The soaring concept of glass substrate has led enterprises to clarify the advanced packaging scene, which is still in the early stage of the industry _ Sina Finance

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　 Securities Times reporter Yan Cui

Recently, under the influence of the advanced packaging technology adopted by Nvidia GB200 or the use of glass substrate, and the news that Intel, Samsung, AMD, Apple and other major manufacturers will introduce or explore glass substrate chip packaging technology, the concept of A-share glass substrate has been hot in funding.

On May 22, Three super new materials 、 Lehman Optoelectronics 、 Jinrui Mining 、 Meggitt 、 Longli Technology 、 Vogel Optoelectronics 、 Wufang Optoelectronics 、 Tianma New Material Individual stocks such as Lehman Optoelectronics rose by 20%, Jinrui Mining and Meggitt by 10%. By the end of May 22, Lehman Optoelectronics had risen by more than 102% in the last five trading days, Jinrui Mining had risen by 47% in the last four trading days, Vogel Optoelectronics had risen by 42% in the last five trading days, and Sanchao New Materials had risen by more than 49% in the last four trading days.

In response, a number of listed companies issued announcements on stock price changes to clarify the actual situation. meanwhile, Shennan Circuit 、 Shengyi Electronics 、 Pengding Holding 、 Alto Electronics A number of listed companies have also responded to the company's relevant layout.

Concept company response

On the evening of May 22, Longli Technology disclosed the company's stock price change announcement that investors on the interactive platform of Shenzhen Stock Exchange recently paid more attention to whether the company's business involved glass substrate business. After verification by the company, it is now explained as follows: the company currently mainly sells backlight display module products (LED backlight display module and Mini LED backlight display module). The raw materials of the Mini LED backlight display module will involve substrate materials. The types of substrates include FPC, aluminum substrate, PCB board and glass substrate. Different substrate materials are used according to the performance specifications of the terminal products. The application of glass substrate materials is currently in the stage of research and development and patent reserve, and has not been mass produced yet, which has no significant impact on the company's operation. Please invest rationally and pay attention to risks.

On the evening of May 21, Vogel Optoelectronics, which had been trading up and down continuously, announced that the company's production and operation activities were normal and there were no major changes after self inspection. The market environment and industrial policies have not been significantly adjusted, production costs and sales have not fluctuated significantly, and the company's internal production and operation are in normal order.

"Recently, according to relevant media information, the company was included in the concept stock of glass substrate. Through self inspection, the company's glass based TGV products do not have mass production capacity at present, and have not generated operating income. Investors are requested to invest rationally and pay attention to the risk of concept hype." Vogel Optoelectronics said.

According to the 2023 annual report of Vogel Optoelectronics, the full name of TGV technology is glass based micron level massive interworking technology. Vogel Optoelectronics is one of the few manufacturers in the world that master TGV technology, TGV is expected to become the technical solution of the next generation semiconductor packaging substrate materials. The high-quality TGV realized through glass materials and hole processing technology can realize the miniaturization of equipment in various markets such as data centers, 5G communication networks and IoT equipment, and realize high-density packaging and data processing at GHz speed. At the same time, because the glass substrate has better heat dissipation, it helps to reduce power consumption, It has certain application space in high computing power data center server and other fields.

Vogel Optoelectronics said that in 2023, as the main body of the company's glass based TGV technology application in the field of micro LED new display and advanced semiconductor packaging carrier materials, Hubei Tongge Micro will steadily push forward its capacity construction. In 2023, Hubei Tonggewei has completed the capping of the main factory building of the total capacity of the chip board level packaging board project with an annual output of 1 million square meters. At present, it is in the stage of decoration and equipment procurement of 100000 square meters of clean houses in Phase I, and is expected to be put into mass production in the second half of this year.

Vogel Optoelectronics also revealed that in 2023, the company and well-known customers in the industry jointly released the world's first glass based TGV Micro LED direct display home display screen. The release of this product provides a new process technology path solution for the industry to promote the large-scale mass production of indoor and outdoor large screen displays and small size near eye displays with Micro LED direct display at or below P1.0. In addition, the company has continued to cooperate with many customers at home and abroad to promote the application of TGV in direct display products; In the field of semiconductor business, the company's TGV carrier plate, optical devices and other products have passed the verification of well-known customers in the industry in 2023, and the company's TGV technology capability and capacity layout are in a leading position in the world.

The Securities Times reporter found that the "well-known customers in the industry" mentioned above by Vogel Optoelectronics is Lehman Optoelectronics.

In October 2023, Li Mantie, chairman and president of Lehman Optoelectronics, introduced that the glass based Micro LED display driven by Lehman PM uses the TGV glass substrate launched by Vogel Optoelectronics and the new COB packaging patent technology unique to Lehman Optoelectronics. The whole screen is extremely thin, extremely flat, unusually low power consumption, fast heat dissipation, and extremely high color reproduction, It is a cost-effective product with both display effect and cost.

"With the new display being listed as a strategic emerging industry that China focuses on developing, China's micro LED industry has entered a rapid development stage, and the application of glass substrate on Mini/Micro LED will become a new breakthrough." Li Mantie said that this product will be used in the interactive display system of Lehman smart conference Lehman intelligent education interactive display system and Lehman UHD home giant screen and other series of products and solutions fully meet the needs of multi scene use in the fields of special display, commercial display, home display and so on.

On the evening of May 22, Lehman Optoelectronics disclosed serious changes in stock trading. The announcement said that the company's new PM driven glass based packaging technology could not be applied to semiconductor integrated circuit chip packaging. At present, it is in the trial production stage, has not yet been industrialized and has not generated revenue. The company invites investors to invest rationally and pay attention to the risk of concept speculation. The turnover rate of the company's stock has been 133.16% for five consecutive trading days, and the short-term increase is the same as GEM Index The increase is seriously deviated, the valuation is too high, the company's stock trading has overheated market sentiment, irrational speculation factors, and there may be a risk of falling after a large short-term increase.

Previously, on May 20, Lehman Optoelectronics announced that through self inspection, the glass substrate packaging technology in the external information of the company refers to the use of glass based carrier plates to replace traditional organic polymer carrier plates for semiconductor chip packaging, which belongs to the application of semiconductor chip packaging. The company's new PM driven glass based packaging technology is mainly used for micro LED display panel packaging, It cannot be used for semiconductor chip packaging. At the same time, the technology and process of the company's PM driven glass based display products are constantly improving and perfecting, and no revenue has been generated at this stage.

In 2023, the revenue of Lehman Optoelectronics increased by 2.77% year on year to 1113 million yuan, with a net loss of 76.48 million yuan. In the first quarter of this year, the company's revenue increased by 13.13% year on year to 304 million yuan, with a net profit of 2013000 yuan.

Jinrui Mining is an upstream enterprise of glass substrates. Its electronic grade strontium carbonate, low barium and low calcium, is the main strontium salt product that can be applied to liquid crystal glass substrates in China at present. In 2023, strontium carbonate products will achieve revenue of about 187 million yuan, accounting for 56% of the company's revenue, with a gross margin of 41.21%.

On the evening of May 21, Jinrui Mining released an announcement on stock price changes, saying that as of the closing of May 21, the dynamic P/E ratio and P/B ratio of the company's stock were at a higher level than those of the same industry, and the actual volatility of the stock price after removing the overall factors of the market was large. Except for the disclosed items, the company and its controlling shareholders had no major information that should be disclosed but had not been disclosed. At present, The production and operation of the company and its subsidiaries are normal, and there are no major events that affect the substantial fluctuation of the company's stock trading price.

Jinrui Mining also said that the company's net profit in 2023 was 7.67 million yuan, down 86% year on year, and the net profit in the first quarter of 2024 was 2.13 million yuan, down 33% year on year. The main reason is that since the second half of 2022, the downstream demand of the strontium salt industry in which the company is located has weakened, and the market prices of strontium carbonate, metallic strontium and other products have continued to decline, leading to a sharp decline in profitability year on year.

In addition, Wufang Optoelectronics also released the announcement of stock price changes, saying that the company's recent business situation was normal, there was no significant change in the internal and external business environment, and through self inspection, the company did not violate the fair disclosure of information; Sanchao New Material also announced recently that after self inspection, the company did not violate the fair information disclosure. The company's main products are electroplated diamond wires and diamond grinding wheels, and the product structure has not changed significantly.

Intensify layout related technologies

In addition, the reporter of the Securities Times found that many investors have asked listed companies about the company's layout of glass substrates, and related companies have given a positive response.

　　 Tongfu Microelectronics On May 22, on the interactive platform, the company said that it has technical reserves related to glass substrate packaging and has the technical ability to use TGV glass substrate for packaging.

Meggitt told investors that the company is currently carrying out research and development of the project "Development of high-precision air floating positioning platform for laser drilling of semiconductor glass substrates", which is currently in the project verification stage.

Pengding Holdings also said to investors that glass substrates are mainly used in display and semiconductor packaging fields, and the company is currently conducting technical research and development of glass substrate related products.

　　 Hanbo High tech He said that the company has a solution of glass substrate in Mini LED backlight products, which mainly uses the technical layout of single side wiring to achieve the purpose of reducing costs; In addition, the glass substrate is also used in the direct display pre research project, mainly considering the relatively flat characteristics of glass to achieve the product demand of relatively perfect splicing.

　　 Chongda Technology The company said that in recent years, its subsidiary, Privet, has actively laid out the advanced packaging substrate manufacturing industry, focusing on the improvement of the product structure of advanced packaging substrates. Privet will closely follow the market development direction, actively explore the research and development or technology of glass substrates, and meet the new needs of customers. Similar to the company, Shennan Circuit and Shengyi Electronics also said that they would pay close attention to and study glass substrate technology.

Advanced packaging is still in the early stage of the industry

Glass substrate is a multiphase material composed of two or more materials. Glass substrate is an application example of glass substrate. It is a thin glass sheet with extremely flat surface, which is currently mainly used in the manufacturing of display panels. However, due to its advantages such as better thermal stability, the glass substrate can enable more chips to be configured in a single small size package to minimize cost and power consumption, so it is considered as the next generation semiconductor packaging material.

Recently, it was reported that the latest report of the international investment bank Damo pointed out that the advanced packaging process adopted by Nvidia GB200 will use glass substrate; In addition, Intel, Samsung, AMD, Apple and other major manufacturers have previously said that they will import or explore glass substrate chip packaging technology. The glass substrate can be used for GPU and will be used for advanced packaging within 2 years.

It is understood that the glass substrate was first developed by Intel, and has been supported by Samsung, Apple and other companies. Intel believes that the glass substrate will enable them to place 50% more bare chips on the chip, so that more Chippers can be inserted to achieve a super large system level package that can accommodate multiple pieces of silicon. In addition, the glass substrate also helps to improve the depth of focus of photolithography and ensure the precision and accuracy of semiconductor manufacturing.

The latest research results of Marketsand Markets show that the global glass substrate market is expected to grow from US $7.1 billion in 2023 to US $8.4 billion in 2028, with a compound annual growth rate of 3.5% from 2023 to 2028. In addition, Prismark predicts that by 2026, the global IC packaging substrate industry will reach US $21.4 billion.

Ma Liang, an analyst with SDIC Securities, pointed out that with the entry of Intel and other manufacturers, the replacement of glass substrate to silicon substrate will accelerate. It is expected that the penetration rate of glass substrate will reach 30% in three years and more than 50% in five years. The future computing power will lead the next digital revolution, The demand for high-performance chips such as GPU continues to grow. As the next generation of advanced packaging glass substrate, its market space is broad.

It is worth noting that, Optical Technology The investors said that the advanced packaging using glass substrate has advantages in chip thermal stability, heat dissipation capacity, interconnection density, etc. The development of this technology will gradually lead to more application scenarios and higher value increment of packaging links. It should be noted that the advanced packaging technology using glass substrate is still in the early stage of the industry, and the time for large-scale mass production of advanced packaging industry using glass substrate is uncertain.

Zhou Hua, chief analyst of CINNO Research, told the Securities Times that high-end HPC (high-performance computing) and AI chips are increasingly demanding for computing power and data processing speed. Multiple "chiplets" are used in advanced packaging, and high-quality glass substrates are needed to replace organic substrates. However, in the advanced semiconductor packaging scenario, the glass substrate is hard, fragile and difficult to process, especially in the process control, which requires higher technical requirements, and the cost of high-performance glass substrate is higher, leading to an increase in the overall cost of the product.

"The glass substrate is suitable for high-performance computing, and has its own advantages in the consumer market of organic substrate applications, and will not completely replace each other." Zhou Hua believes.

In terms of manufacturers, Zhou Hua told reporters that Intel announced the launch of glass substrates for advanced packaging in 2023, and plans to supply them to the market in the next few years; In addition, domestic representative enterprises in the field of organic substrates include Xingsen Technology Shennan Circuit, Zhuhai Yueya, etc. are all likely to provide glass substrate solutions in the future.

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