《半导体行业深度报告:先进封装加速迭代迈向2.5D、3D封装-240219(37页).pdf》由会员分享,可在线阅读,更多相关《半导体行业深度报告:先进封装加速迭代迈向2.5D、3D封装-240219(37页).pdf(37页珍藏版)》请在三个皮匠报告上搜索。
1、!#$%&()*+,-.*/01234 Table_Title!#$%&()*+2.5D/3D#$Table_StockNameRptType!#!#!#$/%&(!#$%$%&!#$%2024-02-19 !)*+,%!)*+,%300-./0-./0 Table_Author 567&()*%S00+,% ()*+%()*+%l 89:;?ABCDEFGH89:;?ABCDEFGH IIJKLMDNBCDOPQHRSTUVWXJKLMDNBCDOPQHRSTUVWXYZ89:;YZ89:;Z_a.b?NBcd&Zefgh?:;NRij;Nik
2、Z_a.b?NBcd&Zefgh?:;NRij;Niklm:;Nlm:;N2.5D/3D:;Anocdpq_rst:;Anocdpq_rst89:;uvwMore-than-Moore Scdxy_yzZDI|SYZ9:;DCDZD“”Aik t89:;LZN NNNNxNNN-NNNmZLUIdt l:;:;:;_ZLno;Zd.t l AIABCDOPSIABCDOPSICoWoS!D!D HBM2.5D/3D:;:;“#“#“”$ZdQ$ZdQAI%BCDO%BCDOPUVYS&(tPUVYS&(tHBM)*+,:;)-SB*J%I/O.SZ9b/001H2-S30tHBM SB4&A5
3、67Z VkxS CoWoS:;Z 8!&Sb CoWoS-Stkx)2024 9 CoWoS)-70:;t?A!DA&PZ BC CoWoS:;SDQ 722.08;/Z 2023 9/2024 9 CoWoS SE8FC 346 G/693GZ HIJKLFS1MQ 130 G/433 Gt kxkNOP CoWoS!DZQR1 oSon SubstrateSTU:VZWOIUXYI 13 qZ#BCt l 89:;89:;&BB:;!Z-:;!Z-2.5D/3D9_9_ _89:;abcde?2022 9 378:;U 2026 9 482:;ZCAGR$Q 6.26%tHZ3D CAG
4、R BF 18%ZabcdeI 2026 9U 73.67:;t89:;fRghiabjkl 70%ZyzkxNKmNnopTq8 Foundry AIDM V&rt l s!1HtuvZwxs#89:;yzSs!1HtuvZwxs#89:;yzS 1|4nmZs#2.5D%3D IC Chiplet!%I23x4AMD S:;IZIs#S Chiplet:;(Z7nm!cd8!Z5nm!-40%-20%0%20%2/234/236/238/2311/231/24!#$%&()*Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*2/37/01234 d#_Q8!
5、3x4Bumping z8!Z“Bumping+CP+FC+FT”“:t l”abUV|%WNGH|%WN!”t Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*3/37 /01234!#$!#$1-./0123456-./0123456.6 1.1 78-.9:;?ABCD2EF78-.9:;?ABCD2EF.6 1.2 GHIJK?78-.LMGHIJK?78-.LM“NOPNOP”22“QRPQRP”.7 1.3-.STUVWK?3456XYZ_-.STUVWK?3456XYZ_.9 2 aZ-.STaZ-.ST.11 2.1 bcd-.bcd-.11
6、2.1.1 ed-.fed-.fFLIP-CHIPg%cdeh?ijklmng%cdeh?ijklmn.11 2.1.2 opZopZ/oqZ-.foqZ-.fFAN-IN/FAN-OUTg%rstu8/vw-.?_xyzg%rstu8/vw-.?_xyz.12 2.2 cd-.cd-.15 2.2.1 2.5D/3D-.%|cd?-.%|cd?AIHBM?COWOS_.15 2.2.2-.f-.fSIPg%“cd_?”yg%“cd_?”y.23 2.2.3 cfcfCHIPLETg%Yc.?U_g%Yc.?U_.24 3 78-.78-.26 3.1%?78-.:-.%?78-.:-.26
7、3.2%-%-IDMFOUNDRY78-.DST78-.DST.27 4 .28 4.1 S%HI?S%HI?CHIPLET.28 4.2%-/?%-/?CHIPLET-.-.30 4.3“%“%BUMPING?L?L“BUMPING+CP+FC+FT”-.33 4.4 78-.78-.35%.36 Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*4/37 /01234%$%$1 w=2EFw=2EF.6 2;2EF;2EF.6 3 _34CX_34CXMORE MOOREMORE-THAN-MOORE.7 4=?cd_x=?cd_x.8 5 NO23
8、4_NO234_“NOPNOP”.8 6 cdQR:cdQR:.9 7 cd”QR!cd”QR!.9 8 w-.jw-.j.10 9-.ST34#$-.ST34#$.10 10 e.-.%:&-.(8e.-.%:&-.(8.11 11 e.-.)6e.-.)6.12 12*+kl=*+kl=.12 13 st-.st-.13 14 opZ-.oqZ-.opZ-.oqZ-.13 15 opZ-.oqZ-.),opZ-.oqZ-.),.14 16 WLP=.15 17 2.5D-.-.3D-.-.-.-.15 18 TSV/x01/x01.16 19 TSV=.17 20 HBM22.18 21
9、HBM345:64345:64I/O77.19 22 8=8=.19 23 9:ST;A9:ST;A.20 24 COWOS?C?CCOWOS.20 25 COWOSABCw-.0ABCw-.0.21 26 2024DDCOWOSEpEp.21 27 METAFXGHIFXGHIGPUJKJK.22 28 COWOSASPAAAIcdqLcdqL.23 29 SOCSIP22CHIPLET-.-.24 30 SIP-.CM-.CM.24 31/:/:CHIPLET2cd02cd0.25 32 CHIPLETcd2cd2SOC%.25 33 CHIPLET-.STNO-.STNO3D-.-.26
10、 34 78-.fPQRg78-.fPQRg.26 35-.0-.0.26 36 SC ATUSC ATU.27 37 OSATIDMFOUNDRYVW78-.VW78-.27 38-XYSTW-XYSTW.28 39 SZE0SZE0.29 40 SZEpASZEpA.29 41 SiASiA.29 Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*5/37 /01234 42 S84S84.30 43 ZE0ZE0.31 44 ZEpAZEpA.31 45 iAiA.31 46 8484.32 47“ZE0“ZE0.33 48“ZEpA“ZEpA.34 49
11、“iA“iA.34 50“84“84.34 51 78-.78-.36 Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*6/37 /01234 1#$,-./01234#$,-./01234 1.1,-./012345,-./0123456789:;3456789:;345 rLrLLALA:;:;LLttLbLtILZfewNNNN N/ykNNNmZUySrtLb:;LtILZS9 IC:-Zfe/iNNjNNzN:Nd?NFT Z-UySr:;+rt BCdt 1 w=2EFw=2EF 56789:;?/012A:;|DJKLMDNBCDOPQHRSTU
12、VZ89:;:;|DJKLMDNBCDOPQHRSTUVZ89:;Z dSLZ dSLtt89:;QB4&:;Z*80N0ABcdSt89:;LZN NNNNxNNN-NNNmt+S:;L|Z89:;SLUIdZbLSt 2;2EF;2EF 56789B8CDEF?/012A Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*7/37 /01234 1.2?ABC6,-./DEFGHIJFKLIJ?ABC6,-./DEFGHIJFKLIJ cdxycdxy=yzyz_Z 1Mb_Z 1MbMore MooreAAMore-than-MoorettMore Moo
13、reHREFmZHREFmZwX89S_twX89S_tyzSb|35rComplementary Metal-Oxide-Semiconductor,CMOSSNZJ*8Z?CDtZ8!SL_U 3 nm t_#*ZkxNKmAnoZ 10%JYSDt+More MooreySbySbMore-than-MooreZa.IlmZ_Za.IlmZ_t?NNB4&NAD0.ZDCDNDNNdt 3 _34_34CXCXMore MooreAAMore-than-Moore 56789GHIJKLMNOPQRST?/012A w9mdBw9mdBZZ89:;89:;DI|SYZDI|SYZ9:;D
14、9:;DCDCDttmb)cdxyS*Z$18-24 qZZCDt9-ZmS3a.Z89fNZ=?cd_x?cd_x 56789GHIJKLMNOPQRST?/012A“”“”$PCD_2$PCD_2ZZ89:;89:;“OPAB)*#“Z“OPAB)*#“ZB3&B3&ttS4/P9$3.1 ZX“”S)*9$1.4 t“”S_.&556Z 78S97FC 1.7 t$TZ:S)*UV8bqt*)S;_?S3.&A8wBSVtISA9ZB!S.&?1Gb/sC 100Gb/sZQ!S.&?1Tb/s U 100Tb/stOPSCoDEFGHS“P1 ZB*)UII“”A*)JKtQw“”ZL
15、w“#OPA“OPMt“#OPb)I“”NOPZ*)SOPZOPJ*)JZDZBOP&t“OPO 2.5D/3D 89:;Z“”AOP?/012A cdxy_QCikRSZcdxy_QCikRSZ89:;89:;Chipletcdqcdq.ttPikJScdZ?BCDtTZTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*9/37 /01234 USVwSZ89SNWTUSVikQ 858 mm26 mm33 mm t2020 9ZKLF_ A100 GPU Zkx 7 nmLZ wXqVikSZ ikQ 826 mm 25.5 mm32.4 mm Z 540:
16、qZikNt$TZ=SZSYYtILdZSYZik?213 mmU 777 mmZ?59%U 26%ZSSdBBt89:;Chiplet DS SoC _D1QqqZ&D89ZaDdZZb:;cdZISySCDt 6 cdQR:cdQR:7 cd”cd”QRQR!56789GHIJKLMNOPQRST?/012A 56789GHIJKLMNOPQRST?/012A 1.3./MN./MNOPC6OPC6QRSTUQRSTUVWXYZVWXYZ:;S&c:;S&cUdefNxNUdAghtUdefNxNUdAght1UdeUdef4f4ijkZjQCCAClmtr:;S&cbA4:I-nodpE
17、MC:;qpZefrstQCAClmt2x4x4i|DguTRxyZ:;A8Sx-QIxZQIvS3A3yt3Ud4Ud4UwPUZJxeA8yt4gh4gh4:;UrA!Sh8z.g_tIr!LcZxx!h8tr:;_P|w-Zr:;M&ghZODhZr#R1MLct 89:;I89:;I:;:;SSpDSZpDSZ=CDSct=CDSctZ89:;Scqi4b:;?NB4&NDb!N!)*Nv3nbnnoScdpbFmZ!CDS&b89SO&AdZu_NB!t Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*10/37 /01234 8 w-.jw-.j
18、56789:UVWXYZ3?/012A:;S_a.b?N Bcd&Z 1Qpqrs4:;S_a.b?N Bcd&Z 1Qpqrs41 rs rs 197099 4 4gh?:;gh?:;ZbxgIxyZQ+xyyZJmgh:;DIPDual In-line PackageQ&2rsrs 4 4Rij;Rij;ZHbSzH1“Zxg”jI PCB SRiZThST:;SOPSmall Outline Package NJ?T:;SOJSmall Outline J-leaded N LCCLeadless Chip Carrier N:;QFP Quad Flat Pack
19、age p:;Alm PGA Pin Grid Array3nrsnrs 4 4ikikllm:;m:;ZbkSH1zZ 1ISRiZ dXGHIJKLMNOPQRST?/012A Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*11/37 /01234 2 5656#$78#$78 2.1 _./_./2.1.1 a./a./bbFlip-Chipcc%_ad6efghij%_ad6efghij:;:;zZzZbumpingttSz0Mz9!ZhNAl7D8Zz+J%Zw+8Sx5A8S?tZ zISCwcZ zw&Sxtz0udN“”
20、J%3Ux:;t;:;zZI-dZTOjCSTRxySZhS+0t:;uBCD CPU A GPU NChipsetJ%HVB4&5AScdxy:;t:;+z0ILS|8I41:;Z0iI2:;zZZU9!0t 10 e.-.e.-.%:%:&-.&-.(8(8 56789defDE.*F?/012A+Sz0y/Z;+Sz0y/Z;.441BSBS4&4&44Sz0MTRZ;:;J1qRi9!56t;ilmDIS33ZBS3.&ASZBcdxy:;t2S567 S567 44!#$%&()*+,-./0123456789:;?AB1CD(EF(G5HIABJKL3S:;4S:;4:;JS:;Z
21、Q;Q!LZ8S|bGzZbgZw:;ikAkt4BSgh&4BSgh&4:;JBSgh&ZQ;|:;ZBiJ9!&SZBgh&t5BSwC4BSwC4:;Jtz0SzNNZ-xew:;SwCACt Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*12/37 /01234 11 e.-.)6e.-.)6 M;M;N NOPQROPQRN NST*+UVN1234WXYZ_a0*+56!bcdefgahi#$jklmnopqL!#$krst;uvwxSyCzC|5ST1CVSIJKD&5a0T(bLNSpqN!#$%&()*+,-./0123456789:;?A
22、B1CD(EF(G5HIABJKLNSbN:;JS:;ZQ;Q!LZ8S|bGzZbgZw:;ikAktNSTN!$bcdST5!#$,“a”bb5#$kcdno5wTLNSTcN!$bcd34WX934 FF5-xewbcLN 56789GHIJKghijklmnNRSopqT?/012A:;SLb:;SLbBumpingttb*+kl=56789rsBtZuvwx?/012A 2.1.2 klWklW/kmW./kmW./bbFan-In/Fan-Outcc%nopq-!%nopq-!rs./6tuvrs./6tuv:;:;Wafer-Level Packaging,WLPbgId:;bg
23、Id:;StSt:;+:;SMIZ:;8ddqb:;:;II9!:;Z:;db9!1t:;JY4:;JY41d4d4:;Sdy0ZQaCBdDaC_R:;t2k4k4:;Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*13/37 /01234 qcQq9!:;Z$TZ:;NSZ9:;kt 13 st-.st-.56789rsBt?/012A:;:;1Q?1Q?44?WLCSPFan-In Wafer Level Chip Scale Package,Fan-In WLCSPA?A?WLCSPFan-Out Wafer Level Chip Scale Pack
24、age,Fan-Out WLCSP t tI?WLCSP Z:;+yZ:;zNAg-Rt?WLCSP I:;SZb)89!b:;ZySmIZ+8St-nodpZdtTZ?Z9!ZQd?WLCSP?/012A Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*14/37 /01234?WLCSPY4Y4144?:;wSZSi+y2Ld4Ld4UArz:;qpZQgI3!&B!&B44:;LIaCdt-?-?WLCSP“It“ItcQ:;TZ?:;SAfCDy0tI:;Z:;S5mZM9!:;t$TZS*80!0ZO?WLCSP S:;dB:;t?:;I/O*8 4
25、00A0iSLt?WLCSPb?:;S9ZYb?:;S9ZY441BBI/O*8*844?S:;RiZ?S:;JUJTt2fCD4fCD4?:;QS-nodpeft 15 ooppZ-.oqZ-.),Z-.oqZ-.),zz-N NMM;N Nzb5k#$NI4b5?/012A WLPLSLQLSLQTzTz(RDL)tt8Z0ZJSZCSct0PI NQ-BCB NQPBO tHaZzRDL ZS/TZTp7SVZQT_lmtcQCxSdJc RDL Szy!ZMA tTZ0ZRiQef RDL tI0TtZYUBM ZA RDL SLctZQZAp9!xZpUBMZ Z pf+UBMdyS
26、0ZFCyS&t Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*15/37 /01234 16 WLP=56789rsBt?/012A 2.2 w_./w_./2.2.1 2.5D/3D././%wx_yz6%wx_yz6AI|HBM&6&6CoWoS 2.5D:;A:;A3D:;SMIbr:;SMIbrSi Interposer ttI 2.5D:;ZAXIiZUR1AX;IZcQqZ!=xyAYt 3D:;ZgIAzZxYtAX?/012A 2.5D/3D:;:;SSLLbbthrough silicon via,TSV t tTSV b#g5ZH$%&
27、()1958 9aZb)Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*16/37 /01234 iQ+*J%HSx5ot TSV SI 10m100m A30m200m 8ZuY 0.1%1%t+i5y/ZTSV D5&NvN+xAxZAB.Z*)Q:;S?tTSV&nNOqtObAUSZ1Q+A+ZH+O,5Z+OOcdIxN#Dt 18 TSV/x01/x01 56789GHIJKLMNOPQRST?/012A()()TSVcS-cS-ZZ3?S?STSVLLtt1Q8LVia First NLVia MiddleALVia Last Z1M)TSV c
28、IcLSNst Via First b)I MOSFET o8Z89!TSV oSZ#kBxhkyk ZT.StS CMP t Via Middle)Id8-I8SLtI+8dTSVoZ T#Rkxt/k01AZTxZyk2t Via Last Lt0iLbI Back End of LineBEOLL3Z?0idSLt?$%4ZISL+LyXZ-bL&9S 56 400 tiLbI BEOL L3Z?i9!oSLt8”07qJii”0ZY-Z-RZ TSV oU-RARSZ#kxZZkC TSV oQ9!Ribzt Table_CompanyRptType1 !#$!#$!#$%&()*+,
29、-.*17/37 /01234 19 TSV=56789G-JKNT?/012A HBM2.5D/3D:;#“$ZdQ:;#“$ZdQAI%BCDOPUV%BCDOPUVYS&(tYS&(tB)*#“(High Bandwidth Memory,HBM)89ASDRAM-B.*)3Z:w)*ZdQ AI;?/012A HBMSS)*)*+,:;)-SB*J%+,:;)-SB*J%I/O.S.Stt1*4*4HBMS*bS*bGDDR5SS32tt“)*b)+“8S*)3.Z)*SOPQ4“)*(GB/s)=“?(MHz)“*)“&*(bit)/8tGDDR5 SF 1750 MHzZ 4.UZ
30、H&Q 7000 MHzZ-GDDR5#R I/O*32 bity/8YZHBM SQ500 MHzZ 2.UZ&Q 1000 MHzZ-HBM#R I/O*BF1024 bitZ)*U 128 GB/stHBM 8JD 32 GDDR5 S I/O*Z bQrw,OZ TSV,DRAM i#gZ?Iyikw*S DRAM ZJFCBS I/O*8t2I/O.4.4I*/Z“.A“bySZ)*OPQ4“)*(GB/s)=“*).(Gbps)“&*(bit)/8tbQ“.RA3S*)*Z Q bps(bits per second)Z bit s!t“J MHzQZBCSbs!ZDEw#dCSa
31、*t$ZI*/Z“.A“bySt()JEDEC F_SHBM3 zZHBM3 GBF 6.4 Gb/s S*).Z,S DRAM*8pCAgq%H8,4 GB C 64 GB|ZOPBCH HBM3,I,819 GB/s S3)*t Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*19/37 /01234 21 HBM345:64345:64I/O77 56789YZexpreviewZcsdnZeet-china?/012A HBM,*0BSVZ,*0BSVZ9b/09b/001H2-S30t01H2-S30t/00b+N+LiI0SZ0LiQ SiO2AQ
32、 CudtSiO2 QcdxNZ?BS I/O 4&ZJS8SZ!&t 22 8=8=56789G-JK(3D-SiP)NLM12IPT?/012A/007U/007U1-103Z 4&U3Z 4&Uqq/ZZ D&UD&U.!tt/00S&4/00S&4156745674rJl7S5Z/3Bw 10 Jtl7SzzSTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*20/37 /01234&ikZ*8ZQ*)BQ!OTZ I/O=YxyZ*)3)*t2v4v4rJ8S5ZU3Z9S+xCAvt3&4&4/00JlSZSJRS&A8ZQ95)*4B0wC4B0w
33、C4/00JB0SwCZ1&S-0A-S1VDZ RBwLi0Zw-WSCt 23 9:ST;A9:ST;A 56789GHIJKLMNOPQRST?/012A HBMSBSB4&4&AA567567ZVkxSZVkxSCoWoS:;:;ttCoWoSbkx 2012 9#_S 2.5D cd:;Z 1Q CoW A oS Z CoWchip on waferbOPXYNI/O dieNHBM:;ITb CoW:;ISubstrateZ oSon substrate-tCoWoSJZtZ HBM USB564&A7 D|S:;IZI AINGPU.PSUVSdt89SAI OP HBMZ HB
34、M:;I CoWoS t 24 CoWoS1Q1QCoWoS 56789chipuller?/012A Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*21/37 /01234()qpS()qpS|ZZCoWoSn4n4CoWoS-SbbSi*NNCoWoS-RRDLodod AACoWoS-LChipletAARDLdd ZZHHCoWoS-SQ8!&tQ8!&tCoWoS-S cQZ564&BdS_ZCoWoS-R UOZ-r564&0CoWoS-L;IUOZIaR1ZbSB4&Z!dACD CoWoS-R A CoWoS-S 8t 25 CoWoSABC
35、w-.0ABCw-.0 56789GiBHIJKLMT?/012A 20249Z9ZCoWoSWOQkxWOQkx)-)-70:;:;=ttAI UVWXYZCoWoSIkx=S/Yt()Information Network cOZ 2022/2023/2024 9CoWoS+kx=S/d1MFC 7.00%/7.49%/8.21%t Jkx 20249_9=)852.37:;cPZ AI)-$69.94:;Z 02023 9/34.69%t 26 2024DDCoWoSEpEp 56789Information NetworkZ“”4?/012A 758.81692.98852.3753.
36、1351.9369.9400500600700800900202220232024b6%PQRCoWoSTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*22/37 /01234 CoWoSS*UV-eS*UV-eAIttKLFS H100NA100 kxHLZQ CoWoS 89:;t()OmdiaZ 2023Q3 KLFf 50 Gq A100 A H100 GPUZMeta A3gbhiZHabijNklNmnoApqtBKLMDABCDOPSUVZr9ns&ZNvidia I*)YtuBw 145:;tvSUV8r CoWoS!DI
37、|VtwKLFTZAMD ST AI GPU!MI300 rkxS CoWoS2.5DA SoIC3DSt$TZm ASIC ZKmS Habana GaudiNijS TPU v5eNklS Inferentia A Trainium t 27 MetaFXFXGHIGHIGPUJKJK 56789Omdia?/012A()ws()wsSSPZPZCoWoS:;SDQ:;SDQ722.08;ZBC CoWoS:;D$Q 722.08;t()DigiTimes SZ2023 9 CoWoS 9!D$12 GZ2024 9 24 GZHKLFB 14.4-15 GtI 7nm A 5nm!Zey
38、zQ 40%twsJKLF 2023 9A 2024 91MB 4.5 GA15 GS!D-PZWOKLFE8$130 GA 433 Gt_ AI E8$346 GA 693 GZ 2023 9/2024 9 CoWoS!25:;/50:;t Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*23/37 /01234 28 CoWoSASPAAAIcdqLcdqL(-N-N N N k!N#$%&N(#$k!)N&*$N+,-./01234N#N-5u0-!N*$N65-b7N%8#N-9z:;8N-(?=(?$*#$*N N(-(N NN N$8$8N N$A
39、$AN N-5u0-!N$N$NBCD(NA$N$NBC(EFN8#GN%GNNA$GNA$GN6HI#$7N&N&NBC#$JK7N&*NA8*8NL#$JK7N8A%N%&NMM-?N;=?N;$N N$N N 56789Information NetworkZeet-chinaZDigiTimesZYZYZutils?/012A IUXIIUXI13qZqZ#BCZ#BCZkkIaIanon TSMCUUQtQtkx 2023 9s&u!XP!ZR1 InFO!D?|OKUZJI|OP CoWoS!Dt2023 9 7 Z 25:Zkx*900:T$206:K YT89:;VZJ.P!C
40、oWoS!DZWO 2026 9VdZ2027 9u8!t$TZkxR1STUH:VZ6xNwNI!DJEtCoWoS P!SbE0t kxI 2023 9 9 Z 6:34ZCoWoS W 1 9 100%“”UVt$kIa-Z I CoW=SY|13 qZZ 8P!_Z:VP!&+cd0Qeyt 2.2.2$./$./bbSiPcc%w_6uZw_6uZ:;:;System In Package,Sip b)qcdIq:;Zb)qcdIq:;Z?q?qSDS:;tSDS:;tSm&A“”S_a.Z D+)q*S 10%t$8TZx+NzNNNWXxyNOTxyNuNxAxt!cdIZDrC
41、D|t$ZL0IkNu_ SiP:;:;ZJySCDAcdt SiP:;:;SoCAAchiplet:;:;88tt SoCSystem on a Chip|D die-to-die#R56ZDdSJ|t 29 SoCSiP22Chiplet-.-.56789CEIA?/012A SiPJJNNNNS:;S:;tt?oZSiP J1QnZb 2D:;oZHqmIZoS:;ik0Z:;&0Z-bLyAtb:;ZH#gZoJB&S:;Z1_2 SiP S.Z3D SiP SU89S:;LZ(CoC)N(TSV)ZJxeqSwCACDtbN:;ZU(Embedded Subtrate)t 30 Si
42、P-.CM-.CM 56789GHIJKLM T?/012A 2.2.3 _b_bChipletc%c%wV_wV_“”/6“”/6 Chiplet1QZMCADC.1QZMCADC.ttChiplet USD9!1ZTu_DSiZ-e|DN|LSiy59!d;ZdqStMwncdZQO)-wSMCAPCZ&w!SDCtZChiplet Co&NKLMD.NNKX+iAt IIChipletCoZ85YxtCoZ85YxtY!wChiplet CoSZ,n|DSt D2D 5Y9!x5ZOA9!t+O8Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*25/37
43、 /01234 micro bump 5ZJJEB.vSB4&5tO+R8O C4 bump 5Zx+ATR I/O Dt 31/:/:Chiplet2cd02cd0 56789GChiplet LMOPT?/012A ChipletNdNnoOP.ZNdNnoOP.ZDSUVtDSUVt Chiplet dZSik0ZHBtgO SoCSik0ZDr0SZ?)-BSdt$TZChiplet JE:;#RSnocdZJ()dDZDdOSBCDZHdZt 32 Chipletcd2cd2SoC%OdBZ-:;0 56789G Chiplet LMNIQpqT?/012A Chiplet:;:;0
44、0tZ567EFtChiplet:;u89:;Z 2D MCMN2.3D:;N2.5D-ON2.5D-FOPN2.7D-N3D:;-bumpedN3D:;-bumpless t:;o?2D:;_C 3D:;Z567?12m U 0.5m JYZbump 7?S 130m U3mt5)*Z58t Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*26/37 /01234 33 Chiplet-.ST-.STNONO3D-.-.56789GChiplet LMOPT?/012A 3!#$#$9:9:3.1%|6,-./&Z1|6,-./&Z1././AI%BCDOP
45、UVZ%BCDOPUVZ89:;89:;&BB:;!:;!tt()JW Insights A YoleZ _89:;abcde?2022 9 378:;U 2026 9482:;YoleJW Insights?/012A 567892022 fJab-FYoleJW Insights?/012A 89:;%TJ89:;%TJ:;:;Q&Q&ZZ3DAAED.01.01tt()JW InsightsA YoleZFlip-chip babcdS89:;LZ2022 9abcdFC 290.94:;Z+/76.7%ZHQ 3D 38.33:;NFan-out22.05:;NWLCSP26.98:;
46、NED0.78:;tI89:;LZdC0BSb 3D A EDt3D:;2022 9abcdQ 38.33:;ZWO 2026 9 HIJK54.4%55.0%55.4%52.8%51.2%50.8%50.1%49.8%45.6%45.0%44.6%47.2%48.8%49.2%49.9%50.2%0%20%40%60%80%100%200222023202420252026JKHIJKTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*27/37 /01234 JFC 73.67:;Z2022 9-2026 9 CAGR Q 18%Z&bQ
47、BCDPNAIqSUXtN:;EDb89S:;ZI 5G tACIS b0S8tt2022 9 ED SabcdQ 0.78:;ZWO 20269JFC 1.89:;YoleJW Insights?/012A 3.2%IDMFoundry,-./;MN,-./;MN IDMcdxy Acdxy AFoundryHLV uB=HLV uB=3D:;:;Z Z OSATT:&=;N:;tT:&=;N:;t()YoleZ2022 9cdxy89:;abZOSATs SabjkQ 65.1%ZIDM SabjkQ 22.6%ZFoundrySabjkQ 12.3%t89:;fRghiabjkl 70%
48、Z 3 T:Z+/25.0%Nw+/12.4%Nx+/8.8%Z1 HLVkx+/12.3%J%2 cdxyno+/9.4%NKm+/6.7%t 37 OSATIDMFoundryVW78-.VW78-.56789Yole?/012A 89:;89:;S bN(N-NabNcTZNdeNTfgh3N_(NiSVWTN8S bN(NTNabNVj34.NdeNifgh3N_(Nkl 3-ZNN8SN3,UN 56789rsBt?/012A 4;4.1-M-M%&A6%&A6Chiplet|bs#q8S|bs#q8SIC!A!AIC(I(Itd 2000 9ZedJ-gz ICN IC AS1N
49、O%Tt&S IC IBN qN AVX/N rN NZ;ScNNT“”t1nqR4RLAx“”ZJNdNx+N1?/012A EFZ#_ODEFZ#_ODtt2022 9=21.02:Z/13.13%Z 0.54:IxN%e#N6?/012A 56789Choice?/012A|I|IIC!SOAab+i0S.Z+nm!SOAab+i0S.Z+nmIIChiplet(iS.iS.d5td5tnmbi Chiplet 56!#_%(IZd 2021 9HZbs#2.5D%3D IC Chiplet!%SZYHOPCoZI_q8S Chiplet BCD%(t“”Ue#R1XYZH9!O0Z1.
50、dUBCDZ#_dAOtZ Chiplet lB.5dlcd(M-SOC)ZEFCDZ)mRSt Z nmS!,BCD56 Base dieNB.56 IO DieNDie2DieIPNChiplet gOZwBP“”USB.56YN1“%B&x+XY-e_rfZl 50:;%ab=dfZ%0%20%40%60%80%100%200212022B+-as+wY+wo1BbENTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*30/37 /01234 l 10+BCD Chiplet 8!ft2023 9 11 ZZ|QnmSSR1r!jkE
51、nm 2.88%SZeS“”A.ZEF=C=S Chiplet OZI,ASICNPMONChiplet:AZQQ“”ISIPNDAnoOt 42 S84S84 RORON NRRmnmnN NTu8aopNZ1.3NS,3N8S qT S,3S,3rT3FSSsFtZc T+ur+,-v3w$xy z,0,NV1h4,r|Mp*r 8S r(x(xyra0 8SN+,-v3w r 8ST nbLNTp*#NTWNS,3NS/S qT S,3S,3rT3FSSs T+ur+,-v3w$xy z,0,NV1h4,r|Mp*ra0 S/S+,-v3w rgh.w41w3NsS/,v,UNTUw34
52、-.34 nbLN+,-v3wNS,3S,3+uTNLk T3 rXu5T“”FIFIJDrLk S/S/8S5 gh.w41w35sS/,v,UNTUw34-.3458ST rUw4vv345t5j34,2,1w,UNTLN+,-v3w N+,-v3w a5 Z1.3NS,35TWNS,3|RrgwfsgUw,U8Sfw1,UNS,3NU2,g41w,U urX S5+,-v3w 2FFLN-#$N$D 55#(G5nz-m5;tv1U(au#$F qI Z#$5#$0JL|V1G#$i8%$F(4d8 S#$ic&*8 gLN 56789YZL 2022 34?/012A 4.2%.!6.
53、!6Chiplet././3xbis#q8NL89Scdxy:;It3xbis#q8NL89Scdxy:;ItQ_“”I?OC:;S“(tS!NNwKLMDNBCDOPN*)“”NWXN5G?=NU=N6b AMD S:;IZ+H*S 80%JZ AMD%AMD 85%t 7nmN5nmNFCBGANChiplet 89.ZJ%|+AMD!q8S%&0cZAP89!a+Z2022 9I_:!Sa+Q 6.51%ZU_pt Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*31/37 /01234 43 ZE0ZE0 56789Choice?/012A I_A:Z
54、=.FI_A:Z=.F39eE9eEtt2022 9=214.29:Z/35.52%Z 5.02:?/012A 56789Choice?/012A ows#Sows#SChiplet:;(:;(ZZ7nm!cd8!Z!cd8!Z5nm!d#_Q8!d#_Q8!ttIN cd:;N 2.5D/3D89:;iSZ o:;!lZ QQ AMD cd8!Chiplet!tFC!iZd 5nm S FC!ZI MCM ixe 9 S MCM:;DZQw9 13 SMCM#_Il FCBGA-MCM BghiZw Indium TIM!qpS8!DZQddwT?ghSu_ZFeEIFCBGA:;iS!q8
55、Pt 8!wsiZ QBwSTd4e 2.5D/3D!z_zzZ1+4!%4/8!#_w9 Chip Last LS Fan-out Z 5 RDL l:;6565mm l FCBGA MCM ZB 13 cd%100100mm Jl:;tEFuJl FO%2.5D QHRS0%10%20%30%40%50%60%70%80%90%100%200212022fJK6+!(#)bENTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*32/37 /01234 89:;A!#_ZEFw9 5nmN4nmN3nm T#_Z|+“”S%&0cZ“”A
56、I PiSUVt 46 8484 RORON NRmnRmnN NVZN34,3.NNVN34,3.N!#$p*5TubY5dST()uFT T/W T2cRX_L U!V R5Dy#$cc Yk&7#$cc bu5n 8 7#$cc rq VZfcc TYk5 TU,g!NTc ou5$5 VZ bYkoLNVWN34,3.Nwx+,-NV,4.w +,-N1.w YL0+,-NV,4.w 57#$kX!D-L789”Xc#$#$jkLd789%&(!D-r)5#$Xjk+sS:LVW a0 cTFsVFF xyLNt*N34,3.Nt*R7+R+,+Njvg!3N-4gw5 W s Wsd
57、,c,U,f-V STLt*b7.o12b%5a0/01(R23(R54/sV 4F(5|FF67F89R:;F?(F23(ABmLN-VN34,3.NCD_Eb-V7+-FV$!A!D_3EbLa0 c jkG Z GMaLb3%&H53HCL8I5q(JaKbL3&$A!f$!53 8f%L-V Ma TFc FcFLrsV/S#$ML-V baNa0OPua(25?(FQR/SRF(AFTRF8$!$!3%A SVbFV$8$!f$!L-V SV b7.ob%5Ma0TRF-,fV,F67FqxF:;F4ZmxFiF;mLN,N34,3.N,2_biyi5#$F5=Fa1GLn cFcT
58、 bc5wxS;dSTuRL,YOPMa0ueFufghiAB48ALN-ZZ:t)ZZN34,3.NZZ1vvN4,N441j7kbY5lom c jknLLoNZN:VZ)a0,b$*!FFV:$%!)FmprsoqN$8!oF,:F($y$rZFst$:f%)N=LoxMuwxCvk *iwxFqC”b-FVC$y5z|(Fu:;FF23FFQRwxYLNTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*33/37 /01234-N34,3.N/M9Jno5/Cz/CT/W+;Jfr#$jk57 V1Uf,U _b5Av7gafr#$_*+;5)t:L#$
59、kbk7 L_biMam5i7a0T3/Tu TF/FFu F=FsVr7a001O89R4/XABF4FcTF23(I3b5cd=#$qC/baLN 56789$CYZ4?/012A 4.3%Bumping6D6DFFBumping+CP+FC+FTJ.J.xed8Hcdxy:S89:;qxed8Hcdxy:S89:;qtt 2017 9 11 ZZ:ZN xZ _R!Q QFN/DFNNWB-LGANWB-BGANHybrid-BGANFC-LGA B=89:;tY“”&QcdxyOZNjN3N6_N0Z!&=N AP SoC N N WiFi N!NMCU 6:;!()1QpZ:;!Si
60、P N:;!QFN/DFN NB4&7;!(FC!)N3UxMEMS Z2022 9=+/1MQ 56.28%N29.02%N13.42%N0.25%t 47“ZE0ZE0 56789Choice?/012A T!r&T!r&Z=/Z=/tt2022 9=21.77:Z/5.96%Z 1.38:t 0%20%40%60%80%100%200212022-JKa%&(JKa)*+,-./Ka(FC0a)(#)CR1a%&(JKa(QFN/DFN)-JKa(SiP)fJKTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*34/37 /01234
61、 48“ZEpAZEpA 49“iAiA 56789Choice?/012A 56789Choice?/012A Bumpingz8!Z Hdz8!Z Hd Bumping+CP+FC+FT“D“DttI Bumping iZ Bumping z8!ZJ 12#Q&Z8“”U8#$HUVt#_SBumping89:;Z 3B&Q20umZg 20umZ7F 34umZ(3mm*3mm)S*8FCw3000qJt#_Sz*Z z*F5umZ z7F5umt%Bumping,&wRDL%LDZ QFu:;N:;%2.5D/3D:;(wLtI;Flip Chip iZVf/VfZ nTV!#$_b5
62、:t5#$*+L Vf nb!#$5bC#!#!d5t;&*$g!5t;JdZS QFN A SiP!Q&*111:ZJ BumpingNFC%:;Q&ZF!9fk 80:S!Dt 50“8484 RORON NRmnRmnN NZg!-,UNZg!-,U 845Zg!-,UVVb5Zg!-,U d 5?*ALZg!-,U nb5tTV$g!5tS/8S bLNVv,-f+,-NVf/VfZ nTV!#$_b5:t5#$*+L Vf nb!#$5bC#!#!d5t;&*$g!5t;%!#A!5892_5#$Mb 75A 7!5A 7:4L tjh4,f#$MRNA!5892_5#$Mb#75A
63、 7!5 7:5Db A 7 c=LNZNn-ZfZ R :4b5T4C$-5:ZW&ZfNC 8*#g!A8g!LN-VN-V“a3nobL$A!I3&-V bRw5$8!,$8!TUVP&3-V b5L:4yC$-5C$!88!7TUV-V bR5nq7-V8%!bRLNccN cc b;(R5n T#$NccN#$5-“awx4WX*+Y-,43NZU,U#$p*5)nwx$L%!NN8!F8!NN%!F8#%!NN&!y,5“an c nF:45Ma01GFH1GmLN 5678923 2022 34Z4ZDE.*FZeet-china?/012A 4.4,-./,-./xx44_q8
64、S_q8SOSATVVZZChiplet 4nm:;E:;EttxJ 10.71%Sa+I 2022 9_ST:OSAT)*nZs+tS89:;_iZ:;WLP N2.5D/3D:;N:;SiP N BCD;:;FC Az0t#_S XDFOI Chiplet B4&nocdmL98!rsZ s?“”4nmcd:;!EZ:;ik$Q 1500mmS:;t ,44wwn:;n:;3D MatrixZg!P1L-xZg!P1L-xttQScdxy:;HLZ&w SiPNFCNTSVNBumpingNFan-OutN WLPN 3D cdxy89:;Z on:;3D MatrixZ TSVNeSiF
65、oFan-out N3D SIP n:;odtg&!P4PJzC!Q&Z!&.%WXxyNx+N!NMCUNNOR Flash t/PJA QFNNDFN!Q&Z!&.%NMEMSN)0!NxNMCUNx+tPJ“”NMEMS cdxy!S:;Q&Z zCN N _mt12PQ:;!Z&!TSVN BumpingN WLCSPN Fan-Out t3PJzC:;!NAd!Q&tUnisem:;!zCNJ%!Z&J!Q&t 44CIS:ZZ:;:;8!D8!DttTable_CompanyRptType1 !#$!#$!#$%&()*+,-.*36/37 /01234 qS:;Z 8 KN12
66、K:;cd8!:;zZCS“40:;Dt:;!&!5Nj6MNMEMS te_wl:;N:;N?:;N:;%x!S:;ZQ9w?:;Nt7?:;t“”8 SONYN9&N3N&_:*Ot 51 78-.78-.RORON NRmnRmnN N_(NL W PQ5+,-v3wNAU!o;#$bJL_(d$#GgE$DLbW(d5Lnb#$Lk5_b-FS/8S bF2_b,FTu!#$bV34WXLiSVWTN+,-v3w TUVysnz5 AU!o;y#$2bRJ5b-k$!2_bLNNd_b 8SNc1w4,5fL(b|5,FVF*FZg!-,UFV1UfWgwF-F8S(nb5d_b
67、8SNc1w4,5*F3,VV1UfgwF8SNT dbLd34OR5R,(F(5|F67FcFWsNVv1.+LGdO-VFSV R5R,TRFccF+RF23(FcF(5|Ld=Fcc(Rb5$34OFOF_LsLb_R5R*FZg!-,UF-FV1UfWgw Ld34ObRFMRLU,.3!bR34OFOd,_R5dTRORLNYN T b5_#$buL01Gmb5D*F _#$bb45$_#$_XbuLbR1G#$FdN#$Fcc#$L|qC_#$bF8bFbF2_b,Ma023(Rb53nY_#$bF_#$bL-$WFFFaL1GLN 567894LYZ4L 2023 V34Z?5L
68、4Z?5L 2023 V34ZYZ6L 2023 V34?/012A?ABC?ABC 9Aa$STWK9Aa$/bcde Table_CompanyRptType1 !#$!#$!#$%&()*+,-.*37/37 /01234:Z,;x!123tQZLu_Z?*RZ 8 9h*#f )123-123-(*123s;FAS;*BCDZJEFSD&NGHS#$MZ0M0cS?ZN“IP(Z(S*)A?-eabu?ZK?SxCC|JKLeZ|e,S?A|_KLt(S?AMNIO_tK|=+NI|+N-|(SwxMNIgKLSPZ12|QKLnSMZ$-t t-t-,;jfs;
69、QRSSZ;*BCt(,;jI,KVAs|TUNVWNXIt(S?-+0cYZ,;#$VxNwZ-?SxC%C|JKLetIKLYZ(S?RESMN|odKLKS*tIKLYZNSL76Uo|!F*7uZ|+*71Z*Z|KLK(SKL#SKLlKLKt*75MZH)$JSKL*+NSL76Uot,;%H6UoDE(CS_!S;Q9!jZDQI*!Ht(bSHtcOo#Z56=,;#$QuBdZQU-Q,;#$Z|Bo9!e2MSAftfZgeO7O_(ZS%MKgeOO_7!tQeh$HMKSt#$#$J(_8:6 qZ#Z;!)*yy;abHRC)*SijRcQZ A J,%300)*QTnabJnd)FOzSnJa)*JaOzSQTUabJ)*Q;sabJkF)*zl 500)*QtGY4!m!m E-6 qZS*q8ab)*5%J;C-6 qZS*+ab)*SXR&y9-5%U 5%;E-6 qZS*6ab)*5%J;mm h-6-12 qZS*q8ab)*15%J E-6-12 qZS*q8ab)*5%U 15%C-6-12 qZS*+ab)*SXR&y9-5%U 5%E-6-12 qZS*6ab)*5%U n-6-12 qZS*6ab)*15%J mMu5SpZ7ioMWNS|xCZ7H2ZMJ-xS*mt