订单与盈利双拐点，高毛利产品占比提升推动利润修复：公司新增订单连续六个季度同比回升，AI 服 务器与国内需求共振带动SMT加速复苏，SEMI随HBM 扩产进入新一轮上行周期。先进封装占比提升、 SMT 结构改善及费用优化带来毛利率与盈利拐点，2025–2027 年业绩弹性充分。 地缘政治+国产替代共振，中国市场份额预期提升：在美国出口管制与国产化替代加速背景下，国内封 测厂资本开支保持高增，公司作为封装设备唯一具备 ECD 供应能力的厂商，结合中国深度本地化网络 与领先客户资源，将持续受益于供应链自主可控与国产化政策红利。 机构：财通证券 研究员：郝艳辉/景柄维 先进封装设备放量，全面布局深度受益：全球AI/HPC 带动TCB、HybridBonding 等先进封装工艺快速渗 透，设备需求进入持续放量周期。公司在先进封装拥有完整的设备矩阵，覆盖沉积、TCB、HB、Fan- out 与SiP 等核心环节，TCB市占率全球第一，HB设备完成代际升级并量产交付。随着 HBM扩产启 动、先进逻辑厂设备采购周期延续，公司有望在行业结构性扩张中获得最大增量，先进封装收入与全球 占有率持续提升。 投资建议：公司受益于先进封 ...

公司新增订单连续六个季度同比回升，AI服务器与国内需求共振带动SMT加速复苏，SEMI随HBM扩产 进入新一轮上行周期。先进封装占比提升、SMT结构改善及费用优化带来毛利率与盈利拐点，2025– 2027年业绩弹性充分。 地缘政治+国产替代共振，中国市场份额预期提升 在美国出口管制与国产化替代加速背景下，国内封测厂资本开支保持高增，公司作为封装设备唯一具备 ECD供应能力的厂商，结合中国深度本地化网络与领先客户资源，将持续受益于供应链自主可控与国产 化政策红利。 财通证券主要观点如下： 先进封装设备放量，全面布局深度受益 全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持续放量周期。公司在 先进封装拥有完整的设备矩阵，覆盖沉积、TCB、HB、Fan-out与SiP等核心环节，TCB市占率全球第 一，HB设备完成代际升级并量产交付。随着HBM扩产启动、先进逻辑厂设备采购周期延续，公司有望 在行业结构性扩张中获得最大增量，先进封装收入与全球占有率持续提升。 订单与盈利双拐点，高毛利产品占比提升推动利润修复 财通证券（601108）发布研报称，ASMPT(00522)因AI ...

Summary of Key Points from the Semiconductor Industry Research Industry Overview - The research focuses on the global semiconductor industry, particularly the front-end Wafer Fab Equipment (WFE) and back-end advanced packaging supply chains, highlighting the challenges posed by globalization and geopolitics [2][6][32]. Core Companies Involved - Major players in the semiconductor industry include TSMC, UMC, Samsung Electronics, Intel, ASML, Applied Materials (AMAT), Lam Research, Tokyo Electron (TEL), KLA, ASE, Amkor, JCET, Disco, Besi, ASMPT, K&S, Semes, Hanmi, Hanwha, EVG, SUSS, Teradyne, SCREEN, Canon, Nikon, and Lasertec [19][49]. Key Trends and Insights 1. **Advanced Packaging Demand**: The demand for advanced packaging technologies such as 2.5D/3D packaging, Hybrid Bonding, and CoWoS is surging due to the rise of AI and high-performance computing (HPC) applications [2][8][10]. 2. **Moore's Law and Packaging**: As Moore's Law slows, advanced packaging has become the primary pathway for sustaining semiconductor performance gains, with technologies like CoWoS and SoIC leading the way [3][38][49]. 3. **Geopolitical Challenges**: Geopolitical pressures and government policies, such as the CHIPS Act, are reshaping the supply chain dynamics, pushing companies to diversify their manufacturing and service locations [7][44][60]. 4. **Localization Trends**: There is a significant trend towards localization in the semiconductor supply chain, with companies establishing production bases in North America, Europe, Japan, and Southeast Asia to mitigate risks [7][32][60]. 5. **Material Innovation**: The shift from equipment-centric to materials-centric innovation is becoming critical, with new materials like UV resins, advanced thermal interface materials, and low-Dk dielectrics emerging as strategic differentiators [15][47][49]. Market Dynamics - The WFE market is projected to grow from approximately USD 13.3 billion in 2024 to USD 16.5 billion by 2029, with a significant portion of revenue coming from equipment shipments [49][72]. - The back-end packaging market is also expanding, with the TCB equipment market estimated at around USD 936 million and HB equipment projected at USD 397 million by 2030 [53]. Challenges and Opportunities 1. **Cost and Pricing Pressures**: Equipment suppliers face challenges related to cost, pricing, and sustainability, which are becoming critical factors in maintaining competitiveness [8][29][49]. 2. **Technological Integration**: The ability to integrate differentiated materials and technologies will increasingly define competitiveness in the semiconductor industry [39][49]. 3. **Sustainability Goals**: Companies are embedding sustainability into their operational metrics, with ESG (Environmental, Social, and Governance) goals becoming essential for process efficiency and cost competitiveness [45][49][69]. Conclusion - The semiconductor industry is undergoing significant transformations driven by technological advancements, geopolitical factors, and evolving market demands. Companies that can effectively navigate these challenges while innovating in materials and processes are likely to secure a competitive edge in the future [49][72].