Advanced packaging into the semiconductor core industry chain an important link! Benefit from listed companies combing

By the physical limit constraints and the huge rise in costs, the semiconductor industry has entered the "post-Moore era", the industry from the past to focus on the promotion of the node of the wafer manufacturing technology, and gradually shifted to the innovation of packaging technology. As an important part of the core semiconductor industry chain, advanced packaging technology not only enhances functionality and increases product value, but also effectively reduces costs, making it an important path to continue Moore's Law.

Central Pacific Machinery Feng Sheng analysis pointed out that advanced packaging technology can not only enhance the function, improve product value, but also effectively reduce costs, and become an important path to continue Moore's Law. In addition, the semiconductor is China's necklace problem, advanced packaging can be in the existing technology node, to further enhance the chip performance, is the domestic semiconductor enterprises to break through the blockade in an important way.

Publicly available information shows that advanced packaging, also known as high-density advanced package HDAP (HighDensityAdvancedPackage), that is, the use of advanced design ideas and advanced integration process, shorten the length of the lead interconnections, the chip for the reconstruction of the system-level packaging, and can effectively improve the system functional density of the package. Advanced packaging at this stage refers to FlipChip, Wafer Level Packaging (WLP), 2.5D packaging (Interposer, RDL), and 3D packaging (TSV).

According to Yole, the global advanced packaging market CAGR reached 7.9% in 2016-2021, with a market size of $32.1 billion in 2021,Yole expects it to reach $57.2 billion in 2027, which corresponds to a CAGR of as high as 10.1% in 2021-2027, which is higher than the traditional packaging market growth rate. In addition, Yole expects that by 2026, the advanced packaging market will catch up with the scale of traditional packaging, accounting for 50% of the overall scale, and the application scale of the advanced packaging market is expanding.

From the point of view of growth, 3D stacking/embedded packaging/wafer-level fan-out is the top three fastest growing application markets, Yole predicts that the CAGR of 2019-2025 will be 21.3%/18%/16%, respectively, in addition to the TSV, as a interconnect technology that will be heavily utilized by 2.5D/3D stereo packages, Yole predicts that the CAGR of 2019-2025 will be 21.3%/18%/16%, respectively. Yole forecasts a CAGR of 29% for 2019-2025, with growth significantly ahead of other technologies.

The global outsourced packaging business (OSAT) has a more centralized nature due to the need for long-term large capital expenditures by vendors. In the industry leader cut, packaging and testing industry from the geographic location also shows a highly concentrated situation, 2020 Taiwan, China, China, the United States market share of 52% / 21% / 15%, respectively, accounting for a total of 88% of the market share .

In 2021, the world's top ten outsourcing assembly and testing (OSAT) factories are Sun Microsystems (including SPIL), Amkor Technology, Changchun Technology, Li-Cheng Technology, TOMF Microelectronics, Huatian Technology, Wisdom Sealing Technology, JYEC, Nanmao, and Chipbond, and the top eight vendors occupy a total of 77.5% of the world's market share.

From the viewpoint of product structure, Sun Moonlight, Changdian Technology is more high-end digital IC testing, including cell phone chips/processors/CPU/RF chips, etc., and An Reliance is more of the automotive electronics/RF and other products package testing, the three companies are the world's top three packaging and testing plants, and the most prominent development of the advanced packaging packaging packaging plant.

Tong Fu Microelectronics main revenue mostly from CPU/GPU/server and netcom equipment related packaging test, while Li Cheng Technology is more from the global memory giant's memory packaging orders, Huatian Technology is to power, RF packaging, CIS-based , each packaging plant have their own major areas of testing. Have their own major areas of testing.

It is worth mentioning that, in addition to the traditional outsourcing packaging and testing foundry (OSAT), foundries and IDM companies have also set up their own packaging plant, the development of high-end packaging technology, including TSMC, Intel, Samsung and other companies have been laying the groundwork for many years. CITIC Securities Xu Tao said in a research report on August 9, in the post-Moore era, encapsulation industry into a place of war, the future will evolve into a wafer fabs have their own integrated process procedures from manufacturing to encapsulation, and OSAT is strong, is expected to be more centralized.

Xu Tao said, packaging and testing companies with strong heavy asset attributes, companies often need long-term capital investment, so focus on large enterprises, in terms of the domestic advanced packaging technology integrity and capabilities, suggested attention to the long power technology, through the rich microelectronics, Huatian Technology, crystal square technology, ring Xu electronics, Lixin Precision, etc..

Additionally, advanced packaging equipment and materials demand, including etching machines, lithography, PVD/CVD, glue development equipment, cleaning equipment, testing machines, etc., the domestic manufacturers are still in the rapid development stage, the future substitution space is still large. Suggested focus on the northern Huachuang, Shengmei Shanghai, core source micro, new Yichang, Huafeng Measurement and Control, Changchuan Science and Technology, optical technology, etc..