Fubon Investment Advisory: It is estimated that the gap rate of ABF carrier boards in 2022 will still reach more than 20%.

Jiwei network news, on February 6, according to the Industry and Commerce Times news, although the IC carrier board industry is in short supply is no news, but with the expansion of new applications, ABF carrier board specifications continue to upgrade, supply shortage is expected to continue, Fubon Investment Advisory estimates that the gap rate of ABF carrier board in 2022 is still more than 20%.

ABF carrier board is mainly used in CPU, GPU and other high-speed computing chips, in recent years, in 5G, automatic driving, cloud computing and AI and other emerging applications driven, more powerful processor demand has risen, in addition to driving heterogeneous integration, small chip advanced packaging technology, because the new processor is usually larger size, and the new packaging technology requires more ABF carrier board layers, the demand for production capacity is also relatively increased.

In addition, the significant growth in the area of the wafer carrier used in the new Apple laptop also offsets the slowdown in the growth of the PC market. Apple M1 Pro and M1 Max chips are used in the 14.2-inch MacBook Pro and 16.2-inch MacBook Pro laptops, respectively, the new chips in addition to the introduction of SoC architecture, because of the memory bandwidth and capacity increased, it is estimated that the required carrier board area will be 90 to 250% larger than the previous generation M1 chip, Apple pen power market share increased, but also the ABF demand to form a support.

Fubon Investment Advisory estimates that the abf demand growth rate in 2022 is as high as 53%, while the capacity expansion of carrier board manufacturers is only about 30%, so supply and demand in 2022 are still tight.

In addition to ABF, Fubon Investment Advisory also expects that BT carrier boards will also be in short supply in 2022. Although China's mobile phone demand has slipped since the fourth quarter of last year, the impetus from the new specifications can still promote the growth of BT carrier boards, coupled with the expansion of consumer electronics applications, the BT carrier board boom is still not bearish. (Proofreading/New)