Chipbond Technology: Key takeaways from Chipbond virtual NDR

研报英文原文证据摘录

Chipbond Technology: Key takeaways from Chipbond virtual NDR

J P M O R G A N Asia Pacific Equity Research

30 June 2026

Chipbond Technology Neutral

6147.TWO, 6147 TT

Key takeaways from Chipbond virtual NDR Price (29 Jun 26):NT$211.00

Price Target (Jun-27):NT$225.00

We hosted Chipbond management during the Non-deal Roadshow (NDR) call on Technology and Telecoms

AC24 June. Key takeaways were: Gokul Hariharan

(852) 2800-8564

• Gold bumping emerging as the preferred interconnect solution as Optical gokul.hariharan@jpmorgan.com

networking switches migrate to 200G per lane: The transition of Optical J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

networking switches (SiPh) from 100G to 200G per lane renders wire bonding Morgan Broking (Hong Kong) Limited

(widely used in 100G-per-lane in 800G optical transceivers) obsolete, as Jennifer Hsieh

higher frequencies introduce excessive signal noise over longer interconnect (886-2) 2725-9868

jennifer.hsieh@jpmorgan.com

distances. Gold bumping vastly reduces the distance between the photodiodes J.P. Morgan Securities (Taiwan) Limited

(PD) and transimpedance amplifiers (TIA), minimizing signal degradation and David Chou

making it the preferred interconnect solution at 200G per lane. Management (886-2) 2725-9618

noted that gold is the cleanest conductive material available for this david.chou@jpmorgan.com

application, and the volume used per bump is extremely small—contributing J.P. Morgan Securities (Taiwan) Limited

less than 1% of BOM cost to clients. Management indicated that ~80% of Jason Chen

Chipbond's SiPh projects are pluggable transceiver-related (predominantly (886-2) 2725-9864

1.6T, which employs 200G per lane), while ~20% are CPO-related—though jason.bh.chen@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited