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科睿斯半导体项目连线投产 中天精装战略转型迎积极进展
Zheng Quan Shi Bao Wang· 2025-09-28 11:20
9月27日上午,科睿斯半导体科技(东阳)有限公司(简称"科睿斯")FCBGA封装基板项目(一期)连 线仪式,在东阳市新材料"万亩千亿"产业平台的新建厂区举行。随着生产线正式启动样品打样、产品生 产,这一备受关注的重大产业项目正式进入投产阶段,为破解国内高端封装基板"一板难求"的困境迈出 关键一步。 根据公开信息,科睿斯是一家专注于高端封装基板研发、设计、生产及销售,致力于成为全球领先的封 装基板合作伙伴的科技企业,主营产品是FCBGA封装基板,主要应用于CPU、GPU、AI及车载等高算 力芯片的封装。项目计划分三期建设,目标真正实现ABF基板国产替代化,打造国内FCBGA(ABF) 高端基板生产示范基地。 此前,上市公司中天精装(002989)公告间接持有科睿斯的27.99%股权。同时从科睿斯股权结构、董 事会成员构成来看,中天精装无疑是科睿斯的重要股东。而在此次活动现场,中天精装总经理、联席总 经理作为重要嘉宾出席并参与启动仪式,也印证两者之间的紧密关系。 中天精装《2025年半年度报告》显示:当前全球数字化、智能化浪潮加速推进,公司把握相关产业发展 机遇,在东阳国资办的战略指引下,依托国资平台资源优势,全 ...
研报掘金丨浙商证券:深南电路积极把握三大增长机遇,维持“买入”评级
Ge Long Hui A P P· 2025-09-11 07:33
Core Viewpoint - The report from Zheshang Securities highlights that Shenzhen South Circuit has effectively seized three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles, resulting in significant revenue and profit growth in the first half of the year [1] Financial Performance - Revenue reached 10.45 billion yuan, representing a year-over-year increase of 26% [1] - Net profit attributable to the parent company was 1.36 billion yuan, with a year-over-year growth of 38% [1] Market Opportunities - There is a rapid increase in global demand for AI-related products such as GPU/ASIC, servers, 800G switches, and optical modules [1] - The storage market is showing signs of recovery, which is beneficial for the company [1] Strategic Positioning - The company is positioned as a leading domestic PCB manufacturer, a major player in BT substrates, and a frontrunner in ABF substrates [1] - The company is actively promoting the construction of relevant production capacity projects and technological research and development layouts [1] Future Outlook - The company is expected to continue benefiting from the industrial upgrade opportunities brought about by the current wave of AI innovation [1] - The investment rating is maintained at "Buy" [1]
专家:CoWoP对电子布、填料、树脂的影响
2025-07-30 02:32
Summary of Conference Call Notes Industry Overview - The conference call discusses the impact of new technologies on the PCB (Printed Circuit Board) manufacturing industry, particularly focusing on the CoWoP (Chip-on-Wafer-on-Panel) and Carop (Chip-on-Board) processes, which are expected to enhance performance and efficiency in high-performance computing applications, especially for NVIDIA's GPUs and CPUs. Key Points and Arguments 1. New PCB Manufacturing Techniques - NVIDIA's new scheme utilizes embedded substrate materials, increasing the complexity of PCB manufacturing, requiring 1/3 oz copper foil or peelable copper foil [1] - The Carop process eliminates ABF substrates, directly mounting chips on PCBs, which necessitates higher flatness and tighter spacing [2] 2. Material Demand Changes - The demand for Low CTE (Coefficient of Thermal Expansion) electronic cloth has significantly increased due to the larger area of embedded substrates, which is now 3-4 times larger than before [1][5] - The annual demand for Low CTE glass cloth is projected to be around 750,000 square meters, with a monthly increase of approximately 4 million square meters expected to start in 2027 [14][15] 3. Supplier Landscape - Major suppliers of embedded substrate materials include Taiko and Dousan, with specific models like EM526, EM528, EMC892, and EMC896 being highlighted [3][4] - The market is also seeing contributions from Korean companies, although their market share is smaller [4] 4. Technical Specifications and Requirements - The new PCB designs require a minimum of 18 layers of Low CTE electronic cloth for 7 to 9 stage HDI (High-Density Interconnect) technology, doubling the previous requirements [10][11] - The increase in glass cloth layers to 10 is necessary to accommodate complex circuit designs [8] 5. Performance Enhancements - The new scheme is expected to double the computational power due to increased pin counts and improved design methodologies [9] - The transition to higher performance, lower dielectric loss systems is anticipated by 2027, with corresponding increases in PCB area and material requirements [29] 6. Challenges and Future Outlook - The production of high-layer PCBs is challenging due to thickness, small holes, and stringent flatness requirements, which may take years to achieve high yield rates [19] - The new COOP scheme has been researched and applied domestically, with limited international attention [18] 7. Material Composition and Quality - The resin system primarily consists of PPO and hydrocarbon, with increased purity requirements leading to a projected 10% increase in demand [21] - The use of HVLP (High-Volume Low-Pressure) copper foil is critical for meeting the new performance standards [36] 8. Market Trends - The overall demand for Low CTE glass cloth is expected to quadruple as new projects progress, with current monthly demand only in the hundreds of thousands of square meters [16] - The industry is moving towards more advanced materials that meet stringent performance criteria, including low thermal expansion and low shrinkage stress [40] Additional Important Insights - The transition to new technologies is gradual, with major companies like Google, Meta, and Amazon unlikely to adopt these changes in the short term [28] - The expected completion of new projects is projected for late 2026 to 2027, with significant ramp-up in production anticipated thereafter [17]
ETF盘中资讯|超130亿主力资金狂涌!本轮PCB为何飙涨?胜宏科技本轮涨超145%,电子ETF(515260)上午劲涨1.2%
Sou Hu Cai Jing· 2025-07-17 05:21
Core Viewpoint - The PCB (Printed Circuit Board) industry is experiencing significant growth, driven by increased demand from major tech companies for high-end PCBs to support AI chip development and the recovery of automotive and consumer electronics sectors [1][3][9]. Group 1: Industry Performance - PCB stocks have surged, with notable gains: Shenghong Technology up over 145%, Dongshan Precision up over 88%, and Shengyi Technology up over 51% since April 8 [2][3]. - The electronic ETF (515260) has seen a strong performance, with a 1.2% increase in early trading, reflecting the robust demand in the PCB sector [1]. Group 2: Demand Drivers - Major tech companies like Meta, Google, and Amazon are investing in self-developed AI chips, leading to a surge in demand for high-end PCBs, with the number of layers in AI server PCBs increasing from 20 to over 40, raising their value by 3-5 times [3][4]. - The automotive sector is witnessing a shift towards smart vehicles, with the value of PCBs per electric vehicle rising from 500 yuan to 8000 yuan, driven by advancements in intelligent driving technologies [5]. - The consumer electronics sector is also evolving, with the demand for flexible PCBs and substrate-like PCBs increasing due to the rise of foldable and AI-enabled smartphones [6]. Group 3: Financial Trends - Over 13 billion yuan of net inflow into the electronic sector has been recorded, indicating strong investor interest and confidence in the PCB industry [7]. - The PCB industry's growth is supported by breakthroughs in high-frequency materials and processes, with domestic companies like Shengyi Technology challenging the dominance of Japanese firms [8]. Group 4: Future Outlook - The PCB industry's current growth is attributed to a combination of AI infrastructure development, technological upgrades, and domestic substitution, with expectations for continued high performance in AI servers and automotive electronics [9]. - Analysts predict a favorable outlook for the electronic sector, driven by macroeconomic policies, inventory cycles, and AI innovation, suggesting a potential for valuation expansion in 2025 [9].
将华为列入实体清单,拿祖国当投名状,6000吨稀土出口该叫停了!
Sou Hu Cai Jing· 2025-06-18 13:32
Group 1 - Taiwan's authorities have placed Huawei and SMIC on an export blacklist, indicating a strong alignment with U.S. policies to suppress China's chip industry [2][13] - TSMC has already ceased orders from Huawei in 2023, and while SMIC faces equipment procurement restrictions, other mainland manufacturers are stepping in, limiting the impact on Huawei [2][6] - Taiwan's semiconductor manufacturers are heavily reliant on materials from mainland China, with over 90% of critical photolithography materials sourced from there, which poses a significant risk to their operations [4][6] Group 2 - The recent actions by Taiwan may lead to a dual loss scenario, as the U.S. has already imposed export taxes on Taiwan, and Taiwan's response could further harm its own interests [6][9] - If mainland China decides to restrict rare earth exports, it could severely impact various sectors in Taiwan, including chips, electronics, and renewable energy [6][12] - The global chip supply chain is undergoing restructuring, with efforts to relocate TSMC's operations to the U.S., but high-end packaging and silicon processing remain in Taiwan, highlighting its critical role [8][9] Group 3 - Taiwan's unilateral export control measures may backfire, potentially leading to a collapse of its chip industry if mainland China retaliates [13] - The call for "independence and self-sufficiency" in Taiwan's chip industry is undermined by its lack of control over the foundational supply chain [13][12] - The high stakes of Taiwan's current strategy could lead to severe consequences if the situation escalates, emphasizing the need for a balanced approach [12][13]
PCB行业 - AI算力PCB及高速CCL需求向上,供应缺口推动高阶产能加速扩张
2025-06-18 00:54
Summary of PCB Industry Conference Call Industry Overview - The PCB industry is experiencing significant growth driven by the surge in AI computing demand, with the market size exceeding $70 billion. The server-related segment is becoming the largest application market due to AI requirements, which has increased its share by 3% in 2024 [1][15][52]. Key Points and Arguments AI Computing Demand - The demand for AI computing PCBs, particularly in North America, remains strong, benefiting companies like Nvidia and Shenghong, which have significant market shares in computing and switching boards [1][5]. - The high-density interconnect (HDI) PCB manufacturers, such as Shenye Electronics and Gudian, are also performing well due to increased demand [1][5]. Capacity Expansion - Major PCB manufacturers are accelerating the expansion of high-end HDI and high-speed multilayer board capacities, primarily to serve overseas clients in the computing chain [1][3][6]. - The production capacity utilization rate is around 90% to 95%, with expectations for further increases in Q2 2025 [18]. Material Trends - The prices of high-end copper-clad laminate (CCL) materials are rising, driven by increased demand for high-density products [1][3][21]. - Domestic companies are making progress in the localization of high-frequency and high-speed materials, with Shengyi Technology achieving significant milestones in this area [7]. Market Dynamics - The ABF substrate market is expected to grow alongside the release of computing chips, with domestic leaders like Shenghong and Huidian actively increasing their capacities [1][9][10]. - The automotive sector is also seeing growth, with companies like Jingan and Shiyun Circuit making strides in smart vehicle PCB applications [14][47]. Investment Opportunities - The PCB industry is viewed as a key investment area, particularly in segments related to AI computing and domestic substitution [50][52]. - Companies like Shengyi Technology and Dongshan Precision are highlighted for their potential in the consumer electronics and automotive sectors [13][44]. Additional Important Insights - The overall PCB industry is maintaining a favorable outlook for 2025, with strong performance in AI-related circuit boards and materials [2][52]. - The supply chain is experiencing upward pressure on prices due to increased demand and limited supply of key materials like glass fiber cloth, which is expected to remain tight until 2026 [22][33]. - The Taiwanese PCB sector has shown robust growth, with a 15% year-on-year increase in revenue from January to April 2025, largely due to its strong ties to AI applications [24]. Conclusion - The PCB industry is poised for continued growth, driven by AI computing demands and capacity expansions. Companies that adapt to these trends and invest in high-end materials and technologies are likely to see significant benefits in the coming years.
国泰海通|电子:中国台湾收紧出口管控,自主可控加速推进
国泰海通证券研究· 2025-06-17 15:09
Core Viewpoint - Taiwan's tightening of export controls on certain high-tech products is accelerating the push for self-sufficiency in the semiconductor supply chain, particularly in the area of ABF substrates [1][2]. Group 1: Export Control Measures - Taiwan's International Trade Administration has added entities such as SMIC and Huawei to a restricted export list, requiring permits for exports to these entities [1]. - A total of 601 entities, including those from Russia, Pakistan, Iran, Myanmar, and mainland China, have been added to the list due to concerns over military expansion activities [1]. Group 2: Domestic Industry Response - Domestic companies are actively working to support the supply chain, with companies like Xinsong Technology already supplying 20-layer substrates in bulk [2]. - Efforts are ongoing to validate and produce higher-layer substrates, indicating a potential breakthrough in domestic production capabilities [2]. Group 3: Technical Challenges - The ABF substrate segment remains one of the few areas in the Ascend supply chain that is not fully self-sufficient, with Taiwanese manufacturers holding a significant market share [1]. - The technical challenges in producing high-spec ABF substrates include maintaining layer alignment and thickness consistency, especially for larger and multi-layered products [1].
未知机构:特种玻纤的稀缺性被证明认知继续提升中本周变化主要集中于玻纤领域1-20250603
未知机构· 2025-06-03 01:45
Summary of Conference Call Notes Industry Overview - The focus of the discussion is on the specialty glass fiber industry, particularly the Low CTE (Coefficient of Thermal Expansion) glass fiber cloth segment [1][1]. Key Points and Arguments 1. **Supply Shortage of Low CTE Glass Fiber Cloth** - Global leader in BT substrate materials, Mitsubishi Gas Chemical, has notified customers of delivery delays extending to 4-5 months [1]. - The demand for advanced packaging from TSMC's CoWoS is driving tight supply for ABF substrate materials, which is now affecting BT substrates [1]. - There is an expectation of price increases for upstream Low CTE glass fiber cloth due to rising substrate material prices [1]. 2. **Price Increase by Nitto Denko** - Nitto Denko announced a 20% price increase for its composite materials division, which includes products like woven fabrics and chopped strands [1]. - These products were previously operating at a loss, indicating a strategic shift to improve profitability [1]. 3. **Impact of Tariffs on Exports** - The price increase may be influenced by tariffs that have hindered some Chinese exports to the U.S., leading to tight overseas supply, particularly for chopped products [2]. 4. **Real Estate Market Trends** - In the real estate sector, the rolling weekly transaction area for new homes in 30 major cities has decreased by 3% year-on-year, consistent with the previous week [3]. - Conversely, the transaction area for second-hand homes in 12 cities has increased by 3% year-on-year, although this is a decline from the previous week's 16% [3]. Additional Insights - The price increase for Nitto Denko's products is expected to benefit Chinese companies with overseas production capabilities, such as China Jushi [3]. - A recommended investment strategy includes focusing on domestic substitution chains, with a preference for Zhongcai Technology, and considering companies like Keda Manufacturing and Huaxin Cement in the African supply chain [4]. - The report suggests that despite low market expectations, companies like Sankeshu and Rabbit Baby are showing signs of operational improvement in Q2 [4].
台股电子2025年4月报:关税扰动致下半年能见度降低,存储Q2市况向好-20250523
Guohai Securities· 2025-05-23 07:01
Investment Rating - The report upgrades the industry investment rating to "Recommended" [1] Core Insights - The semiconductor industry faces reduced visibility in the second half of 2025 due to tariff uncertainties, while the storage market shows positive trends in Q2 [1][3] - AI hardware demand remains strong, driven by cloud service providers and government sectors, suggesting a focus on leading companies in the AI hardware segment such as NVIDIA and TSMC [1][3] Semiconductor Sector - IC Design: In April 2025, MediaTek reported revenue of NT$48.8 billion, a month-on-month decrease of 12.9% but a year-on-year increase of 16.0%. The company noted uncertainty due to tariffs [3][11] - IC Manufacturing: TSMC achieved record revenue of NT$349.6 billion in April 2025, with a month-on-month increase of 22.2% and a year-on-year increase of 48.1% [3][14] - IC Testing: ASE Technology's revenue in April 2025 was NT$52.2 billion, a month-on-month decrease of 2.9% but a year-on-year increase of 13.9% [3][22] PC/Server Sector - The PC market is affected by tariff uncertainties, with companies like Hon Hai reporting April revenue of NT$641.4 billion, a month-on-month increase of 16.2% and a year-on-year increase of 25.5% [3][25] - Quanta's April revenue was NT$154 billion, a month-on-month decrease of 20.0% but a year-on-year increase of 58.2% [3][25] PCB Sector - The PCB manufacturing sector saw overall revenue increase by 5.6% month-on-month and 18.6% year-on-year in April 2025, driven by demand for AI servers and high-end networking [3][27] - Zhen Ding's revenue reached NT$13.6 billion in April, a year-on-year increase of 22.9% [3][27] Optical Components Sector - The optical components sector is experiencing a traditional off-season, with Largan Precision reporting April revenue of NT$4.4 billion, a month-on-month decrease of 10.6% but a year-on-year increase of 26.5% [3][28] Storage Sector - The storage market is showing positive signs, with companies like Nanya Technology reporting a month-on-month revenue increase of 13.3% in April 2025 [3][4] - DRAM prices are expected to rise, with TrendForce adjusting its Q2 price forecast from -5% to +8% [3][4]
兴森科技:FCBGA封装基板处于小批量生产阶段,力争早日实现大批量量产
Ju Chao Zi Xun· 2025-05-09 08:41
Company Performance - Company achieved operating revenue of 5.817 billion yuan in 2024, representing a year-on-year increase of 8.53% [2] - Net profit attributable to shareholders was -198 million yuan, a year-on-year decline of 193.88%, primarily due to high investments in FCBGA packaging substrate projects and losses from subsidiaries [2] Industry Overview - The global PCB industry is experiencing a structural recovery in 2024, with high-layer boards (18 layers and above) and HDI boards showing year-on-year growth of approximately 40% and 18.8%, respectively, driven by demand from AI, communications, and satellite sectors [2] - Overall demand in the packaging substrate industry is currently insufficient, but a recovery is expected in 2025, with BT substrates likely to outperform ABF substrates [2] Company Strategy - Company is in the small-batch production stage for FCBGA packaging substrates, with future mass production dependent on industry demand recovery, customer production progress, and supplier management strategies [2] - Company is focusing on market expansion and customer certification, aiming to achieve large-scale production by enhancing technical capabilities, optimizing processes, and improving yield and delivery performance [2] - Beijing Xinfai plans to upgrade production lines in mid-2024, focusing on expanding capacity for AI server accelerator cards and high-end optical module products [3] - Revenue from semiconductor test boards increased by over 30% year-on-year, with a continuous rise in the proportion of high-end products [3] - Future profit growth will focus on the steady development of PCB samples and test board businesses, as well as improving capacity utilization and cost optimization for CSP and FCBGA packaging substrates [3]