The Zhitong Finance App learned that Haitong Securities released a research report saying that the overall inventory removal situation in the semiconductor industry is nearing its end, 24H2E is expected to return to a growing trend, and the capital expenditure of the 2024E testing plant will be significantly better than in 2023. For example, the bank has seen the groundbreaking of Micron's sealing and testing plant in Xi'an, the launch of Huatian Nanjing Phase II project, and Xinpeng Wei will start project cooperative investment and construction with the sealing and testing factory in due course. It is recommended to focus on relevant investment opportunities for back-end sealing and testing equipment companies, including Guangli Technology (300480.SZ), Changchuan Technology (300604.SZ), Huafeng Measurement and Control (688200.SH), Jingzhida (688627.SH), Jinhaitong (603061.SH), and Linkage Technology (301369.SZ).

The views of Haitong Securities are as follows:

Huatian Nanjing Phase II project was launched, with an additional investment of 10 billion yuan.

The Huatian Nanjing Integrated Circuit Advanced Packaging and Testing Industrial Base Project (Phase I) project settled in Nanjing. It only took 17 months from commencement of construction to completion and commissioning. It was officially put into operation in July 2020, and an output value of 2.9 billion yuan was achieved in 2023. According to a WeChat account report published by Phoenix News Jiangsu and Nanjing, Tianshui Huatian Electronics Group signed a contract in Pukou on March 28, 2024 to establish the second phase of the Huatian Nanjing Integrated Circuit Advanced Packaging and Testing Industrial Base project, with an additional investment of 10 billion yuan, a new 200,000 square meter plant and supporting facilities, and the introduction of new high-end production equipment. It is expected that the product will be widely used in storage, radio frequency, computing power, autonomous driving and other fields. After delivery, the company is expected to achieve an output value of 6 billion yuan.

Micron's new packaging and testing plant in Xi'an has broken ground, with an additional investment of 4.3 billion yuan.

In June 2023, Micron announced an additional investment of RMB 4.3 billion in Xi'an, including building a new plant, introducing a new production line, and manufacturing a wider range of product solutions, including but not limited to mobile DRAM, NAND and SSD, to expand the existing DRAM packaging and testing capabilities at the Xi'an plant. On March 27, 2024, the company announced that the new packaging and testing plant in Xi'an has officially broken ground and is expected to be put into operation in the second half of 2025; after completion of the new plant, the total area of Micron's Xi'an plant will exceed 132,000 square meters (1.4 million square feet).

Chippeng will launch project cooperation, investment and construction with the sealing and testing plant in due course.

On April 28, 2023, Chippeng revealed the “Prospectus for Issuing A-share Securities to Specific Targets”, which raised 969 million yuan in capital, including R&D and industrialization projects for NEV high-voltage power supplies and electric drive power chips (total investment of 398 million yuan), industrial-grade digital power management chips and supporting power chips R&D and industrialization projects (total investment of 488 million yuan). The company indicated that the fund-raising investment project is conducive to technological collaborative innovation and continuous iterative optimization of power chip design and module packaging to increase the company's high density Core technical competitiveness in power packaging. On March 26, 2024, according to the Shanghai Securities Interactive e disclosure, the company responded to the investor's question “How is the fixed increase cooperative closed testing project being carried out?” At the time, it was stated that the company will start investment and construction of the project in due course according to the overall project plan.

Risk warning: Weak macroeconomic conditions have led to consumer demand for downstream electronic terminal products falling short of expectations, slow recovery in capacity utilization in fabs and packaging and testing plants, intensifying market competition, slow progress in introducing new products, falling short of expectations in new technology research and development, and the risk of leaving core technicians.