Advanced Packaging Technology Upgrade for HarmonyOS Device Drivers: Technical Breakthroughs and Market Opportunities from Changjiang Electronics Technology and Tongfu Microelectronics
1. Detailed Technical Breakthroughs: Chiplet Packaging Leading Domestic Substitution
1. Changjiang Electronics Technology: XDFOI Chiplet Technology Achieves 3D Stacking and High Yield
– Technical Parameters and Process Advantages: The XDFOI Chiplet series process from Changjiang Electronics Technology employs high-density multi-dimensional heterogeneous integration technology, supporting 2D, 2.5D, and 3D packaging, with a minimum line width and spacing of 2μm, and a micro bump (μBump) center-to-center distance of 40μm, while controlling the package thickness to within 50μm. Key breakthroughs include:
– 3D Stacking Capability: Achieving vertical integration of logic chips (such as CPU/GPU) and HBM (High Bandwidth Memory) through organic re-routing stacked intermediate layers (RSI), significantly enhancing bandwidth density (8 times that of traditional packaging).
– Heterogeneous Integration: Supporting mixed packaging of multiple chips (logic + storage + I/O), for example, stacking the Ascend 910B AI acceleration unit with storage chips to reduce interconnect latency.
– Yield Improvement: Through dual-sided metal deposition and electromagnetic shielding optimization, the yield stabilizes above 95%, already applied to high-performance chips like Huawei’s Ascend 910B.
– Application Scenarios and Market Value
– High-Performance Computing: Providing packaging support for Huawei’s Ascend series AI chips, meeting the computational density requirements for large model training.
– Automotive Electronics: Integrating autonomous driving chips with sensor modules, enhancing the reliability and heat dissipation efficiency of automotive-grade chips.
– 5G Communication: Achieving miniaturization of RF front-end modules, reducing base station power consumption.
2. Tongfu Microelectronics: Chiplet Technology Bound to AMD, Entering the AI Computing Race
– Technical Capabilities and Customer Collaboration: Tongfu Microelectronics has gained deep expertise in 2.5D/3D Chiplet packaging technology through the acquisition of AMD’s packaging assets, with core advantages including:
– Wafer-Level Packaging Platform (VISionS): Supporting the development of 6-layer RDL (re-distribution layer), addressing the shortage of high-end substrates for high-performance computing chips.
– Extra-Large Size Packaging: Achieving a 102mm×102mm fan-out wafer-level package, applied to AMD’s MI300 series AI accelerator cards, with a single package value reaching 50 times that of traditional CPUs.
– TSV Heterogeneous Bonding: Completing fcBGA certification for 3D SoCs, providing high-bandwidth interconnect solutions for HBM3 storage chips.
– Market Positioning and Order Growth
– As AMD’s largest packaging supplier (accounting for over 80% of orders), benefiting from the ramp-up of AMD’s MI300 series in the AI server market.
– HPC (High-Performance Computing) packaging revenue is expected to exceed 5 billion yuan by 2025, with a compound annual growth rate of over 30%.
2. Industry Trends: Chiplet Technology Reshaping the Packaging and Testing Market Landscape
– Explosive Market Demand
– Driven by AI and Computing Power: Large model training requires chips with hundreds of billions of parameters, and Chiplet technology reduces the manufacturing cost of single chips through heterogeneous integration. Yole predicts that the global advanced packaging market will reach $47.5 billion by 2026, with Chiplets accounting for over 30%.
– Acceleration of Domestic Substitution: Domestic chip manufacturers like Huawei’s Ascend and Haiguang Information are driving local packaging demand, with Changjiang Electronics Technology and Tongfu Microelectronics collectively holding 65% of the domestic Chiplet market share.
– Technical Iteration Path
– 2024-2025: Widespread adoption of 3D packaging, with a surge in demand for HBM storage chips (single chip bandwidth exceeding 1TB/s).
– Post-2026: Integration of Chiplet and heterogeneous integration (such as silicon photonics + electronics), driving computing power density to exceed 1000 TOPS/W.
3. In-Depth Analysis of Beneficial Targets
1. Changjiang Electronics Technology (600584.SH) – Leader in Advanced Packaging
– Core Advantages:
– XDFOI technology has been introduced into the supply chains of Huawei’s Ascend and Haiguang DCU, with related revenue expected to account for 30% by 2025.
– Automotive electronics packaging market share exceeds 40%, covering leading automotive companies like Tesla and BYD.
– Performance Elasticity:
– Revenue related to Chiplets is expected to exceed 8 billion yuan by 2025, with gross margins rising to 35% (compared to 25% for traditional packaging).
2. Tongfu Microelectronics (002156.SZ) – Core Partner in the AMD Ecosystem
– Core Advantages:
– Exclusively undertaking packaging orders for AMD’s MI300 series, with expected shipments exceeding 2 million units by 2025.
– Deep collaboration with SK Hynix in the HBM3 packaging field, with significant technical barriers.
– Performance Elasticity:
– Revenue from AMD-related products may exceed 50% by 2025, contributing a net profit of 1.5 billion yuan (up 70% year-on-year).
4. Risk Warnings
1. Technology Replacement Risk: If TSMC’s CoWoS capacity expands beyond expectations, it may squeeze the market share of domestic manufacturers.
2. Supply Chain Fluctuations: Import restrictions on key equipment (such as TSV etching machines) may affect expansion progress.
3. Customer Concentration: Tongfu Microelectronics has a high dependency on AMD, necessitating attention to order fluctuation risks.
5. Investment Recommendations
– Short-Term Focus: Changjiang Electronics Technology (ramping up Huawei Ascend orders), Tongfu Microelectronics (mass production of AMD MI300).
– Long-Term Layout: Pay attention to advanced packaging equipment suppliers (such as North Huachuang’s TSV etching machines) and material manufacturers (such as Xingsen Technology’s ABF substrates). The explosive growth of the Harmony ecosystem (with over 1.5 billion devices) will continue to drive demand for high-performance chips, while Chiplet technology, as a key to breaking through process bottlenecks, will push the packaging and testing industry into a cycle of simultaneous volume and price increases. It is recommended to prioritize allocation to leading targets with advanced technology and deep customer positioning.