Advanced packaging expansion accelerates

研报英文原文证据摘录

Advanced packaging expansion accelerates

Macquarie Equity Research

12 May 2026

Technology Hardware & Equipment

Advanced packaging expansion Taiwan

accelerates

TAM expansion driven by 3D packaging Arthur Katherine

Lai Zheng

Key Points

• We raise our target prices for Scientech and GPTC largely on the Leo

expansion of the advanced packaging TAM, which is broadening beyond Tsai

CoWoS.

• SoIC tool intensity is nearly double that of CoWoS, with adoption

broadening beyond AMD and nVidia. Figure 1 - TP and rating changes

• The transition from wafer-level CoWoS to panel-level CoPoS should

drive up ASP for tool suppliers, further expanding the TAM.

Source: Factset, Macquarie Research, May 2026

• CoWoS expansion accelerates. Sustained demand for AI chips is forcing Prices as of 11 May 2026.

a rapid scale-up across foundry and OSAT. We estimate year-end CoWoS

capacity at 130k/200k/240kwpm (thousand wafers per month) for Figure 2 - CoWoS estimates

2026/2027/2028. This persistent capacity expansion should ensure a 2025 2026e 2027e 2028e

consistent order floor for wet tools Cowos capacity - year-end 70 130 200 240

• SoIC tool intensity is nearly double that of CoWoS, significantly lifting Wet(wpm)tools required 84 162 189 100

content value. We estimate SoIC (System on Integrated Chips) capacity GPTC 50.4 85.9 85.1 45.0

will surge from the current 10kwpm to 50kwpm in 2027 and 75kwpm GPTC % 60% 53% 45% 45% Scientech 33.6 76.1 104.0 55.0

in 2028. As per our channel checks, we believe the tool intensity for Scientech % 40% 47% 55% 55%

SoIC is nearly double that for CoWoS, with higher ASP. We estimate the CoWoS Revenue 109 210.6 226.8 120.0

revenue potential per line is substantially higher as the mix shifts toward contribution (US$mn)

3D stacking. Source: Macquarie Research, May 2026