然而，随着芯片服务提供商加速自主研发ASIC芯片以满足更复杂的功能需求，其对封装尺寸的 要求也大幅增长。因此，一些芯片服务提供商正在考虑从台积电的CoWoS芯片转向英特尔的 EMIB芯片。 TrendForce指出，CoWoS技术通过中介层将计算逻辑、内存和I/O芯片连接起来，并将这些芯片 安 装 在 基 板 上 。 该 技 术 已 扩 展 到 包 括 CoWoS-S 、 CoWoS-R 和 CoWoS-L 。 随 着 NVIDIA 的 Blackwell平台在2025年接近量产，市场需求正迅速转向CoWoS-L，因为它将硅中介层集成到了 封装中。预计随着NVIDIA即将推出的Rubin架构的推出，这一趋势还将继续，Rubin架构将采用 更大的光罩尺寸。 人工智能/高性能计算需求的增长导致了CoWoS技术的重大瓶颈，包括产能短缺、光罩尺寸限制 和制造成本上升。TrendForce观察到，大部分CoWoS产能已被NVIDIA GPU占用，其他客户的 选择十分有限。 此外，对更大封装尺寸的需求不断增长以及美国本地化要求，促使谷歌和 Meta 等北美主要 CSP 与英特尔合作，共同采用 EMIB。 英特尔的EMIB ...

Market Performance - The main board led the gains with notable increases in stocks such as Yuyin Co. (+10.08%), Chaoxun Communication (+7.09%), and Yongding Co. (+7.03%) [1] - The ChiNext board saw significant growth with New Guodu (+16.30%) and Xiechuang Data (+11.81%) leading the charge [1] - The Sci-Tech Innovation board was also up, with Dekeli (+7.58%) and Qingyue Technology (+7.19%) showing strong performance [1] - Active sub-industries included SW Communication Network Equipment and Devices (+1.94%) and SW Communication Terminals and Accessories (+1.20%) [1] Domestic News - Aibang Semiconductor Network announced a total investment of 1.2 billion, with Hanjin Technology's silicon carbide packaging project reaching completion, capable of producing 300,000 silicon carbide power modules and 50 million silicon carbide power devices annually [1] - TSMC reported a surge in demand for CoWoS chip manufacturing materials, leading to shortages in the memory market, with Mitsubishi Gas Chemical announcing delays in shipments of materials for BT substrates [1] - Changfei Advanced's Wuhan base achieved mass production, with the first 6-inch silicon carbide wafer successfully produced, expected to reach an annual production capacity of 360,000 silicon carbide chips [1] - Anhui Huaxin Micro-Nano Integrated Circuit Co. announced the successful production of the first batch of products from its 8-inch wafer production line, which will have a monthly production capacity of 30,000 wafers [1] Company Announcements - Huajin Technology announced a 2024 annual equity distribution plan, distributing 9 yuan for every 10 shares [3] - Jingyan Technology also announced a 2024 annual equity distribution plan, distributing 1.10 yuan in cash dividends for every 10 shares [3] - Airong Software reported receiving a government subsidy of 7.201 million yuan, accounting for 10.85% of the company's audited net profit for the last fiscal year [3] - Yingfang Micro disclosed a pre-announcement of share reduction by a major shareholder, planning to reduce up to 1% of shares through centralized bidding [3] Overseas News - IBM and Deca Technologies formed a significant alliance in the semiconductor packaging sector, allowing IBM to enter the advanced fan-out wafer-level packaging market [2] - Rohm launched its first high-voltage GaN driver IC, which enhances the stability of GaN devices during high-frequency and high-speed switching [2] - In April, iPhone exports from India to the U.S. increased by 76% year-on-year, while exports from China decreased by 76%, reflecting Apple's accelerated manufacturing plans in India [2] - Samsung is reportedly exiting the MLC NAND flash memory market, notifying customers that orders will only be accepted until June, prompting a search for new suppliers [2]

Investment Rating - The investment rating for the company is "Positive" [2] Core Insights - The company reported Q1 2025 revenue of $25.53 billion, a year-on-year increase of 35.3%, and a quarter-on-quarter decrease of 5.1%, aligning with previous guidance [2][3] - The gross margin for Q1 2025 was 58.8%, up 5.7 percentage points year-on-year, and down 0.2 percentage points quarter-on-quarter, with guidance previously set at 57.0%-59.0% [2][3] - The company expects Q2 2025 revenue to be between $28.4 billion and $29.2 billion, with a midpoint of $28.8 billion, representing a quarter-on-quarter increase of 12.8% [2] - The company anticipates a sales growth rate of 20%-30% in 2025, with a long-term gross margin of 53% or higher and a return on equity (ROE) greater than 25% throughout the cycle [2] Revenue and Profitability - In Q1 2025, the operating margin was 48.5%, an increase of 6.5 percentage points year-on-year, and a decrease of 0.5 percentage points quarter-on-quarter [2][3] - The net profit margin stood at 43.1%, unchanged from the previous quarter and up 5.1 percentage points year-on-year [2][3] Advanced Process and Demand Distribution - Advanced processes accounted for over 70% of revenue, with high-performance computing (HPC) demand remaining strong [2] - In Q1 2025, revenue from 7nm and below processes made up 73% of total revenue, with 3nm, 5nm, and 7nm accounting for 22%, 36%, and 15% respectively [2][4] Capital Expenditure - Capital expenditure (CapEx) for Q1 2025 was $10.06 billion, a decrease of $1.17 billion from Q4 2024 [2] - The company expects total capital expenditure for 2025 to reach $38-42 billion, with 70% allocated to advanced processes [2] AI Business Growth - The company anticipates that AI business revenue will double in 2025, driven by strong demand and the need for advanced chips [2] Global Capacity Planning - The company is investing $100 billion in Arizona, with the first factory expected to start production in Q4 2024 [2] - Plans include building 11 wafer fabs and 4 advanced packaging plants in Taiwan over the next few years [2]