[Soochow Securities Electronics Chen Haijin] Emphasize Price-Volume Improvement in Advanced Packaging; Technological Trends and Industrial Progress Resonate Positively for the Sector

English summary

# Advanced packaging industry update: 1. Recently, multiple domestic OSATs have simultaneously announced large-scale expansion of advanced packaging, with core demands unified around AI computing power, 2.5D/3D/Chiplet, memory localization, and high-end packaging/testing capacity gaps. The industry is unanimously strengthening wafer-level and high-density interconnect advanced lines; several companies have announced ten-billion-yuan expansion plans. Such large-scale investment confirms huge industrial demand gaps. 2. 2.5D packaging technology is evolving along a clear path: CoWoS-S -> CoWoS-L -> CoPoS. Currently, China is in the -S mass production ramp-up stage; some companies have made notable progress in -L mass production. With growing demand for high-end computing cards, the trend from wafer to panel will become clearer. Throughout this technological evolution, new equipment and materials will need replacement, and advanced packaging companies' industry rankings will shift according to their technical capabilities. ...