].

公众号记得加星标⭐️，第一时间看推送不会错过。 在半导体先进封装技术加速迭代的背景下，国产 D2W 混合键合设备首次被 Yole Group 报告收录。 Yole 报告收录，亿级市场空间 混合键合技术是从焊料凸块转向铜 - 铜直接键合的先进互连工艺，通过无凸点键合实现纳米级 精度互联，解决传统微凸点技术在高密度封装中的瓶颈问题。 根 据 Yole 公 开 数 据 显 示 ， 2020 全 球 混 合 键 合 设 备 市 场 规 模 达 3.2 亿 美 元 ， 预 计 2027 年 CoW(D2W)/WoW(W2W)市场规模将分别攀升至 2.3亿/5.1亿 美元，CAGR高达 69%/16% ，凸显该 领域强劲增长潜力。 随着 AI 算力需求爆发对高密度封装的需求增加，混合键合在 HBM、3D IC 等高端封 装场景的渗透率持续提升。以HBM市场应用为例，据国泰证券引用Yole 数据，2028 年混合 键合在HBM 市场渗透率将 从 2025 年的 1% 跃升至 36% 。 图源：Yo l e ,国泰证券 国际巨头混合键合领域布局： 图源：Yole《High-End Pe rformance Packaging ...

Core Viewpoint - The emergence of Tuojing Technology marks a significant step towards domestic production in the high-end semiconductor manufacturing sector, particularly in the film deposition equipment market, which has been dominated by international giants [2]. Group 1: Market Overview - The film deposition equipment sector accounts for over 20% of the wafer manufacturing equipment market, with Tuojing Technology capturing approximately 12% of the market share, translating to a revenue of 4.1 billion yuan in a market projected to reach 9.7 billion USD in 2024 [2]. - Tuojing Technology focuses on PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. Group 2: Technological Advancements - Chinese companies, represented by Tuojing Technology, are rapidly catching up in terms of process coverage and production equipment performance, achieving levels comparable to international counterparts [3]. - Tuojing Technology has undertaken 11 national major projects and has filed 1,640 patents, with 507 granted, showcasing its commitment to innovation and technology breakthroughs in the semiconductor film deposition field [3]. Group 3: Future Prospects - The company is preparing for future product generations, with 70% of its products being new or advanced process technologies, indicating a strong focus on innovation [4]. - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3].

Core Viewpoint -拓荆科技 is a leading enterprise in the domestic semiconductor thin film deposition equipment and hybrid bonding equipment market, focusing on advanced technologies and products to meet the growing demands of the semiconductor industry driven by AI and emerging sectors [1][2][3] Financial Performance - In Q1 2025, the company reported revenue of 709 million yuan, a year-on-year increase of 50.22%, but a net loss of 147 million yuan, with a basic earnings per share of -0.53 yuan [1] - The decline in gross margin is attributed to the high cost of new products and processes, which accounted for nearly 70% of the revenue during the quarter [2] Product Development and Market Position - The company is focusing on thin film deposition equipment and advanced bonding equipment for 3D integration, continuously expanding its product offerings to meet industry trends and customer demands [3][4] - The company has successfully developed and delivered several new products, including low dielectric constant SiCO film process equipment and Thermal-ALD devices, which have passed customer verification and are now in industrial application [4] Industry Outlook - The semiconductor industry is expected to grow significantly, with global sales projected to increase by 19% to reach 628 billion USD in 2024, and continue to maintain double-digit growth in 2025, potentially exceeding 1 trillion USD by 2030 [2] - The demand for semiconductor equipment is rising due to advancements in AI applications and the increasing performance requirements for semiconductor devices [3] Strategic Initiatives - The company is committed to deepening its core business and advancing technology products in cutting-edge fields, with plans for new R&D and industrialization bases to support future growth [4][5]

Core Insights - The company reported a total revenue of 14.771 billion yuan for 2024, a year-on-year increase of 4.83%, and a net profit attributable to shareholders of 1.694 billion yuan, up 106.52% year-on-year [1] - In Q1 2025, the company achieved a revenue of 2.944 billion yuan, a year-on-year increase of 10.84%, but the net profit dropped by 83.47% to 163 million yuan [1] - The company has a vertical integration capability in smart manufacturing equipment, providing comprehensive solutions from basic components to complete equipment and process solutions [1] Revenue Breakdown - The information industry equipment business generated 5.486 billion yuan in revenue for 2024, a growth of 43.73% [1] - The consumer electronics equipment business remained stable with a revenue of 2.143 billion yuan [1] - General industrial laser processing equipment revenue reached 5.971 billion yuan in 2024, growing by 7.64%, with high-power laser cutting equipment contributing 2.963 billion yuan, a 26.67% increase [4] Market Trends and Innovations - AI technology is driving innovation in the consumer electronics sector, with the company responding to customized demands by offering products like laser welding machines and automated assembly equipment [2] - The company is expanding its overseas production, research, and sales teams to capture market opportunities arising from the diversification of the consumer electronics supply chain [2] - The lithium battery equipment sector is shifting focus from domestic to international markets, with the company collaborating with major clients to enhance competitiveness [3] Product Development and R&D - The semiconductor equipment business remains stable, with new product developments such as SiC crystal ingot laser debonding machines and laser de-bonding equipment receiving formal orders from major clients [3] - The company has successfully developed various new devices, including the fourth-generation semiconductor diamond laser debonding technology, filling a domestic technology gap [3] - The company launched the world's first 150KW ultra-high power cutting machine, enhancing its market presence in high-end applications [4] Future Outlook - The company is projected to achieve net profits of 1.699 billion yuan, 2.069 billion yuan, and 2.503 billion yuan from 2025 to 2027, with corresponding EPS of 1.61, 1.97, and 2.38 yuan [5] - The company is positioned as a leading provider of smart manufacturing equipment and solutions, with a strong vertical integration advantage [5]

公司 2024 年有哪些新产品推出？预计哪些产品可以在未来 2 至 3 年贡献成长 力量？ Q&A 2024 年，公司继续加大研发力度，自主研发并推出了十余款新产品和新工艺， 包括 flowable CVD、PECVD Bionica、PECVD Super DON Stack、PECVD a CHM、ALD SICO、ALD SIN 等薄膜沉积设备，以及应用 于 3D 集成领域的先进键合设备和配套量检测设备，包括晶圆对晶圆混合键合、 晶圆对晶圆熔融键合设备、芯片对晶圆键合预处理设备、芯片对晶圆混合键合 设备以及键合套准精度量测和键合强度检测设备。这些新产品已经实现大量出 货，预计将在未来两到三年内为公司贡献明显的成长动力。 公司 2024 年营业收入大幅增长的原因是什么？ 公司 2024 年营业收入同比增长 51.70%，主要原因是公司持续拓展产品布局， 加快产品迭代并推出具有市场竞争力的新产品，业务规模不断扩大。PECVD 系 列作为公司的核心产品，保持竞争优势，扩大量产规模，销售收入创历史新高。 ALD 系列凭借国内工艺覆盖率领先的优势，多款新工艺设备获得重复订单并出 货，持续扩大量产规模。HDP CV ...

作为国产薄膜沉积设备龙头，拓荆科技(688072)受益于国内下游晶圆制造厂对国内半导体设备的需求增 加，营业收入维持高增长趋势。在5月27日2025年第一季度业绩说明会上，公司高管表示，目前公司在 手订单充足，今年整体经营性趋势非常健康，并将拓展海外市场。 据介绍，拓荆科技通过在薄膜沉积设备及三维集成领域的先进键合设备及配套的量检测设备的技术积累 和快速发展，拓荆科技较国内竞争对手形成显著先发优势，已经成为国内半导体设备行业的领军企业。 其中，在应用于三维集成领域的先进键合设备及配套量检测设备方面，去年公司实现产品销售收入 9566.85万元，同比增长48.78%，应用于晶圆对晶圆混合键合设备、芯片对晶圆键合前表面预处理设备 获得重复订单并扩大产业化应用，新推出的键合套准精度量测设备及键合强度检测设备通过客户验证。 去年拓荆科技研发投入就达到7.56亿元；今年一季度，拓荆科技研发投入合计1.57亿元，在营业收入占 比达到22.38%，占比在国内半导体设备上市公司中居前。 2024年，公司自主研发并推出了10余款新产品/新工艺设备，包括Flowable CVD(流动性化学气相沉 积)、PECVD Bianca、 ...

流水的行情，铁打的半导体。 自2019年以来，A股市场历经多次风格切换和重心漂移，白酒、医药、新能源等轮番登场，但大多数行业都在短暂的炒作后陷入长期 调整，唯独半导体经久不衰，而且每当对外关系出现波折和动荡，资本市场都会呈现"风浪越大半导体越贵"的风格特征。 直到现在，这个行业依然不缺掘金的空间和机会。 设备大放异彩 在整个A股市场，半导体依然有极为显著的成长性和超额收益。 2025年一季度，A股上市公司合计实现营业收入16.83万亿元，同比下降0.38%，实现归母净利润1.49万亿元，同比增长3.47%。作为对 比，Q1申万半导体板块营收1483.45亿元，同比增长16.0%，归母净利润92.83亿元，同比增长35.4%。 具体到半导体各细分领域中，最亮眼的无疑是设备。 如果把视野进一步放宽、拉长，半导体设备的想象力还要大得多。 双重利好共振 半导体设备正面临两大发展机遇。 首先是制造端扩产能。 云计算、AI等行业推动高性能芯片需求持续爆发。中信证券在最新的研报中预测2025年北美四大云厂商合计资本开支将达到3450亿美 元，同比增长37%，《财经杂志》的统计数据显示2025年字节跳动、阿里、腾讯的资本支出 ...

封装技术最早是以双列直插封装DIP为主的直插型封装。到了20世纪80年代，顺应电子设备系统小型化 和集成电路薄型化的要求，封装技术迎来第一次重大变革，从通孔插装进入到表面贴装时代，衍生出了 SOP（Small Out-line Pacakage，小外形封装）、LCC（Leadless Chip Carrier，无引脚芯片载体）以及 QFP（Quad Flat Package，扁平方形封装）等。20世纪90年代前中期，封装技术发生第二次重大变革， 以BGA（Ball Grid Array Package，球栅阵列封装）为代表的先进封装技术开始涌现，封装朝着高引脚 数量、高集成的方向迈进。20世纪90年代中期至2000年后，随着封装尺寸进一步缩小以及工作频率增 加，CSP（Chip-Scale Package，芯片级封装）、WLP（Wafer-Level Package，晶圆级封装）、SIP （System In a Package，系统级封装）、2.5D/3D封装等开始出现，由此半导体封装正式进入先进封装时 代。 传统封装主要是用引线框架承载芯片的封装形式，而先进封装引脚以面阵列引出，承载芯片大都采用高 性能多 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文编译自tomshardware，谢谢。 三星在韩国首尔举行的人工智能半导体论坛上透露，该公司计划在其HBM4中采用混合键合技术， 以降低发热量并实现超宽内存接口。相比之下，据EBN报道，该公司的竞争对手SK海力士可能会 推迟采用混合键合技术。 高带宽存储器 (HBM) 将多个存储设备堆叠在一个基片上。目前，HBM 堆栈中的存储芯片通常使 用微凸块（用于在堆叠芯片之间传输数据、电源和控制信号）连接在一起，并使用诸如模压底部填 充 (MR-MUF) 或非导电薄膜热压 (TC-NCF) 等技术进行键合。 这些芯片也通过嵌入每个芯片内部的硅通孔 (TSV) 进行垂直互连（通过每个 DRAM 芯片传输数 据、时钟、控制信号、电源和地线）。然而，随着 HBM 速度的提升和 DRAM 设备数量的增加， 微凸块会变得效率低下，因为它们会限制性能和功率效率。 这正是混合键合发挥作用的地方。混合键合是一种 3D 集成技术，通过键合铜与铜以及氧化物与氧 化物表面直接连接芯片，无需使用微凸块。混合键合支持小于 10 µm 的互连间距，与传统的基于 凸块的堆叠相比，可提供更低的电阻和 ...