1、Global Advanced PackagingANCHOR REPORTGlobal Markets Research19 February 2025The evolution of CoWoS,SoIC and InFOGiven the growing importance of advanced packaging(AP)in enabling the integration of multiple heterogeneous chips with improved performance,we believe AP is likely to evolve in the follow

2、ing ways from 2025F onwards:(1)CoWoS technology will shift from CoWoS-S to CoWoS-L/R;(2)SoIC adoption could increase further driven by HBM5 and potential adoption in Apple products beyond 2026F;and(3)Apple may drive InFO technology upgrades beyond 2026F.We initiate coverage of K&S(KLIC US)with a Buy

3、 rating,as it could be the primary TCB supplier of TSMCs on-wafer(oW)process from 2025F onwards;and initiate coverage of BE Semiconductor(BESI NA),a leading supplier of hybrid bonders globally,with a Neutral rating due to rich valuation and potentially worse-than-expected hybrid bonding orders in 20

4、25F.We maintain our Buy rating on ASMPT(522 HK)considering its TCB may gain market share in the HBM market from a low base,while its oW/oS TCB may be adopted by TSMC/Apple in the future.Whether the general semiconductor cycle can recover is a catalyst for K&S and ASMP,given their sizable sales expos

5、ure to conventional packaging.Key themes and analysis in this Anchor Report:The analysis of market trends of CoWoS,SoIC,and InFO1.The competitive landscape for the back-end equipment companies in light of the market trends of CoWoS,SoIC,and InFO2.Research AnalystsSemiconductorDonnie Teng-NIHK+852 22

6、52 1439Aaron Jeng,CFA-NITB+886(2)21769962See Appendix A-1 for analyst certification,important disclosures and the status of non-US analysts.Production Complete:2025-02-19 15:59 UTCEQUITY:TECHNOLOGYGlobal Advanced PackagingGlobal Markets Research19 February 2025The evolution of CoWoS,SoIC,and InFOAvo