Key points of investment
2.5D and 3D packaging technology are the key to breaking through the bottlenecks in the integrated circuit development process, and the TSV (silicon through hole) process is driving the development of more than 20 types of equipment. Artificial intelligence has developed rapidly in recent years, and 2.5D and 3D packaging technology have revolutionized chip interconnection methods and become the key to breaking through bottlenecks in the integrated circuit development process. 3D IC packaging such as HBM (high bandwidth memory) and 2.5D packaging technologies such as CoWOS are widely used and accelerated, driving the high-quality development of the integrated circuit equipment industry. As an advanced interconnection method, TSV technology plays a critical role in HBM and CoWoS. As far as the TSV manufacturing process is concerned, the manufacturing process can be divided into three parts: TSV process-via last orvia middle (manufacturing of TSV holes), Front Side Process-Dual Damasceneprocess (front process-Damascus process), and Backside Process-CuExpose & RDL process (back side process-copper etching and re-wiring layer process).
Each section corresponds to different devices and different indicators. The TSV production process involves more than 20 types of equipment such as deep hole etching, PVD, CVD, copper filling, microbumps and electroplating, cleaning, thinning, and bonding. Among them, equipment involving deep hole etching, vapor deposition, copper filling, cleaning, CMP removal of excess metal, wafer thinning, and wafer bonding is the most critical. With the application of 2.5D and 3D packaging technology, TSV as a key process will drive the high-quality development of the integrated circuit equipment industry.
The company's advanced packaging field uses etching+film+furnace tube+cleaning to fully deploy, waiting for domestic 2.5D and 3D packaging technology to shine brightly. The company has been deeply involved in the integrated circuit equipment industry for more than 20 years, and can provide customers with comprehensive solutions for TSV manufacturing, front process-Damascus process, back process-copper etching and RDL processes in the advanced packaging field, involving more than 20 equipment process solutions in the four categories of etching, film, furnace tube, and cleaning:
1) Etching: PSE V300 equipment uses a combination of fast gas and radio frequency switching control systems in the TSV process to accurately control the side wall shape in high depth-width ratio deep silicon etching to achieve no damage to the side wall and no damage in line width, and better etching uniformity and selection ratio; using a single chip design per chamber, it has better airflow field uniformity and true roundness process performance; by optimizing the machine's wafer edge protection device to improve product yield; in the 2.5D process, the company provides products that can meet BVR (back side hole exposure) and BFR (back side) (Flat exposure) Etching for different process requirements Process solutions; HSE D300 equipment has the advantage of high etching rate and high depth-to-width ratio capability for small chip manufacturing in the plasma dicing (plasma cutting) process, and has various UV film cooling methods to ensure the ductility of UV films and achieve high quality chip cutting; BMD P300 equipment is the main product of Descum (glue removal) in the packaging field, removing residual photoresist and residual metal in Bumping (bump process), fan out (fan out packaging), 2.5D & 3D applications We provide customers with Descum solutions in process aspects such as removal and surface activation.
2) Film: The company uses PEALD (plasma enhanced atomic layer deposition) to deposit silica protective layers, which can achieve better side wall morphology and bottom layer coverage; PVD (physical vapor deposition) equipment solutions are used in the TSV Barrier/Seed Deposition (barrier layer/seed layer deposition) process, which can meet the film thickness, uniformity, and adhesion requirements of the metal diffusion barrier layer/seed layer to prevent metal diffusion and ensure the electrical performance, structural integrity and process compatibility of the device.
3) Furnace tube: The company's equipment uses excellent temperature control ability and process performance during the annealing process of the TSV process to achieve a more uniform distribution of copper grains, reduce electrical resistivity, and improve the manufacturing quality and performance of TSV.
4) Cleaning: The company's equipment can combine water-soluble chemicals in the TSV process, effectively remove sidewall polymers, and ensure that the inner wall of the deep hole is clean; in the 2.5D process, the corrosion rate of copper can be reduced, chemical application efficiency can be improved, and higher economic benefits can be achieved.
Investment advice
We expect the company to achieve revenue of 30.2/40.3/53.9 billion yuan in 2024/2025/2026, and realized net profit of 5.4/7.6/10.6 billion yuan respectively. The current stock price corresponding to 2024-2026 PE is 31 times, 22 times, and 16 times, respectively, maintaining a “buy” rating.
Risk warning
Risk of external environmental uncertainty; risk of technology iteration; risk of human resources; risk of downstream production expansion falling short of expectations.