57%的芯片将碎成渣？2nm时代生死抉择，芯片粒成唯一破局密钥

<section data-mpa-md-root="t" data-mpa-md-template="1"><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldpd" data-mpa-md-template="1"><span><font face="宋体"><span data-pm-slice="0 0 []"><span leaf="" style="">高盛研究2025年8月15日报告《台湾科技：芯片组件采用增长开启先进封装新纪元》的核心内容总结，按技术、市场、企业三个维度详细分析：</span></span></font></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldq1hqa" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">一、技术变革</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">:Chiplet</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">架构驱动产业升级</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldqd1s" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1.Chiplet</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">技术原理</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldr19mf" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">将传统单片</span></font><font face="Calibri"><span leaf="">S0C</span></font><font face="宋体"><span leaf="">拆分为独立功能模块</span></font><font face="Calibri"><span leaf="">(</span></font><font face="宋体"><span leaf="">如计算单元、</span></font><font face="Calibri"><span leaf="">I/0</span></font><font face="宋体"><span leaf="">单元</span></font><font face="Calibri"><span leaf="">)</span></font><font face="宋体"><span leaf="">，各模块采用最优制程节点制造</span></font><font face="Calibri"><span leaf="">(</span></font><font face="宋体"><span leaf="">如</span></font><font face="Calibri"><span leaf="">2nm</span></font><font face="宋体"><span leaf="">计算单元&nbsp;</span></font><font face="Calibri"><span leaf="">+6nm l/O</span></font><font face="宋体"><span leaf="">单元</span></font><font face="Calibri"><span leaf="">)</span></font><font face="宋体"><span leaf="">。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldsooi" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">核心优势</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">:</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldt1018" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">成本降低</span></font><font face="Calibri"><span leaf="">:</span></font><font face="宋体"><span leaf="">大芯片分割为小芯片提升良率</span></font><font face="Calibri"><span leaf="">(900mm2</span></font><font face="宋体"><span leaf="">芯片良率仅</span></font><font face="Calibri"><span leaf="">21%-100mm2</span></font><font face="宋体"><span leaf="">芯片良率达</span></font><font face="Calibri"><span leaf="">83%)</span></font><font face="宋体"><span leaf="">。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldu1kwk" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">成本节省</span></font><font face="Calibri"><span leaf="">:2nm</span></font><font face="宋体"><span leaf="">节点下，单芯片制造成本降低</span></font><font face="Calibri"><span leaf="">79.2%(2.367&nbsp;</span></font><font face="宋体"><span leaf="">→</span></font><font face="Calibri"><span leaf="">492)</span></font><font face="宋体"><span leaf="">，结合混合节点策略可再降</span></font><font face="Calibri"><span leaf="">26.1%</span></font><font face="宋体"><span leaf="">。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldv6gy" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">缺陷控制</span></font><font face="Calibri"><span leaf="">:</span></font><font face="宋体"><span leaf="">小芯片面积减小，降低缺陷影响概率</span></font><font face="Calibri"><span leaf="">(</span></font><font face="宋体"><span leaf="">缺陷密度</span></font><font face="Calibri"><span leaf="">0.1</span></font><font face="宋体"><span leaf="">时，小芯片良率提升</span></font><font face="Calibri"><span leaf="">3-4</span></font><font face="宋体"><span leaf="">倍</span></font><font face="Calibri"><span leaf="">)</span></font><font face="宋体"><span leaf="">。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldw2np" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2</span></span></font></span><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">.</span></span></font></span><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">先进封装技术需求激增</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldx1rjo" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf="">CoWoS/FOCoS</span></font><font face="宋体"><span leaf="">成为关键</span></font><font face="Calibri"><span leaf="">:</span></font><font face="宋体"><span leaf="">解决芯片间高速互联瓶颈，支持</span></font><font face="Calibri"><span leaf="">AI/HPC/</span></font><font face="宋体"><span leaf="">服务器等场</span></font></span><span style=""><font face="宋体"><span leaf="">景</span></font></span><span style=""><font face="宋体"><span leaf="">。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldyvq" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">产能预测</span></font><font face="Calibri"><span leaf="">:2025-2027</span></font><font face="宋体"><span leaf="">年</span></font><font face="Calibri"><span leaf="">CoWoS</span></font><font face="宋体"><span leaf="">产能</span></font><font face="Calibri"><span leaf="">CAGR</span></font><font face="宋体"><span leaf="">达</span></font><font face="Calibri"><span leaf="">71%(2027</span></font><font face="宋体"><span leaf="">年达</span></font><font face="Calibri"><span leaf="">203.3</span></font><font face="宋体"><span leaf="">万片晶园</span></font><font face="Calibri"><span leaf="">)</span></font><font face="宋体"><span leaf="">，市场规模</span></font><font face="Calibri"><span leaf="">CAGR65%(2027</span></font><font face="宋体"><span leaf="">年</span></font><font face="Calibri"><span leaf="">DTAM $278</span></font><font face="宋体"><span leaf="">亿</span></font><font face="Calibri"><span leaf="">)</span></font><font face="宋体"><span leaf="">。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldz1zs1" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">二、市场趋势：</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">Chiplet</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">渗透率加速提升</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42ldzp6j" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1.</span></span></font></span><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">节点渗透率预测</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le01j44" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf="">5nm</span></font><font face="宋体"><span leaf="">及以下节点：</span></font><font face="Calibri"><span leaf="">2025</span></font><font face="宋体"><span leaf="">年渗透率</span></font><font face="Calibri"><span leaf="">21%&nbsp;</span></font><font face="宋体"><span leaf="">→&nbsp;</span></font><font face="Calibri"><span leaf="">2027</span></font><font face="宋体"><span leaf="">年</span></font><font face="Calibri"><span leaf="">37%</span></font><font face="宋体"><span leaf="">。 &nbsp;</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le11101" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf="">2nm</span></font><font face="宋体"><span leaf="">节点：</span></font><font face="Calibri"><span leaf="">2026</span></font><font face="宋体"><span leaf="">年</span></font><font face="Calibri"><span leaf="">21%&nbsp;</span></font><font face="宋体"><span leaf="">→&nbsp;</span></font><font face="Calibri"><span leaf="">2027</span></font><font face="宋体"><span leaf="">年</span></font><font face="Calibri"><span leaf="">57%</span></font><font face="宋体"><span leaf="">（受</span></font><font face="Calibri"><span leaf="">AMD</span></font><font face="宋体"><span leaf="">服务器</span></font><font face="Calibri"><span leaf="">CPU</span></font><font face="宋体"><span leaf="">“</span></font><font face="Calibri"><span leaf="">Venice</span></font><font face="宋体"><span leaf="">”等推动）。 &nbsp;</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le21qqy" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf="">3nm</span></font><font face="宋体"><span leaf="">节点：</span></font><font face="Calibri"><span leaf="">2027</span></font><font face="宋体"><span leaf="">年渗透率</span></font><font face="Calibri"><span leaf="">50%</span></font><font face="宋体"><span leaf="">（</span></font><font face="Calibri"><span leaf="">AI GPU/ASIC</span></font><font face="宋体"><span leaf="">迁移驱动）。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le2199w" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2.</span></span></font></span><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">需求驱动因素</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le31q3m" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">晶圆成本飙升：</span></font><font face="Calibri"><span leaf="">2nm</span></font><font face="宋体"><span leaf="">晶圆</span></font><font face="Calibri"><span leaf="">ASP</span></font><font face="宋体"><span leaf="">达</span></font><font face="Calibri"><span leaf="">$28,890</span></font><font face="宋体"><span leaf="">，较</span></font><font face="Calibri"><span leaf="">7nm</span></font><font face="宋体"><span leaf="">上涨</span></font><font face="Calibri"><span leaf="">219%</span></font><font face="宋体"><span leaf="">。 &nbsp;</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le47ae" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf="">HPC/AI</span></font><font face="宋体"><span leaf="">应用：</span></font><font face="Calibri"><span leaf="">AI ASIC</span></font><font face="宋体"><span leaf="">芯片中计算单元数量增至</span></font><font face="Calibri"><span leaf="">2-4</span></font><font face="宋体"><span leaf="">个，</span></font><font face="Calibri"><span leaf="">I/O</span></font><font face="宋体"><span leaf="">单元增至</span></font><font face="Calibri"><span leaf="">2-3</span></font><font face="宋体"><span leaf="">个。 &nbsp;</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le510s6" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">非</span></font><font face="Calibri"><span leaf="">AI</span></font><font face="宋体"><span leaf="">领域扩展：</span></font><font face="Calibri"><span leaf="">CoWoS</span></font><font face="宋体"><span leaf="">技术向服务器（</span></font><font face="Calibri"><span leaf="">AMD</span></font><font face="宋体"><span leaf="">）、网络芯片（</span></font><font face="Calibri"><span leaf="">Broadcom</span></font><font face="宋体"><span leaf="">）等场景渗透。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le51qgz" data-mpa-md-template="1"><b style="mso-bidi-font-weight:normal;"><span style="text-transform: none;font-style: normal;"><font face="微软雅黑"><span leaf="">三、核心受益企业分析</span></font></span></b><b><span style="font-weight: bold;text-transform: none;font-style: normal;"><o:p></o:p></span></b></section><table style="border-collapse: collapse;width: 603px;margin-left: 4.65pt;border: none;"><tbody><tr style="height:36.0000pt;"><td data-colwidth="144" width="144" valign="center" style="padding: 0pt 5.4pt;border-width: 1pt;border-style: solid;border-color: rgb(0, 0, 0);"><p style="text-align:center;mso-pagination:widow-orphan;vertical-align:middle;"><b><span style=""><font face="PingFang SC"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">公司</span></font></span></b><b><span style=""><o:p></o:p></span></b></p></td><td data-colwidth="129" width="129" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: 1pt solid rgb(0, 0, 0);border-bottom: 1pt solid rgb(0, 0, 0);"><p style="text-align:center;mso-pagination:widow-orphan;vertical-align:middle;"><b><span style=""><font face="PingFang SC"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">代号</span></font></span></b><b><span style=""><o:p></o:p></span></b></p></td><td data-colwidth="117" width="117" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: 1pt solid rgb(0, 0, 0);border-bottom: 1pt solid rgb(0, 0, 0);"><p style="text-align:center;mso-pagination:widow-orphan;vertical-align:middle;"><b><span style=""><font face="PingFang SC"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">技术优势</span></font></span></b><b><span style=""><o:p></o:p></span></b></p></td><td data-colwidth="213" width="213" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: 1pt solid rgb(0, 0, 0);border-bottom: 1pt solid rgb(0, 0, 0);"><p style="text-align:center;mso-pagination:widow-orphan;vertical-align:middle;"><b><span style=""><font face="PingFang SC"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">增长预测</span></font></span></b><b><span style=""><o:p></o:p></span></b></p></td></tr><tr style="height:36.0000pt;"><td data-colwidth="144" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:1.0000pt solid rgb(0,0,0);mso-border-left-alt:0.5000pt solid rgb(0,0,0);border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><b><span style="font-family:宋体;color:rgb(0,0,0);font-weight:bold;font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">台积电</span></font><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">(TSMC)</span></font></span></b><b><span style="font-family:宋体;color:rgb(0,0,0);font-weight:bold;font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></b></p></td><td data-colwidth="129" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:none;mso-border-left-alt:none;border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2330.TW/TSM</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="117" width="117" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">CoWoS技术领导者（市占率92%），覆盖AI GPU/ASIC全生态</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="213" width="213" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2025-2027年CoWoS营收CAGR 84% ，占公司总营收15.3%</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td></tr><tr style="height:67.5000pt;"><td data-colwidth="144" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:1.0000pt solid rgb(0,0,0);mso-border-left-alt:0.5000pt solid rgb(0,0,0);border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><b><span style=""><font face="PingFang SC"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">日月光</span></font><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">(ASE)</span></span></b><b><span style=""><o:p></o:p></span></b></p></td><td data-colwidth="129" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:none;mso-border-left-alt:none;border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">3711.TW/ASX</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="117" width="117" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">FOCoS解决方案（成本为CoWoS一半），提供晶圆测试/封装/测试一站式服务</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="213" width="213" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2025-2026年ATM业务营收CAGR 13%，2026年FOCoS产能占市场13%</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td></tr><tr style="height:81.0000pt;"><td data-colwidth="144" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:1.0000pt solid rgb(0,0,0);mso-border-left-alt:0.5000pt solid rgb(0,0,0);border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><b><span style="font-family:宋体;color:rgb(0,0,0);font-weight:bold;font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">精测科技</span></font><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">(All Ring)</span></font></span></b><b><span style="font-family:宋体;color:rgb(0,0,0);font-weight:bold;font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></b></p></td><td data-colwidth="129" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:none;mso-border-left-alt:none;border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">6187.TW</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="117" width="117" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">CoWoS封装设备垄断（WoS填充设备市占率近100%），布局CPO光学耦合设备</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="213" width="213" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2025-2026年设备营收CAGR 30%，受CoWoS扩产及CPO业务驱动</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td></tr><tr style="height:94.5000pt;"><td data-colwidth="144" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:1.0000pt solid rgb(0,0,0);mso-border-left-alt:0.5000pt solid rgb(0,0,0);border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><b><span style="font-family:宋体;color:rgb(0,0,0);font-weight:bold;font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">辛耘企业</span></font><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">(GPTC)</span></font></span></b><b><span style="font-family:宋体;color:rgb(0,0,0);font-weight:bold;font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></b></p></td><td data-colwidth="129" valign="center" style="padding:0.0000pt 5.4000pt 0.0000pt 5.4000pt;border-left:none;mso-border-left-alt:none;border-right:1.0000pt solid rgb(0,0,0);mso-border-right-alt:0.5000pt solid rgb(0,0,0);border-top:none;mso-border-top-alt:0.5000pt solid rgb(0,0,0);border-bottom:1.0000pt solid rgb(0,0,0);mso-border-bottom-alt:0.5000pt solid rgb(0,0,0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">3131.TWO</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="117" width="117" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">湿法设备龙头（台积电</span></font><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">CoWoS市占50%，日月光近100%），RDL层数增加驱动设备需求</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td><td data-colwidth="213" width="213" valign="center" style="padding: 0pt 5.4pt;border-left: none;border-right: 1pt solid rgb(0, 0, 0);border-top: none;border-bottom: 1pt solid rgb(0, 0, 0);"><p style="mso-pagination:widow-orphan;text-align:left;vertical-align:middle;"><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:0.0000pt;"><font face="宋体"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2024-2027年营收CAGR 32%，毛利率2027年达46.4%</span></font></span><span style="font-family:宋体;color:rgb(0,0,0);font-style:normal;font-size:11.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></td></tr></tbody></table><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le6zi4" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">四、投资建议与目标价</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le71223" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">1.</span></span></font></span><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">台积电</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">(TSMC)</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le819h2" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">评级：买入（</span></font><font face="Calibri"><span leaf="">Buy</span></font><font face="宋体"><span leaf="">）</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42le91q5n" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">目标价：台股</span></font><font face="Calibri"><span leaf="">NT</span></font></span><span style=""><span leaf="">&nbsp;</span><font face="Calibri"><span leaf="">1,370</span></font><font face="宋体"><span leaf="">（</span></font><font face="Calibri"><span leaf="">20x2026EPE</span></font><font face="宋体"><span leaf="">）</span></font><font face="Calibri"><span leaf="">/ADR</span></font></span><span style=""><font face="Calibri"><span leaf="">274&nbsp;</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lea207d" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">催化剂：</span></font><font face="Calibri"><span leaf="">AI</span></font><font face="宋体"><span leaf="">订单增长、</span></font><font face="Calibri"><span leaf="">CoWoS</span></font><font face="宋体"><span leaf="">需求超预期。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lebhe2" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">2..</span></span></font></span><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">日月光</span></span></font><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">(ASE)</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lebnxe" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">评级：买入（</span></font><font face="Calibri"><span leaf="">Buy</span></font><font face="宋体"><span leaf="">）</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lec221f" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">目标价：台股</span></font><font face="Calibri"><span leaf="">NT</span></font></span><span style=""><font face="Calibri"><span leaf="">188</span></font><font face="宋体"><span leaf="">（</span></font><font face="Calibri"><span leaf="">18x2026EPE</span></font><font face="宋体"><span leaf="">）</span></font><font face="Calibri"><span leaf="">/ADR</span></font></span><span style=""><font face="Calibri"><span leaf="">14.30&nbsp;</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42led11o3" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">优势：</span></font><font face="Calibri"><span leaf="">HPC</span></font><font face="宋体"><span leaf="">需求增长&nbsp;</span></font><font face="Calibri"><span leaf="">+&nbsp;</span></font><font face="宋体"><span leaf="">成本优势。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lee1o2j" data-mpa-md-template="1"><span style=""><font face="Calibri"><span leaf=""><span textstyle="" style="font-weight: bold;">3.</span></span></font></span><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">设备双雄</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lee1hul" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">精测</span></font><font face="Calibri"><span leaf="">(All Ring)</span></font><font face="宋体"><span leaf="">：目标价</span></font><font face="Calibri"><span leaf="">NT$475</span></font><font face="宋体"><span leaf="">（</span></font><font face="Calibri"><span leaf="">23x 2026E PE</span></font><font face="宋体"><span leaf="">），受益先进封装扩产。&nbsp;</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lef1hjg" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">辛耘</span></font><font face="Calibri"><span leaf="">(GPTC)</span></font><font face="宋体"><span leaf="">：目标价</span></font><font face="Calibri"><span leaf="">NT$1,900</span></font><font face="宋体"><span leaf="">（</span></font><font face="Calibri"><span leaf="">32x 2026E PE</span></font><font face="宋体"><span leaf="">），湿法设备需求刚性。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42legj28" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">五、核心风险提示</span></span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42leg1res" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">需求不及预期：</span></font><font face="Calibri"><span leaf="">AI/HPC</span></font><font face="宋体"><span leaf="">需求放缓或库存调整延长。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lehww0" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">技术竞争：</span></font><font face="Calibri"><span leaf="">CoWoS</span></font><font face="宋体"><span leaf="">替代方案（如</span></font><font face="Calibri"><span leaf="">Intel Foveros</span></font><font face="宋体"><span leaf="">）加速渗透。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42leh1pwg" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf="">地缘政治：供应链中断或政策变动影响产能扩张。</span></font></span><span style=""><o:p></o:p></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="mel42lei1s7c" data-mpa-md-template="1"><span style=""><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">结论：</span></span></font><font face="Calibri"><span leaf="">Chiplet</span></font><font face="宋体"><span leaf="">技术通过模块化设计</span></font><font face="Calibri"><span leaf="">+</span></font><font face="宋体"><span leaf="">混合制程节点，成为突破摩尔定律瓶颈的关键。台积电、日月光及设备供应商将直接受益于先进封装（</span></font><font face="Calibri"><span leaf="">CoWoS/FOCoS</span></font><font face="宋体"><span leaf="">）的爆发式增长，</span></font><font face="Calibri"><span leaf="">2025-2027</span></font><font face="宋体"><span leaf="">年为产业升级黄金期。</span></font></span><span style=""><o:p></o:p></span></section><section><span leaf=""><br /></span></section></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>