Semiconductor Packaging Industry Research Report

With the development of semiconductor technology, Moore's Law is on the verge of failure. The difficulty of each link in the industrial chain, such as IC design , wafer manufacturing, packaging and testing, is increasing, the technical threshold is getting higher and higher, and the capital investment is increasing. It is significantly more difficult for a single enterprise to cover the entire industrial chain process. The development of the semiconductor industry chain towards specialization and refined division of labor is an inevitable trend.

The overall growth of the global semiconductor industry has slowed down, the industrial structure has been adjusted, and the production capacity has been redistributed regionally. Developed and underdeveloped regions in the semiconductor industry will develop with different focuses in the semiconductor industry chain based on their own advantages. The transfer of packaging capacity will continue, and the growth rate of the outsourced packaging and testing industry is expected to surpass that of the entire industry.

The technical barriers of the chip design industry and the financial barriers of the wafer manufacturing industry determine that at the current stage, the packaging and testing industry will be the focus of the development of China's semiconductor industry.

In traditional packaging technology, gold costs account for the highest proportion. Currently, it is a major trend to use copper wire to replace gold wire. The increase in the proportion of chip products shipped with copper wire bonding will help improve the profitability of packaging companies.

The development of semiconductor packaging is moving towards the general trend of miniaturization and multi-I/O. Specific technological developments include BGA with multi-I/O pins and CSP with small size packages. New technologies such as WLSCP and TSV are expected to bring revolutionary progress to chip packaging and testing.

China's local packaging and testing companies each have their own characteristics: Tongfu Microelectronics benefits most directly from the global capacity transfer; Changdian Technology develops steadily in technology and consolidates its leading position in the industry; Huatian Technology relies on its geographical advantages to enjoy the highest gross profit margin while achieving technological leaps through investment.

China's upstream companies that provide supporting services to packaging companies, such as Kangqiang Electronics and Xinhuajin, are expected to improve their industry status during the upgrading of the packaging industry.

Risk warning: The world's leading packaging and testing companies are investing directly in mainland China, which will increase competition in the industry. At the same time, the increase in labor costs will directly affect the profitability of semiconductor packaging companies.