碳化硅行业：关于（CoWoS）碳化硅中介层的新闻报道；我们认为这仅是一个概念及研发方向，暂不具备进一步可预见性

Summary of Key Points from the Conference Call Industry Overview - Industry: Silicon Carbide (SiC) Sector - Key Companies Discussed: - GlobalWafers (GWC; 6488 TW) - TSMC (2330 TW) - Disco (6146 JT) - SICC - A (688234 CH) Core Insights and Arguments - CoWoS SiC Interposer: - Reports indicate TSMC is exploring the CoWoS SiC interposer and has requested 12" SiC substrates and process equipment from suppliers. GWC and Disco are identified as potential beneficiaries of this development [5][6] - The technology is currently viewed as a concept and in the R&D phase, lacking visibility on feasibility and timeline for development [5][6] - Potential Benefits of SiC: - SiC offers excellent thermal conductivity, which could address thermal challenges in AI chip design. It also has high hardness, potentially mitigating warpage issues associated with larger package sizes for AI chips [5][6] - Market Dynamics: - The cost of 12" SiC substrates is projected to remain high, estimated at $700 or more, which is significantly higher than the $70 for 12" silicon substrates. This price disparity could impact industry adoption rates [6] - Chinese suppliers are expected to reduce prices of SiC substrates significantly as production ramps up, potentially by 30-50% annually [6] - Long-term Outlook: - The report maintains a cautious stance on GlobalWafers and SICC, citing challenging fundamentals and competition from Chinese suppliers who are perceived to lead in SiC technology and pricing [5][6] Additional Important Information - Investor Sentiment: - GWC's stock rose by 4.5% following the news, outperforming the Taiex index, which increased by 0.3% [2] - Geopolitical Considerations: - There are uncertainties regarding the geopolitical advantages for GWC, as Chinese materials are also integrated into the US AI chip supply chain [5] - Future Projections: - It is anticipated that by 2027, CoWoS will predominantly adopt organic interposers, indicating a shift away from SiC interposers in the near term [5] This summary encapsulates the critical insights and projections regarding the Silicon Carbide sector and the companies involved, highlighting both opportunities and risks in the current market landscape.