格隆汇11月28日丨回天新材(300041.SZ)在投资者互动平台表示，公司半导体用胶产品包括underfill、 edgebond、TIM、LID粘接等，主要应用于半导体封装（后道）领域。 ...

Core Viewpoint - The company, Kytan New Materials, has confirmed that its semiconductor packaging adhesive products are being utilized in advanced packaging fields, including 3D packaging and chip stacking, meeting high customer requirements in these areas [2]. Group 1 - The company offers a series of semiconductor packaging adhesive products, including underfill, TIM, and LID bonding [2]. - These products have been applied in advanced packaging types, indicating the company's involvement in cutting-edge technology [2]. - The company emphasizes its ability to precisely match customer demands in the advanced packaging segment [2].

Summary of Conference Call on Global Semiconductors and SiC Technology Industry Overview - The focus is on the semiconductor industry, specifically the potential use of Silicon Carbide (SiC) in advanced packaging processes, particularly by Taiwan Semiconductor Manufacturing Company (TSMC) [1][12]. Key Points and Arguments 1. **SiC Adoption in CoWoS**: TSMC is considering SiC to replace existing materials in the CoWoS (Chip on Wafer on Substrate) process due to its high thermal conductivity, which is three times that of silicon [1][14]. 2. **Applications of SiC**: - **Conductive SiC**: Used for Thermal Interface Material (TIM) to improve heat transfer from silicon chips to cooling systems [2][13]. - **Semi-insulating SiC**: Proposed for interposers, replacing conventional silicon or RDL materials [2][13]. 3. **Implementation Challenges**: The transition to SiC technology faces challenges such as capacity limitations, extended production times, and increased contact resistance, indicating that widespread adoption may take time [3][15][17]. 4. **Market Capacity Estimates**: - Current CoWoS capacity is estimated at approximately 70 kilowatts per month (kwpm), projected to grow to around 110 kwpm by the end of the next year [4][16]. - If all interposers and TIM are replaced by SiC, the required capacity would be 220 kwpm, which is double the current SiC capacity of 92 kwpm by the end of 2025 [4][16]. 5. **Company-Specific Insights**: - **DISCO**: Expected to benefit significantly as its SiC revenue contribution has decreased from nearly 20% to one-third of previous levels. Higher consumables intensity of SiC could improve margins [5][25]. - **Renesas**: Holds a 35% stake in Wolfspeed, valued at approximately $400 million, which could provide upside if Wolfspeed benefits from advanced packaging [5][26]. - **SUMCO**: Currently overvalued with no direct benefits from SiC, presenting a potential short opportunity [5][28]. - **Infineon**: Does not produce substrates in-house and will not benefit from the SiC trend despite being a SiC maker [27]. Additional Important Insights - **Wolfspeed's Capacity**: Although capable of producing 12" substrates, Wolfspeed's financial constraints will limit its capacity expansion, impacting its ability to meet potential demand from CoWoS [27]. - **Market Reactions**: The market has reacted positively to news regarding SiC, with GlobalWafers' share price increasing by 36% since early September, although Japanese markets have not shown similar movements [25]. - **Investment Ratings**: - DISCO: Outperform with a price target of ¥52,800 [7]. - Renesas: Outperform with a price target of ¥2,300 [8]. - Infineon: Outperform with a price target of €49.00 [9]. - SUMCO: Market-Perform with a price target of ¥1,260 [10]. - TSMC: Outperform with a price target of NT$1,444.00 [11]. This summary encapsulates the critical insights from the conference call regarding the semiconductor industry and the implications of SiC technology for various companies involved.