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东方财富:打破先进制程限制因素 Chiplet有望成为国产替代突破口

Oriental Wealth: Breaking the Limitations of Advanced Manufacturing Processes Chiplet Is Expected to Become a Breakthrough to Domestic Substitution

Zhitong Finance ·  Jan 19, 2023 11:26

Zhitong Financial APP learned that Oriental Wealth released a research report saying that with the continuous extension and maturity of Chiplet technology ecology, domestic enterprises use the accumulation of relevant technology to promote the value chain reshaping of various industrial links, emerging new performance growth space, investment opportunities also continue to emerge, advanced packaging around Chiplet technology ecology, semiconductor testing, closed test equipment, IP/EDA and other areas of high-quality targets may benefit and achieve revaluation. With the development of Chiplet small chip technology and the acceleration of domestic substitution process, Chiplet has opened up a new idea for domestic substitution in the case of limited advanced manufacturing process, and is expected to become one of the breakthroughs in the adversity of China's integrated circuit industry.

Recommended concerns are as follows:Domestic IP supply leading enterprise Xinyuan shares, active layout of advanced packaging technology closed test manufacturers Tong Fu Micro Power (002156.SZ), Changdian Technology (600584.SH) and Dagang shares (002077.SZ), semiconductor test equipment supplier Nagagawa Technology (300604.SZ) and domestic EDA leading manufacturer 301269.SZ).

The main points of Oriental Wealth are as follows:

When Moore's Law encounters a bottleneck, the advantage of Chiplet is highlighted.

With the continuous evolution of semiconductor process nodes, the problems of heating and leakage caused by short channel effect and quantum tunneling effect become more and more serious, which have an impact on the performance of microdevices from quantity to quality. In addition, although the advanced process node reduces the unit cost of the transistor, it increases the complexity of the design, thus increasing the design cost, so the pursuit of economic efficiency of Moore's law is difficult to continue. Chiplet disassembles the complex SoC chip into a group of small chip units with separate functions, and combines the module chip and the underlying basic chip together through die-to-die, which can reduce the cost, accelerate the product launch cycle, and greatly improve the reliability.

Advanced packaging technology is the basis and premise of Chiplet implementation.

Chiplet decomposes it according to different computing units or functional units from the time of design, and then each unit selects the most suitable process for manufacturing, and then these modular bare chips are interconnected, and the Chiplet with different functions and different processes are encapsulated into a system chip through advanced packaging technology. Chiplet technology is to cut a single large silicon wafer into multiple pieces and then assemble it. The wiring density and signal transmission quality on a single silicon wafer are much higher than those between Chiplet. In order to ensure the overall signal transmission rate, it is necessary to develop advanced packaging technology with high density and large bandwidth wiring, so advanced packaging technology is the cornerstone of the development of Chiplet.

The development of domestic advanced process is blocked, and Chiplet is expected to become a domestic alternative breakthrough.

With the game upgrading of the global semiconductor industry, domestic wafer factories are limited in the upgrading of advanced processes. Recently, the standard of "small Chip Interface bus Technical requirements" has been released, which is China's first native Chiplet technology standard, which contributes to the standardization and standardization of the industry, and provides guidance and support for enabling the integrated circuit industry to break the advanced process constraints, enhance the comprehensive competitiveness of China's integrated circuit industry, and accelerate the development of the industrial process. With the development of Chiplet small chip technology and the acceleration of domestic substitution process, Chiplet has opened up a new idea for domestic substitution in the case of limited advanced manufacturing process, and is expected to become one of the breakthroughs in the adversity of China's integrated circuit industry.

Risk Tips:Affected by the consumer market, downstream demand is lower than expected; key advanced packaging technology is difficult, research and development is not as expected; Chiplet capacity expansion is not as expected.

The translation is provided by third-party software.


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