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华创证券:AI算力需求激增 先进封装产业加速成长
智通财经网· 2025-08-26 02:15
AI与智驾发展驱动先进封装市场持续扩容,Chiplet、2.5D/3D封装加速渗透 据Yole统计,2024年全球先进封装市场规模预计达450亿美元,占整体封装市场比重超55%,2030年有 望升至800亿美元,2024–2030年CAGR达9.4%。从下游应用看,AI服务器对高带宽存储与高速互联提出 极致要求,HBM+CoWoS组合已成标配;汽车智能化推动车规SoC复杂度跃升,叠加消费电子周期复苏, 助力先进封装市场持续增长。从技术升级维度看,随着应用场景算力密度不断攀升,封装形态正加速向 Chiplet架构、2.5D中介层与3D堆叠等高集成方案迈进。据Yole预测,2.5D/3D封装占比将由2023年的 27%增长至2029年的40%,营收年复合增速达18.05%,远高于行业平均增速。 国产先进封装大有可为,需求高增长与国产替代共振机遇 据锐观产业研究院数据,中国先进封装市场保持快速增长,2024年市场规模预计达698亿元,20-24年复 合增速达18.7%;但渗透率仅40%,仍低于全球平均水平55%,中长期具备显著提升空间。随着本土芯片 设计产业持续演进,国内封装平台迭代动力加速释放。与此同时,台积电C ...
封测行业市场需求稳步提升 华天科技上半年盈利2.26亿元
Group 1 - The semiconductor industry is experiencing an overall recovery, leading to increased market demand in the packaging and testing sector, resulting in steady growth in orders and operating performance for the company, which achieved a net profit of 226 million yuan in the first half of 2025 [1] - In the first half of 2025, the company reported operating revenue of 7.78 billion yuan, a year-on-year increase of 15.81%, and a net profit of 226 million yuan, a year-on-year increase of 1.68% [1] - The second quarter saw significant growth in both revenue and net profit, with the company achieving operating revenue of 4.21 billion yuan, an increase of 643 million yuan from the first quarter, marking a record high for a single quarter [1] Group 2 - The company has completed the development of ePoP/PoPt high-density memory and automotive-grade FCBGA packaging technology for smart cockpits and autonomous driving applications in the first half of the year [2] - The company has also initiated the research and development of CPO packaging technology, with key unit process development currently underway, and completed product validation for various clients in FOPLP packaging [2] - The shareholder structure has seen changes, with the Huaxia Guozheng Semiconductor Chip ETF increasing its holding from 1.38% to 1.39%, and the CSI 500 ETF purchasing 5.099 million shares, raising its holding from 1.03% to 1.18% [2]
13页PPT详解先进封装技术路线与市场趋势
材料汇· 2025-08-09 16:00
Core Insights - The article discusses the advancements and trends in the semiconductor packaging industry, particularly focusing on 2.5D and 3D packaging technologies, which are being led by major players like Intel, Samsung, and TSMC [10][11]. Advanced Packaging Trends - Advanced packaging is projected to grow significantly, with revenue expected to increase from $37.5 billion in 2021 to $65.1 billion by 2027, capturing approximately 53% of the total packaging market [16]. - The shipment volume for advanced packaging is anticipated to reach 90 billion units by 2027, with a compound annual growth rate (CAGR) of 13% for 2.5D/3D packaging [18][20]. Capital Expenditure - In 2022, the estimated capital expenditure (CapEx) for top packaging companies was $14.5 billion, up from $11.9 billion in 2021, indicating a growing investment in advanced packaging technologies [9]. Market Share and Competition - OSATs (Outsourced Semiconductor Assembly and Test) accounted for 65% of the advanced packaging wafer market in 2021, while foundries are increasingly taking market share from OSATs [23]. - Major players in the high-end packaging market include Intel, Samsung, and TSMC, which are competing vigorously in the development of advanced packaging technologies [10][12]. Technology Adoption - The adoption of chip-level packaging and heterogeneous integration is driving higher yields and optimized costs, with finer bump or pad spacing leading to increased density and faster time-to-market for products [6][10]. Global Market Overview - The global advanced packaging market is characterized by a diverse range of players, including major technology companies and specialized packaging suppliers, indicating a competitive landscape [13][14].
爱集微:2024年封测行业上市公司收入同比增长21% 先进封装迎发展机遇
Group 1 - The report by Aijimi highlights the growth of the semiconductor packaging and testing industry, projecting a total revenue of 87.056 billion yuan for listed companies in 2024, representing a year-on-year increase of 20.69% with a gross margin of approximately 15.67% [1] - The top three companies by total revenue in the packaging and testing sector are Changdian Technology (35.962 billion yuan), Tongfu Microelectronics (23.882 billion yuan), and Huatian Technology (14.462 billion yuan) [1] - The report indicates that the R&D expenditure as a percentage of revenue is highest for Liyang Chip (15.95%), Jingfang Technology (14.12%), and Weicai Technology (13.22%) [1] Group 2 - The advanced packaging market is expected to generate total revenue of $51.9 billion in 2024, with a year-on-year growth of 10.9%, and is projected to reach $78.6 billion by 2028, with a compound annual growth rate (CAGR) of 10.05% from 2022 to 2028 [2] - The global semiconductor packaging market is forecasted to grow from $65.04 billion in 2020 to $118.6 billion in 2027, with a CAGR of 6.6%, while advanced packaging is expected to surpass traditional packaging in market size by 2027 [2] Group 3 - The domestic packaging and testing industry is performing well, with Chinese companies leading in brand strength, diverse teams, international operations, technical capabilities, quality assurance, production scale, and operational efficiency [3] - In 2023, capital expenditure in the advanced packaging sector reached $9.9 billion, primarily from major semiconductor companies and leading OSAT firms, with an expected increase to $11.5 billion in 2024 [3] - The report emphasizes that the growth of the semiconductor packaging market is driven by emerging technologies such as AI, IoT, cloud computing, and big data, which are increasing the demand for chips [3] Group 4 - The global Chiplet market is projected to grow from approximately $3.1 billion in 2023 to around $107 billion by 2033, with a CAGR of 42.5% from 2024 to 2033 [4] - Companies like Intel and TSMC have mature Chiplet technologies, while domestic firms such as Changdian Technology and Tongfu Microelectronics are also advancing in this area [4] - The 2.5D/3D packaging market is expected to expand from $9.4 billion in 2022 to $22.5 billion by 2028, with a CAGR of 15.6%, driven by high-performance computing and AI technologies [4]
先进封装:100页PPT详解传统工艺升级&先进封装技术
材料汇· 2025-06-27 14:12
Core Viewpoint - The demand for advanced packaging continues to grow, driven primarily by AI-related applications and high-performance computing [3][30]. Group 1: Advanced Packaging Demand - The advanced packaging market is expected to grow from $39 billion in 2023 to $80 billion by 2029, with a compound annual growth rate (CAGR) of 12.7% [12]. - The 2.5D/3D packaging segment is projected to grow at a remarkable rate of 20.9% over the next five years, becoming a key driver for overall market growth [12]. - Advanced packaging shipments are anticipated to rise from 70.9 billion units in 2023 to 97.6 billion units by 2029, with a CAGR of 5.5% [15]. Group 2: Technology and Equipment - Four main advanced packaging technologies—FC, WLP, 2.5D, and 3D—are facilitating the evolution of packaging technology [5][7]. - The global advanced packaging equipment market is projected to reach $3.1 billion in 2024, marking a historical high [5]. - The demand for etching, thin film deposition, and plating equipment is expected to increase rapidly due to advancements in packaging technology [5]. Group 3: Market Dynamics - The semiconductor industry is experiencing a downturn in 2023, impacting the advanced packaging market, which saw a year-on-year decline of 3.5% [12]. - The recovery in specific end markets, along with the continuous application of advanced packaging technology, is expected to sustain healthy growth in the coming years [15]. - The integration of AI applications in various sectors, including automotive and consumer electronics, is driving the demand for advanced packaging solutions [30]. Group 4: Investment Opportunities - Companies such as ASMPT, North Huachuang, and Zhongwei are highlighted as key players benefiting from the local supply chain advantages in the advanced packaging sector [5]. - Significant investments in packaging projects are underway, with total planned investments amounting to approximately $100 billion [29]. - The ongoing demand for advanced packaging solutions is expected to lead to sustained revenue growth for companies involved in this sector [30].
先进封装:100页PPT详解传统工艺升级&先进封装技术
材料汇· 2025-06-20 15:14
Core Viewpoint - The demand for advanced packaging continues to grow, driven primarily by AI-related applications [3][30]. Group 1: Advanced Packaging Demand - The advanced packaging market is expected to grow from $39 billion in 2023 to $80 billion by 2029, with a compound annual growth rate (CAGR) of 12.7% [12]. - The 2.5D/3D packaging segment is projected to grow at a CAGR of 20.9% over the next five years, becoming a key driver for market expansion [12]. - Advanced packaging shipments are anticipated to rise from 70.9 billion units in 2023 to 97.6 billion units by 2029, with a CAGR of 5.5% [15]. Group 2: Technology and Equipment - Four main advanced packaging technologies—FC, WLP, 2.5D, and 3D—are facilitating the evolution of packaging technology [5][7]. - The global advanced packaging equipment market is expected to reach $3.1 billion in 2024, marking a historical high [5]. - The demand for etching, thin film deposition, and plating equipment is rapidly increasing due to advancements in packaging technology [5]. Group 3: Market Dynamics - The semiconductor industry is experiencing a downturn in 2023, impacting the advanced packaging market, which saw a year-on-year decline of 3.5% [12]. - The recovery in specific end markets and the ongoing application of advanced packaging technology are expected to sustain healthy growth in the coming years [15]. - AI applications are driving long-term growth in semiconductor revenues, with the AI-related semiconductor market projected to grow at a CAGR of 28.9% from 2024 to 2033 [27]. Group 4: Investment Opportunities - Companies such as ASMPT, North Huachuang, and Zhongwei Company are recommended for investment due to their breakthroughs in niche areas of the domestic equipment market [5]. - Major packaging projects are underway or planned, with total investments amounting to approximately $100 billion [29].