2024-04-19 04:09:15
◎Lai Jiancheng CSIA
Driven by the AI trend, advanced packaging has become a battleground for military strategists, which has also caused a recent increase in stocks of CoWoS concepts, among whichKoso (3131)It even rose to the top of the list of gold stocks.Xin Yun(3583)It also set a record of 386.5 yuan, demonstrating that advanced packaging has become a popular fried chicken. Advanced packaging technology is divided into fan-out packaging (fan-out) and fan-in packaging (fan-in). Fan-out packaging can achieve higher transistor density, so the market potential is huge and the market expects global breakdown. The compound growth rate of distribution packaging market will reach 15.1% from 2020 to 2026. Additionally, distribution packaging is divided into wafer-level distribution (FOWLP) and panel-level distribution (FOPLP) .Recently, AI chip leader Huida said it will introduce panel-level fanout packaging as early as 2026 to alleviate the limited production capacity of CoWoS advanced packaging and enable manufacturers to adopt fanout packaging at the panel level.Licheng(6239)Become the center of attention.
Erdaoliu AI shares with a price-to-earnings ratio of 14 times: Licheng
LiCheng board-level panel-level fanout packaging
Since the panel-level distribution packaging does not use traditional carrier board materials, the packaging cost is reduced, the thickness is thinned, and the chip products are more attractive. After the announcement of the introduction of Huida, Intel, AMD, etc. . As the number of AI data processing increases, traditional plastic substrates will become unaffordable and glass substrates will replace them. They will initially be used in high-end products such as AI accelerators and server processors. this technology from 2018. I hope to be the biggest beneficiary of it. The company has fully locked in on technologies such as panel-level fanout conditioning and TSV CIS (CMOS image sensor) through Zhuke No. 3, and said that compared to panel-level fanout conditioning the wafer, the panel-level fan output -out packaging is The area of chips increased by 2-3 times, and international integrated circuit design customers came to discuss cooperation, which added a new engine of growth in Lichen in addition to the memory industry, and has become a real second. level AI stock!
The force’s cost-benefit ratio is only 14 times, and the investment trust is buying too much
In the fourth quarter of last year, Licheng benefited from customer demand for goods, coupled with the profit injection of Suzhou factory into the industry, quarterly profit of 3.966 billion yuan, EPS of 5.31 yuan, and the gross profit margin also showed quarterly growth, the fourth quarter was 20.54%, and the cumulative profit margin was 20.54% in the fourth quarter. Annual profit after tax is 8.009 billion yuan, EPS is 10.72 yuan. Last year, Licheng’s logic chip revenue accounted for 38%, SiP/Module 8%, NAND 29%, and DRAM 25%. Due to the increase in memory prices and the demand for AI generating high-bandwidth memory (HBM), the company also said that it received orders from Japanese customers, it is estimated that the memory, which accounts for more than half of the revenue, will significantly increase profits. In addition, logic chips are expected to grow due to industry recovery and AI trends, and will be supported by panel-level distribution packaging in the future. EPS is estimated at 13 yuan in 2024, with a price/earnings ratio. ratio of only 14 times. The company will distribute a cash dividend of 7 yuan, the yield rate is still 3.8%, and with the excessive purchase of investment credits, we can actively plan for declines.
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