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1. The packaging and testing market in mainland China is growing vigorously
.1. The chip performance requirements are constantly improving, and advanced packaging prospects are broad.
Modern semiconductor industry division of labor is becoming clearer. It can be roughly divided into three major links: design, foundry, and packaging and testing. Among them, packaging and testing is packaging and testing, which is located in the middle and downstream of the semiconductor industry chain:
1) Packaging is a process of laying, fixing and connecting the chip on the substrate, and potting it with plastic insulating media to form electronic products. The purpose is to protect the chip from damage, ensure the heat dissipation performance of the chip, and realize the transmission of electrical energy and electrical signals, and ensure the normal operation of the system;
2) Testing is mainly a step to verify the functions and performance of semiconductor products such as chips and circuits. The purpose is to screen out semiconductor products with structural defects, functions and performance that do not meet the requirements to ensure the normal application of the delivered products. The
package mainly provides a lead interface, and the internal electrical signals can link the chip to the system through pins, and prevent the silicon chip from being damaged and corroded by external forces, water, moisture, chemicals, etc. There are many classification methods for
packaging: 1) According to the material, it can be divided into: metal packaging, ceramic packaging, plastic packaging, etc.; 2) According to the connection method with the PCB board, it can be divided into: PTH packaging, SMTh packaging; 3) According to the packaging appearance, it can be divided into: SOT, SOIC, TSSOP, QFN, QFP, BGA, CSP, etc.
As applications such as 5G, artificial intelligence, and big data continue to expand, the requirements for semiconductor device performance are constantly increasing. The huge advantages of advanced packaging technology in improving chip performance have attracted major mainstream IC packaging and testing manufacturers around the world to make continuous arrangements in the field of advanced packaging. Advanced packaging technologies include FC BGA, FC QFN, 2.5D/3D, WLCSP, Fan-Out and other non-wire forms.
.2. The packaging and testing market size in mainland China has accounted for a high proportion in the world
According to Yole statistics, the global semiconductor market size in 2018 was approximately US$468.8 billion, of which the packaging and testing market size was approximately US$56 billion, accounting for approximately 11.95%. The top five companies in the world are Taiwan Sun and Moonlight (19%, excluding silicon precision), American Annual (15.6%), China Changdian Technology (13%), Silicon Precision (10%), and Licheng Technology (8%).
2018, among the top ten packaging and testing factories in the world, there are three mainland Chinese companies, namely Changdian Technology, No. 3, Tongfu Microelectronics, No. 6, and Huatian Technology, No. 7. The total market share of the three reached 22%. Mainland companies are constantly expanding in seizing the market share of packaging and testing companies such as Taiwan, the United States, Japan and South Korea.
Domestic integrated circuit development has become the only way. Under the background of Sino-US trade frictions, import substitution in each link has risen rapidly. According to data from the China Semiconductor Industry Association, the sales of the domestic integrated circuit industry in 2019 was RMB 756.23 billion, an increase of 15.8% year-on-year, of which the sales of the design, manufacturing, and packaging and testing were RMB 306.35 billion, 214.91 billion, and 234.97 billion, respectively, of which the revenue of the packaging and testing sectors accounted for about 31.1%.
2. Market structure of packaging equipment
wafer needs to undergo multiple tests before packaging and during packaging, such as wafer test before packaging (WAT test), CP test, FT test, etc. The equipment involved include probe probes, test machines, sorters, etc. We have conducted detailed discussions and market size calculations in the previous special report "Detection Equipment Series 2: Semiconductor Test Equipment - Import Substitution - 20200301". We will not repeat it here. The specific process and corresponding equipment in the packaging link are analyzed and calculated below.
.1. Packaging process flow - multi-link, high-demand
IC Packaging and testing can be divided into front and back section processes. The specific processing links include grinding, scribing, loading, bonding, plastic sealing, electroplating, rib cutting/bending, printing, testing, packaging, warehouse inspection, shipment and other links, completing the process from crystal circle to chip factory.
.1.1. Front-section process
In the front-section process of IC packaging, in addition to optical detection, it mainly includes grinding, wafer cutting, wire bonding, etc. The corresponding equipment includes grinding machines, cutting machines, wire bonding machines, etc. Among them, wire bonding is the most critical step in the packaging process. High-purity gold wire, copper wire or aluminum wire are used to connect Pad and Lead through welding. Pad is the external connection point of the circuit on the chip, and Lead is the connection point on the Lead Frame.
.1.2. Post-section process
IC In the later section process, in addition to photo detection, the main processes include plastic sealing, electroplating, rib cutting/molding and other links. The corresponding equipment is mainly plastic sealing equipment, electroplating equipment , rib cutting/molding equipment, etc.
.2. The global packaging market size is approximately US$4.2 billion
According to the SEMI2018 report data, the global packaging equipment is approximately US$4.2 billion. In addition, according to VLSI data in 2018, among semiconductor equipment, the purchase of foundry equipment accounts for about 80%, detection equipment accounts for about 8%, packaging equipment accounts for about 7%, and silicon wafer factory equipment and other other products account for about 5%. Assuming that the share is relatively stable, combined with the latest SEMI data, the global semiconductor manufacturing equipment sales reached US$59.8 billion in 2019, and it was previously estimated that the global semiconductor equipment sales will reach US$60.8 billion in 2020. Based on this, the global packaging and testing equipment market space in 2019 and 2020 will be approximately US$4.186 and US$4.256 billion. Based on the two, we judge that the global packaging equipment market space is between US$4 billion and US$4.2 billion. The entire packaging and testing equipment corresponding to the packaging and testing process includes scribing machines, lead welding/bonding equipment, patch machine , plastic sealing and rib cutting equipment, electroplating equipment, etc. According to VLSI's 2018 data, patching machines, scribing machines/detection equipment, lead welding equipment, plastic sealing/ramp forming equipment, etc. account for a large proportion, about 30%, 28%, 23%, and 18%, respectively. According to the global packaging and testing equipment market size of US$4.2 billion, the aforementioned equipment market size is US$1.26 billion, scribing machines/detection equipment, US$1.176 billion, lead welding equipment, US$966 million, plastic sealing and rib cutting equipment, US$756 million.
According to SEMI's 2018 data, the proportion of domestic packaging equipment in semiconductor equipment is also about 7%. Combined with SEMI data, the sales of semiconductor equipment in mainland China in 2018 and 2019 were US$13.45 billion, and will reach US$14.9 billion in 2020. Therefore, the market size of semiconductor packaging equipment in mainland China from 2018 to 2020 is approximately US$92, 94, and 1.04 billion.
.3. The second phase of the Big Fund has set sail, and the botched links need to be broken through
In June 2014, the State Council issued the "Outline for the Development of Integrated Circuit Industry". According to this article, my country's integrated circuit industry will achieve the development goal of gradually narrowing the gap with the international advanced level in 2020 and greatly enhancing the sustainable development capabilities of enterprises. By 2030, the main links of my country's integrated circuit industry chain will reach the international advanced level, and a number of enterprises will enter the first echelon of the international community.
In September of the same year, the National Integrated Circuit Industry Fund was established with a total scale of 138.7 billion yuan. By May 2018, the investment had been completed, with 23 public investment companies and 29 unpublic investment companies. The cumulative number of effective investment projects reached about 70, guiding and driving the increase of social financing to reach about 500 billion yuan.
0On October 22, 2019, the second phase of the National Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as the second phase of the National Big Fund") was registered and established, with a registered capital of 204.15 billion yuan, twice the registered capital of the first phase, according to a leverage ratio of 1:3, the scale of the social capital leveraged is about 600 billion yuan.
There are 27 shareholders in the second phase of the National Big Fund. The largest shareholder is the Ministry of Finance, with a capital contribution of 22.5 billion yuan and a shareholding of 11.02%. The remaining companies are Guokai Financial Co., Ltd. (10.78%), Zhejiang Fuzhe Integrated Circuit Industry Development Co., Ltd. (7.35%), Shanghai Guosheng (Group) Co., Ltd. (7.35%), China Tobacco Corporation (7.35%), Chongqing Strategic Emerging Industry Equity Investment Fund Partnership (Limited Partnership) (7.35%), Chengdu Tianfu Guoji Investment Co., Ltd. (7.35%) and Wuhan Optics Valley Financial Holding Group Co., Ltd. (7.35%).
At the China (Shanghai) Integrated Circuit Innovation Summit in September 2019, the National Big Fund stated that there are three main investment layout directions in the future. As shown in the table below, it can be seen that after the first phase of the Big Fund completes its industrial layout, the second phase will focus on supporting leading enterprises to become bigger and stronger, industrial agglomeration and downstream applications. Among them, high-strength continuous support is maintained for enterprises that have been laid out in the fields of etching machines, thin film equipment, testing equipment and cleaning equipment, and accelerate the investment layout of core equipment such as lithography machines, chemical mechanical grinding equipment and key components, etc., will greatly benefit domestic semiconductor equipment leading enterprises.
3. Packaging equipment market structure
In the global packaging equipment field, important global enterprises include ASM Pacific, K&S, Shinkawa, Besi, etc. The domestic market is also occupied by these international companies and the degree of domestic production is currently very low.
.1.ASM Pacific (0522.HK)
ASM Pacific Technology Ltd. is a Hong Kong investment holding company in China, mainly engaged in the production of machinery and materials in the semiconductor and electronics industries. The company's business covers China, the United Kingdom, Singapore and Malaysia. The company operates through three major branches: 1) The post-process equipment division is engaged in the development, production and sales of post-process equipment, and its products include welding machines, light emitting diode (LED) equipment and testing and processing machines; 2) The surface mount technology solution division provides surface mount technology-related solutions; 3) The material division is engaged in the lead frame business. Established in Hong Kong, China in 1975,
ASM is the world's first equipment manufacturer to provide technologies and solutions for all process steps in semiconductor packaging and electronics production, including from semiconductor packaging materials and rear sections (chip integration, soldering, packaging) to SMT processes. The post-process equipment business produces and provides semiconductor embedding and packaging equipment, which is used in the microelectronics, semiconductors, optoelectronics, and optoelectronics markets. It can provide diversified products such as solid crystal system, wire bonding system, glue drop system, rib cutting and molding system and all-round production line equipment, and the material business produces and provides semiconductor packaging materials, which are composed of lead frame parts and molded interconnect substrate parts. The SMT solution business is responsible for developing and distributing first-class DEK printing machines for the SMT, semiconductor and solar markets, as well as first-class SIPLACE SMT mounting solutions.
.2. Kulice and Soffa Semiconductor (K&S, KLIC.O)
Kulice and Soffa Semiconductor (KLISoffa Industrial Co., Ltd.) Kulice and Soffa Industries, Inc was founded in 1951. It is a global leader in the design and manufacturing of semiconductor packaging equipment in the United States. The company mainly produces soldering needles and blades required for semiconductor packaging and wafer cutting. Among them, the global market share of soldering needle products reaches 50%. In recent years, through strategic mergers and acquisitions, many product solutions such as chip machines and wedge welding machines have been added on the basis of its core product ball welding lines.
's main customers include semiconductor equipment manufacturers, outsourced packaging and testing plants, other electronic manufacturers and automotive electronic suppliers, etc., which are divided into 2 departments to operate: Equipment (semiconductor equipment) and Expendable Tools (consumable tools).
1, Equipment – Manufacture and sell a range of ball welding machines to connect very thin wires made of gold, silver alloy or copper between bonded pads of semiconductor devices or dies and leads on their packages; wafer-level bonding machines that mechanically apply bumps to dies to some variations of the flip chip assembly process; wedge welding machines connect semiconductor chips for power packages, power mixing circuits and automotive modules; the department also provides advanced packaging and adaptive machine analytical chips to substrate welding machines for flip chips and hot press applications; electronic assembly solutions, as well as spare parts, equipment repair, maintenance and maintenance, equipment upgrades and training services.
2, Expendable Tools—Provides various consumable tools for various semiconductor packaging applications. Products in this sector include capillaries for ball mills, as well as gold wire bonding; wedges for heavy-duty wedge welding machines; cutting blades for cutting silicon wafers into single semiconductor dies.
.3. Shinkawa (6274.T)
1959 Shinkawa was founded in Japan, mainly manufacturing and selling semiconductor manufacturing equipment for chip manufacturers and electronic component manufacturers. It started with the announcement of the launch of diode automatic assembly and automatic sorting machines in 1963, and was committed to the automation of semiconductor manufacturing equipment. This was the most labor-intensive process of semiconductor factories at that time. In 1977, the company developed the industry's first microcomputer with built-in equipment and announced the world's first fully automatic wire bonding machine in 1977, making a significant contribution to the production of precision and high-performance semiconductors. Currently, the company's products include chip presses, wire bonding machines, flip chip bonding machines, convex welding machines, etc.
.4.Besi (BESI.AS)
Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industry. It develops leading assembly processes and equipment for many end-user markets such as electronics, mobile Internet, automotive, industrial, LED and solar energy for lead frames, substrates and wafer-level packaging applications. The customers are mainly leading semiconductor manufacturers, assembly subcontractors, and electronics and industrial companies.
4. Domestic corporate progress
.1. Shengmei Semiconductor
Shengmei Semiconductor Equipment Company is an international leading supplier of semiconductor and wafer-level packaging equipment. Shengmei Semiconductor's subsidiary Shengmei Shanghai has received listing guidance. Recently, the company released a new product, a Stree-FreePolish solution for Wafer Level Advanced Package, and delivered an advanced package-level stress-free polishing equipment to a leading wafer-level packaging company in China in the fourth quarter of 2019. Advanced package-grade stress-free polishing (Ultra SFP ap) is designed to solve the problem of wafer warping caused by overthick copper layer in advanced packaging, through-silicon (TSV) and fan-out (FOWLP) applications in metal planarization.
advanced packaging-grade stress-free polishing technology integrates stress-free polishing (SFP), chemical mechanical grinding (CMP), and wet etching process (Wet-Etch). Through these three steps, electrochemical methods are used to remove the copper layer on the wafer surface without stress before chemical mechanical grinding and wet etching process to release the stress of the wafer.
.2. China Electronics Technology Institute 45
Beijing Semiconductor Special Equipment Research Institute (China Electronic Technology Group Corporation 45th Research Institute) was founded in 1958. It is a national key scientific research and production unit specializing in the research, development and production of key process equipment technologies of electronic components, equipment complete machine systems and equipment application processes.
45 Therefore, optical micro machining and precision machinery and system automation are professional directions. With six common key technologies such as machine vision technology, motion control technology, precision motion workbench and material transmission system technology, precision component design optimization and efficient manufacturing technology, equipment application process research and material chemical technology, and whole machine system integration technology, eight major technology equipment and products have been developed, including integrated circuit manufacturing equipment, semiconductor lighting device manufacturing equipment, photovoltaic cell manufacturing equipment, photovoltaic component manufacturing and system integration and services, eight major technology equipment and products, including electronic material processing equipment, chip manufacturing equipment, optical/acoustic/electrical detection equipment, chemical processing equipment, advanced packaging equipment, electronic graphics printing equipment, crystal components and photovoltaic cells, serving the four major industries of integrated circuits, photovoltaic components and components, semiconductor lighting and solar photovoltaic cells.
.3.Suzhou Aikoris
SuzhouAikoris Intelligent Equipment Co., Ltd. was established in 2010. It has always focused on the research and development, design, manufacturing and sales of high-end chip assembly machines, focusing on the development of high-speed, high-precision, and smarter semiconductor packaging equipment, providing customers with the best cost-effective micro-assembly equipment for integrated circuits, microwave components, high-speed optical modules, MEMS sensors, camera modules and other fields.
Aikoris' products have successfully entered the industry's first-class customers. The company has established strategic partnerships with leading customers such as Ordnance Industry Group, China Electronics Technology Group, Huatian Technology (002185), Zhongji Xuchuang (300308), Oplink (NASDAQ: OPLK), etc.
's core advantages include leading machine vision and motion control technology, rich experience in semiconductor packaging process and comprehensive quality control systems. Now Aikoris has complete research and development and production equipment, and a solid and powerful funding supply chain. Currently, there are nearly 30 models including Jingxin, Zhixin, Huixin, Ruixin, Yuexin, and Qixin. They have applied for 6 national trademark protection for the products, and applied for more than 70 patents (53 authorized), including 23 invention patents (16 authorized); and 6 authorized software copyrights. As the core equipment of the semiconductor packaging production line, the chip loader products of the
chip loader (Die bonder) have been rigorously tested and tested by the Suzhou Quality and Technical Supervision Comprehensive Inspection and Inspection Center, and have been checked by the Ministry of Science and Technology, and have been identified by the Jiangsu Provincial Department of Industry and Information Technology. They are the first in China in technical design and process manufacturing. They can fill the market gap in domestic mid-to-high-end chip loader and effectively replace imports. The Aikoris Huixin series of dispensing chip dispensing machine is currently the only domestic dispensing chip dispensing machine brand that can enter the mass production line of integrated circuits of listed companies (Huatian Technology) (116 units have been delivered one after another), breaking the market monopoly of the Dutch ASM company for 30 years. The Zhixin series SiP module multi-chip high-precision chip assembly machine is the only domestic brand in China that can replace Swiss Besi in the 100G/400G production line of Zhongji Xuchuang (300308) leader in the optical communications industry.
.4. Dalian Jiafeng
Dalian Jiafeng Automation Co., Ltd. was established in October 2001. It is mainly engaged in the research, development, manufacturing and sales of automation equipment required for chip production. It is a leading domestic high-tech enterprise engaged in integrated circuit packaging equipment with independent intellectual property rights. The company's main products include soft solder die packing machines (Soft Solder Die Bonder), IC fully automatic die packing machines (Epoxy Die Bonder), thick aluminum wire ultrasonic wire packing machines (Ultrasonic Au Wire Bonder), IGBT die packing machines (Die bond for IGBT), etc., which can meet the needs of Various packaging technologies and process requirements such as TO, SOP, QFN, LQFP, IGBT and RFID.
After more than ten years of market tempering, the company's products have reached international advanced in overall technical level and can completely replace imported equipment. They have been recognized and praised by hundreds of domestic packaging companies. They have been sold to Taiwan and Japan. They have successively won the National Key New Product Award, the National Torch Program Key High-tech Award and the Innovation Products and Technology Awards of the National Semiconductor Industry Association, and have won 10 invention patents and 12 utility model patents. All products have independent intellectual property rights.The company attaches great importance to the introduction of international advanced technologies and has close cooperation with many world-class integrated circuit equipment companies, including well-known Japanese, Korean and Singaporean companies.
.5. Shenzhen Cuitao
Shenzhen Cuitao Automation Equipment Co., Ltd. is a national high-tech enterprise based in mainland China integrating semiconductor equipment research and development, design, production and sales. The company is mainly committed to developing automation products with completely independent intellectual property rights, high technological content, originality and broad market prospects. It is leading the domestic peers with high-quality raw materials, excellent product design, complete precision tooling and perfect quality management, precise, stable, accurate and fast welding technology.
company mainly serves the fields of microelectronics post-process packaging equipment and LED photoelectric lighting equipment packaging, and can also provide value-added services for the semiconductor and microelectronics fields. The "JAL" brand of Bonding machines, crystal fixing machines, and fully automatic phosphor glue spraying machines are the company's current main products. The company has now become a large domestic COB Bonding machines and glue spraying machines supplier. The market is also exported to South Korea, Taiwan, the Middle East and other regions in addition to mainland China.
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(The report’s views belong to the original author and are for reference only. Report source: West China Securities)
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