盛合晶微是一家集成电路晶圆级先进封测企业。本次IPO，该公司计划募集资金48亿元。其中，40亿元用于三维多芯片集成封装项目、8亿元用于超高密 度互联三维多芯片集成封装项目的建设。 2.5D集成大陆市占率第一 持续布局3D集成等领域 上交所上市审核委员会今日（2月24日）审议通过了盛合晶微科创板IPO申请。该公司上市申请于2025年10月30日获受理，经历两轮问询后，成为2026春 节后第一家过会企业。 此外，盛合晶微在招股书中披露了业绩预测，该公司预计2026年1-3月实现营业收入16.6亿元-18亿元，同比增加9.91%-19.91%，归母净利润为1.35亿元-1.5 亿元，同比增加6.93%-18.81%。 2.5D/3D封装高增长态势延续，国内外龙头密集扩产布局 从行业方面来看，近年来，智能手机等移动终端向小型化、集成化、高性能方向更新迭代，带动单机芯片数量和芯片性能要求的提升，是全球先进封装行 业发展的最重要驱动因素之一。与此同时，人工智能、数据中心等高性能运算产业正逐步成为先进封装行业的关键增长点和盈利点。 其中，芯粒多芯片集成封装是先进封装行业主要增长点转变的最充分受益者。Yole数据显示，全球芯 ...

Core Insights - Amkor Technology reported a full-year revenue of $6.7 billion, reflecting a 6% increase, with strong growth across computing, automotive, consumer, and stabilized communications markets [1][4][6] - The company achieved record revenue in computing and expects continued growth in 2026, particularly in advanced packaging and computing sectors [4][5][16] Financial Performance - For the fourth quarter, Amkor reported revenue of $1.89 billion and EPS of $0.69, exceeding guidance, with a year-over-year increase of 16% despite a sequential decline of 5% [3][6] - Gross profit for the quarter was $315 million, with a gross margin of 16.7%, including a one-time benefit of approximately $30 million from asset sales [2][6] - Full-year gross profit was $939 million, with a gross margin of 14%, and net income totaled $374 million, resulting in an EPS of $1.50 [7] 2026 Guidance and Strategy - Amkor guided Q1 2026 revenue to be between $1.6 billion and $1.7 billion, indicating a 25% year-over-year growth at the midpoint, with expected lower seasonal margins [5][12] - The company plans capital expenditures of $2.5 billion to $3.0 billion for 2026, focusing on facility expansion and advanced packaging capacity [14][15] - Strategic priorities include enhancing technology leadership, expanding geographic footprint, and investing in advanced packaging platforms critical for AI and high-performance computing [9][10][11] Market Outlook - The company anticipates strong growth in computing, expected to exceed 20%, along with continued growth in advanced automotive, while other segments are projected to grow in single digits [16][19] - Amkor is optimistic about demand in communications, particularly related to iOS, and expects a solid performance in Android markets [18] - In the automotive sector, while overall unit sales are flat, the semiconductor content per vehicle is increasing due to the shift towards hybrid and electric vehicles [19] Operational Developments - The Vietnam facility reached break-even in Q4, and construction of the Arizona campus is underway, with a focus on expanding advanced packaging capacity [8][11][20] - The company is prioritizing high-density fan-out (HDFO) and other advanced packaging technologies, with new programs expected to launch in 2026 [10][11]

Core Viewpoint - Amkor Technology reported strong financial results for the quarter ended December 2025, with significant year-over-year growth in revenue and earnings per share, exceeding market expectations [1]. Financial Performance - Revenue for the quarter was $1.89 billion, reflecting a year-over-year increase of 15.9% [1]. - Earnings per share (EPS) for the same period was $0.69, compared to $0.43 a year ago, indicating substantial growth [1]. - The reported revenue surpassed the Zacks Consensus Estimate of $1.83 billion by 3.35% [1]. - The company achieved an EPS surprise of 60.47%, with the consensus EPS estimate being $0.43 [1]. Market Comparison - Over the past month, shares of Amkor Technology have returned -5.6%, while the Zacks S&P 500 composite experienced a -0.2% change [3]. - The stock currently holds a Zacks Rank 1 (Strong Buy), suggesting potential for outperformance in the near term [3]. End Market Distribution - Communications (smartphones, tablets) accounted for 49% of revenue, slightly above the two-analyst average estimate of 48.4% [4]. - Consumer markets (AR & gaming, connected home, home electronics, wearables) represented 14%, exceeding the estimated 13.7% [4]. - Automotive, industrial, and other sectors (ADAS, electrification, infotainment, safety) contributed 18%, closely aligning with the average estimate of 18.1% [4]. - Computing (data center, infrastructure, PC/laptop, storage) made up 19%, in line with the two-analyst average estimate of 19.8% [4].

Core Viewpoint - Amkor Technology is expected to report an increase in quarterly earnings and revenue for its fourth quarter, indicating positive financial performance [1][2]. Group 1: Earnings Expectations - The company is projected to report earnings of 44 cents per share for the fourth quarter, an increase from 43 cents per share in the same period last year [1]. - The consensus estimate for quarterly revenue is $1.84 billion, compared to $1.63 billion a year earlier, reflecting a significant growth [1]. Group 2: Recent Performance - On October 27, Amkor Technology reported better-than-expected earnings for the third quarter, which positively impacted its stock price [2]. - Following the earnings report, Amkor Technology shares rose by 11.5%, closing at $49.36 [2].

Core Viewpoint - The company, Tongfu Microelectronics, announced a breakthrough in technology research and development in the field of Chip-on-Photonic (CPO) packaging, with related products passing preliminary reliability tests by 2025 [1] Group 1 - The company is focusing on technological advancements in the CPO sector [1] - Initial reliability testing of the new products has been successfully completed [1] - Future developments will be guided by customer and market demand [1]

Financial Data and Key Metrics Changes - Consolidated net revenues for Q4 were NT$177.9 billion, a 6% sequential increase and a 10% year-over-year increase [15] - Fully diluted EPS for Q4 was $3.24, and basic EPS was $3.37 [14] - Gross profit was NT$34.7 billion, with a gross margin of 19.5%, improving by 2.4 percentage points sequentially and 3.1 percentage points year-over-year [15] - Operating profit for Q4 was NT$17.7 billion, up NT$4.5 billion sequentially and NT$6.5 billion year-over-year, with an operating margin of 9.9% [16] - For the full year 2025, consolidated net revenues improved by 8% compared to 2024, with net income increasing by 25% to NT$40.7 billion [20] Business Line Data and Key Metrics Changes - The ATM business grew by 20% in 2025, accounting for 60% of consolidated net revenue, up from 54% in 2024 [18] - The EMS business declined by 5% annually, with revenues flat sequentially at NT$69 billion in Q4 [28] - The testing business grew 36% year-on-year in 2025, supported by expanding turnkey and leading-edge test services [10] Market Data and Key Metrics Changes - The overall ATM utilization rate was around 80%, with higher loading in Taiwan factories [13] - The general segment is expected to grow at a similar pace as last year, driven by AI proliferation and recovery in automotive and industrial sectors [11] Company Strategy and Development Direction - The company is focusing on expanding its footprint outside Taiwan, particularly in Penang, Korea, and the Philippines, to capture customers and wafers not produced in Taiwan [9] - The strategy includes a "Taiwan Plus One" approach to support global manufacturing requirements [8] - The company aims to double its LEAP revenue to TWD 3.2 billion in 2026, with a strong focus on leading-edge solutions [11][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the semiconductor manufacturing leadership in Taiwan and the competitive advantages of the Taiwan cluster amid supply constraints [5][6] - The outlook for 2026 is optimistic, with expectations for continued revenue growth driven by leading-edge solutions and broad-based semiconductor demand [11][37] Other Important Information - Machinery CapEx for 2025 totaled TWD 3.4 billion, with significant investments in R&D and advanced capacity [10][33] - The company plans to remain aggressive in CapEx spending to support strong business prospects for 2026 and beyond [37] Q&A Session Summary Question: Can you provide a breakdown of LEAP business revenue? - Management indicated that LEAP revenue is expected to double to TWD 3.2 billion, with a significant portion coming from OS and wafer sort testing, and full process revenue expected to triple [41][42] Question: What is the outlook for the mainstream business? - The mainstream business is expected to grow at a similar pace as last year, with a friendly pricing environment and decent loading from IoT, automotive, and industrial sectors [51][52] Question: Is the EMS business being downsized? - Management clarified that the EMS business is not being downsized but is realigning to focus on AI and system-level optimization opportunities [96][97] Question: How much of the CapEx is going to full process packaging? - Management stated that about 10% of the LEAP revenue will come from full process packaging, with ongoing collaboration with foundry partners [111][112]

Core Viewpoint - The company is positioned as one of the few domestic packaging and testing enterprises with capabilities in HBM packaging and CPO silicon photonic packaging, highlighting its competitive edge in the AI computing packaging sector [1] Group 1: Technology and Innovation - The company has achieved significant breakthroughs in the field of optical-electrical co-packaging (CPO) by 2025, with related products passing initial reliability tests [1] - The self-developed thermal management technology addresses high-end computing power challenges, enhancing the company's technological advantage [1] Group 2: Market Position and Client Considerations - The technological advantages in CPO are becoming a core consideration for leading computing power clients in their collaboration decisions [1] - Future developments will be assessed based on customer and market demands, indicating a responsive approach to market needs [1]

格隆汇2月3日丨气派科技(688216.SH)近日接受特定对象调研时表示，受2020~2021年半导体行业爆发式 增长的影响，大量资本涌入，产能的无序扩张及行业去库存导致封测价格呈现大幅度下降；经过持续三 年多的去库存期，终端需求逐渐恢复增长，目前整体行业回暖，从2025年四季度开始订单逐步饱满。另 外随着AI、算力、存储等需求对先进封装产能要求较高，挤占了封测行业龙头的传统封装产能，行业 整体情况向好。从订单方面来看，公司目前来料订单创新高。 ...

格隆汇2月3日丨气派科技(688216.SH)近日接受特定对象调研时表示，2026年公司全力以赴提高公司规 模，一方面随着行业景气度回暖，以及目前原材料、设备等上下游的涨价趋势，公司将结合实际情况逐 步推动不同产品的价格调整；另一方面公司将根据本次行业周期的恢复调整公司产品结构、产能分配。 ...

1月26日，甬矽电子跌4.41%，成交额10.26亿元。两融数据显示，当日甬矽电子获融资买入额6527.25万 元，融资偿还1.25亿元，融资净买入-6010.24万元。截至1月26日，甬矽电子融资融券余额合计5.24亿 元。 截至9月30日，甬矽电子股东户数2.10万，较上期增加25.61%；人均流通股13336股，较上期减少 20.14%。2025年1月-9月，甬矽电子实现营业收入31.70亿元，同比增长24.23%；归母净利润6312.47万 元，同比增长48.87%。 分红方面，甬矽电子A股上市后累计派现4280.43万元。 融资方面，甬矽电子当日融资买入6527.25万元。当前融资余额5.21亿元，占流通市值的2.74%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，甬矽电子1月26日融券偿还2407.00股，融券卖出3780.00股，按当日收盘价计算，卖出金额 17.53万元；融券余量7.16万股，融券余额332.10万元，超过近一年90%分位水平，处于高位。 资料显示，甬矽电子(宁波)股份有限公司位于浙江省余姚市中意宁波生态园兴舜路22号，成立日期2017 年11月13日，上市日期2 ...