Lens Technology: Our thoughts on the strategic collaboration with Intel on glass-substrate-based packaging

研报英文原文证据摘录

Lens Technology: Our thoughts on the strategic collaboration with Intel on glass-substrate-based packaging

Global Research

28 July 2026abc

First Read

EquitiesLens Technology

Our thoughts on the strategic collaboration with China

Intel on glass-substrate-based packaging Electric Components & Equipment

12-month rating Buy

12m price target Rmb65.00

Highlights of the strategic partnership

Lens Tech signed a memorandum of understanding (MOU) with Intel to collaborate on

TGV (through-glass via) advanced packaging technology and hosted a briefing call Price (27 Jul 2026) Rmb36.63

yesterday. Lens mentioned its dedicated 30,000 sqm plant would have c.3,000 RIC: 300433.SZ BBG: 300433 CS

510x515mm panels/mo capacity (15 glass substrate per panel) by YE2026 likely for

Trading data and key metrics

AI chips with larger die sizes, and targets 10,000/mo in 2H27; it could achieve 8-10

micron line space/width currently. Actual output would be dependent on customer 52-wk range Rmb55.77-22.38

adoption timelines; UBS tech team expects glass core substrate MP timing in 2029-30E, Market cap. Rmb194b/US$28.6b

if not later. Lens estimates the mass production ASP close to or slightly above Shares o/s 5,284m (ORDA)

organic substrates at mid several thousand US$. Lens noted the current glass core Free float 100%

substrate would replace the CCL core of the organic substrate, while build-up layers Avg. daily volume ('000) 170,637

remain and stacked on both sides. The MOU is valid for one year with an option to Avg. daily value (m) Rmb7,228.9

extend by mutual parties. Common s/h equity (12/26E) Rmb58.5b

P/BV (12/26E) 3.3x

What Lens Tech can offer in glass substrate-based packaging Net debt to EBITDA (12/26E) 0.1x

The company expects to use proprietary laser induction equipment (ultrafast Bessel