Progress for Glass in Advanced Packaging among Panel Makers

研报英文原文证据摘录

Progress for Glass in Advanced Packaging among Panel Makers

Idea

June 29, 2026 11:17 PM GMT

Morgan Stanley Taiwan Limited+MGreater China – Displays | Asia Pacific Derrick Yang

Equity Analyst

Progress for Glass in Advanced Derrick.Yang@morganstanley.comMorgan Stanley & Co. International plc+ +886 2 2730-2862

Shawn Kim

Equity AnalystPackaging among Panel Makers Shawn.Kim@morganstanley.com +44 20 7677-1018

We do see the potential of glass panels in semiconductors, as Morgan Stanley Taiwan Limited+

Vivi Huang

Research Associatethe package size gets bigger – though a more realistic timing for

Vivi.Huang@morganstanley.com +886 2 2730-2860

HPC adoption looks to be 2028/2029, in our view.

Sharon Shih

All eyes on advanced packaging: We think the recent market enthusiasm for panel Sharon.Shih@morganstanley.com +886 2 2730-2865

stocks has centered on the opportunities for glass in advanced packaging. In our

deep analysis, Emerging Opportunities for Glass in Advanced Packaging (October 27,

2024), we noted that glass can offer cost advantages from larger dimensions.

Moreover, it can provide better electrical performance, leading to lower signal loss,

less mismatch of coefficients of thermal expansion among different materials to

Greater China Technology Hardware

mitigate the warpage issue, and greater mechanical strength to resist distortion Asia Pacific

during the manufacturing process or operation. Industry View In-Line

What’s Changed

Innolux appears to be leading the pack: Innolux has been one of the most

Innolux (3481.TW) From To

aggressive players in this area and we believe that it is involved in one foundry's Price Target NT$19.50 NT$60.00

glass core substrate project, where the proof of concept is complete and more

AU Optronics (2409.TW) From To