Soochow: Breakthrough in core technology of domestic semiconductor equipment gains international recognition. Related equipment chain welcomes increasing opportunities.

Soochow released a research report stating that Samsung Electronics has reached a cooperation agreement with Yangtze Memory Technologies (YMTC) on advanced packaging technology "hybrid bonding". Samsung plans to adopt YMTC's patented technology starting from the V10 generation NAND, marking the breakthrough of domestic semiconductor equipment core technology being internationally recognized. Hybrid bonding technology replaces traditional bump connections with wafer-to-wafer (W2W) process, significantly shortening circuit paths, improving chip performance and heat dissipation efficiency, and becoming a key path for 3D NAND and AI computing chip packaging. The research report points out that, under neutral predictions, the global demand for hybrid bonding equipment will reach 1,400 units by 2030, with the market size surpassing 2.8 billion euros (about 20 billion RMB), with AI computing demand as the core driver. It is recommended to focus on the post-processing advanced packaging equipment chain-related targets. Key points from Soochow are as follows: Samsung has reached a cooperation agreement with Yangtze Memory Technologies on new advanced packaging technology "hybrid bonding". Samsung has confirmed that it will use the Chinese NAND manufacturer YMTC's patented technology, especially in the new advanced packaging technology "hybrid bonding", starting from the V10 (10th generation). YMTC was the first enterprise to apply hybrid bonding to 3DNAND, thus having strong patent accumulation in related technologies. Samsung Electronics chooses to resolve potential risks in the future by reaching a licensing agreement with YMTC rather than risk patent infringement. Hybrid bonding technology is challenging, with overseas equipment leading the way. Hybrid bonding is divided into wafer-to-wafer W2W and chip-to-wafer D2W. 3DNAND uses W2W, eliminating the need for traditional bumps in chip connections, making circuit paths shorter, thereby improving performance and heat dissipation characteristics. The main equipment suppliers are companies such as EVG in Austria, SUSS in Germany, and BESI in the Netherlands. According to BESI's neutral assumptions, it is estimated that the total demand for hybrid bonding equipment will reach 1,400 units by 2030, with an estimated cumulative market size exceeding 2.8 billion euros, or about 20 billion RMB, driven mainly by AI computing demand. Domestic companies Piotech Inc. and Suzhou Maxwell Technologies are also involved in hybrid bonding equipment. (1) Piotech Inc. has launched two wafer-to-wafer bonding products (Dione 300) and chip-to-wafer bonding surface pre-treatment products (Pollux). (2) Suzhou Maxwell Technologies has introduced hybrid bonding equipment with alignment accuracy <100nm, as well as temporary bonding and laser debonding equipment. Risk warning: Downstream expansion speed is slower than expected, and the domestication process of equipment is slower than expected.