20240331_华创证券_电子行业深度研究报告：AI浪潮汹涌HBM全产业链迸发向上_28页.pdf

2009 1210 2024 03 31 AI HBM AI HBM HBM 3D DRAM I/O 2013 HBM HBM3E 36GB 9.2Gbps 1.18TB ChatGPT AI HBM NVIDIA CSP HBM HBM 2024 169 288%DRAM 20.1%11.7pct SK HBM TrendForce 2022 HBM SK 50%40%Micron 10%TSV TSV HBM 30%TSV HBM DRAM TSV Via Middle/HBM Flip chip TCB HBM 2030 1400 TSV MR-MUF EMC MR-MUF EMC SK HBM3 MR-MUF TC-NCF SK 2016 HBM2E EMC TSV HBM underfill HBM 0755-82755859 S0360517100004 S0360521120002 S0360523060001 S0360523080011%()464 0.06()67,985.73 7.70()51,606.31 7.51%1M 6M 12M 10.7%-2.3%-12.1%9.1%2.9%-0.8%OLED 2024-02-24 AI 2024-02-21 2023-12-30-35%-21%-6%8%23/03 23/06 23/08 23/10 24/01 24/032023-03-292024-03-29 300 2009 1210 HBM HBM HBM 1 TSV 2 TSV MR-MUF EMC HBM HBM AI HBM 2024 288%169 DRAM 20%SK HBM TSV MR-MUF TSV HBM 30%TSV HBM MR-MUF EMC SK HBM3 HBM underfill WUCXyRmRsRpOpRmPtOsNnM9P9R6MmOrRsQmQjMpPnRlOmMnM9PoOuMuOtQwOuOoOmO 2009 1210 3 HBM AI.5 HBM AI HBM.5 SK&.8 HBM TSV MR-MUF.9 TSV HBM.10 MR-MUF HBM3.12 HBM.14.17.17 1 SK HBM.17 2 HBM.18 3.18 4 TGV/.19 5.19.20 1“”.20 2.20 3.21 4.21 5+.22 6.22 7/.22 8 DRAM.23.23 1 AI.23 2.24 3 EMS.24.25 1 SK SSD.25.25 2009 1210 4 1 GDDR5 HBM.5 2 GDDR5 HBM.5 3 HBM.6 4 HBM.6 5.7 6 AI.7 7 HBM3.8 8 2022-2024E HBM.8 9 HBM.8 10 HBM.9 11 20232024E HBM/TSV.9 12 HBM.9 13 TSV.10 14 TSV.10 15 HBM 2.5D.10 16 HBM 4 DRAM+1 99.5%.11 17 HBM 4 DRAM+1 99%.11 18 TSV.12 19 MR-MUF.12 20 TC-NCF.12 21 SK.13 22.13 23 SK EMC MR-MUF.13 24 EMC.14 25.14 26(Vertical Lamination).15 27 W2W D2W.16 28.16 29.17 H7iKiR7LdimgF8oekpBce8iCYydMK33bsDsO0TSEcfb16Q9A9RIy5o5+2DeNZT73 2009 1210 5 HBM AI HBM AI HBM HBM High Bandwidth Memory 3D DRAM I/O GDDR5 2009 AMD HBM 2013 HBM 1 GDDR5 HBM TechSpot 2 GDDR5 HBM Hardware Times HBM DRAM die TSV Microbump DRAM die DRAM uBump Interposer GPU Interposer Bump BALL BGA ball 2009 1210 6 3 HBM TechSpot HBM 2014 HBM1 128Gb/s DDR4 GDDR5 1GB 2018 HBM2 HBM1 2-3 307GB/s 4-8 2020 HBM2 HBM2E 2022 HBM3 8/12 16/24GB 2024 2 HBM3E H200 GPU 2024 HBM3E 36GB 9.2Gbps 1.18TB 4 HBM HBM1 HBM2 HBM2E HBM3 HBM3E 2Gb 8Gb 16Gb 16Gb 24Gb 128GB/s 307GB/s 460GB/s 819GB/s 1.18TB/s 4 4/8 4/8 8/12 8/12 I/O 1Gbps 2.4Gbps 3.6Gbps 6.4Gbps 9.2Gbps 1GB 4/8GB 8/16GB 16/24GB 24/36GB SK Hynix embedded HBM ChatGPT AI GPT-3 20 90000 DDR GDDR6x/30 HBM DDR 2009 1210 7 5 OneFlow HBM3 AI NVIDIA A100 H100 80GB HBM2E HBM3 Grace Hopper HBM 20%96GB 2024 GTC Blackwell GPU 192GB HBM3E 8TB/s AMD MI300 HBM3 MI300X 192GB HBM3 5.2TB/s 6 AI GPU GPU NVIDIA V100 SXM2 2017 HBM2 16GB/32GB 900 GB/s NVIDIA A100 SXM 2020 HBM2e 80GB 2039 GB/s NVIDIA H100 SXM 2022 HBM3 80GB 3.35 TB/s NVIDIA H200 SXM 2023 HBM3E 141GB 4.8TB/s NVIDIA B100 2024 HBM3E 192GB 8TB/s NVIDIA B200 2024 HBM3E 192GB 8TB/s AMD Instinct MI100 2020 HBM2 32GB 1.2 TB/s AMD Instinct MI200 2021 HBM2e 128GB 3.2 TB/s AMD Instinct MI300A 2023 HBM3 128GB 5.2 TB/s AMD Instinct MI300X 2023 HBM3 192GB 5.2 TB/s AMD HBM 24 169 NVIDIA CSP HBM TrendForce 2024 HBM 260%2023 2024 AI AI HBM 2023 HBM2e HBM3 TrendForce 2022-2024 HBM3 8%/39%/60%HBM3 ASP HBM 2024 169 288%HBM DRAM 20.1%11.7pct 2009 1210 8 7 HBM3 8 2022-2024E HBM TrendForce TrendForce SK&SK HBM 2012 HBM1 2016 4GB HBM2 DRAM 8GB HBM2 2019 8 SK HBM2e 2020 2 16GB HBM2e Flashbolt 2020 2021 10 SK HBM3 2022 6 HBM 2018 HMC GDDR6 HBM HBM3E 9 HBM TrendForce SK HBM TrendForce 2022 HBM SK 50%40%Micron 10%SK HBM3 NVIDIA GPU CSP 2024 SK 8%39%60%70%50%25%22%11%15%0%20%40%60%80%100%2022 2023E 2024FHBM3 HBM2e 20.843.6169.10.0%5.0%10.0%15.0%20.0%25.0%01002003004005006007008009002022 2023E 2024FHBM DRAM HBM 2009 1210 9 HBM3E 10 HBM 2022 2023 E 2024 F SK 50%4649%4749%40%4649%4749%10%46%35%TrendForce HBM 2024 HBM Die Size DDR5 35 45%TSV DDR5 20 30%TSV DDR5 1.52 HBM DDR5 TrendForce 2024 HBM/SK/2024 TSV HBM 130K/120125K/20K 11 20232024E HBM/TSV SK 2023 45K/m 45K/m 3K/m 2024 130K/m 120-125K/m 20K/m TrendForce HBM TSV MR-MUF HBM Bumping()Stacking()KGSD TSV MR-MUF HBM 12 HBM SK Hynix 2009 1210 10 TSV HBM TSV TSV Through-Silicon Vias 1 Pin 2 TSV TAB 13 TSV 14 TSV SK Hynix HBM HBM 2.5D HBM 2.5D HBM/HBM 15 HBM 2.5D SK Hynix 2009 1210 11 TSV HBM 3DinCites 4 DRAM core die 1 base die HBM 99.5%99%TSV TSV 30%28%16 HBM 4 DRAM+1 99.5%17 HBM 4 DRAM+1 99%3DInCites 3DInCites TSV HBM DRAM TSV Via Middle Via Middle Front-end of Line Hard Mask Dry Etching Chemical Vapor Deposition Chemical Mechanical Polishing Back-end of Line TSV,18%TSV,12%,20%,20%,15%,3%,1%TSV,7%,4%TSV,17%TSV,11%,19%,19%,15%Bump,3%,1%TSV,7%,8%2009 1210 12 18 TSV SK Hynix MR-MUF HBM3 MR-MUF TC-NCF MR-MUF Mass reflow molded underfill TSV TC-NCF NCF Non Conductive Film NCF MR-MUF TC-NCF EMC 19 MR-MUF 20 TC-NCF SK Hynix SK Hynix MR-MUF EMC SK HBM3 2016 SK 8 HBM2E 2009 1210 13 TSV 12 HBM3 DRAM 8 16GB 12 24GB 50%DRAM 40%13%SK EMC MR-MUF 12 2.5 HBM 21 SK SK Hynix EMC HBM3 EMC Epoxy Molding Compound 90%22 23 SK EMC MR-MUF SK Hynix SK Hynix EMC 60%90%18%9%3%2009 1210 14 90.50%24 EMC 60%-90%18%9%3%2019 1M-4M 8M-16M 25 HBM/HBM HBM TSV 4-12 16 HBM 720 2009 1210 15 Hybrid Bonding I/O 26(Vertical Lamination)SK Hynix(W2W)(D2W)W2W DRAM W2W 2009 1210 16 27 W2W D2W semianalysis KLA CMP 28 semianalysis AMD Ryzen 7 5800 x SoIC 7nm 64MB SRAM 7nm Besi 2024 HBM 2030 1400 2009 1210 17 Flip chip TCB Besi 200 250 29 Besi HBM+1 SK HBM LNG LNG LNG/SOD LDS LNG-162 3 LNG 2 GTT LNG GTT NO96 super+HBM DRAM 1b 200X NAND 3 2009 1210 18 High-K EMC MUF LOW-SK AI HBM 2 HBM FC+DIP TO SOT SOP SOT SOP“FC”“LMC”HBM QFN BGA FC SiP FOWLP/FOPLP QFN FC LMC HBM GMC GMC GMC HBM HBM HBM 3 1 UV 2 3 4 HBM DRAM DRAM Bump DRAM DRAM Bump underfill 2009 1210 19“Low-k TCB”02“underfill”2023 4 4 TGV/TFT Mini LED Mini/Micro LED TGV TGV IC 1 2 3 3D 4 cpu gpu CPO TGV TGV 10 m 0.09-0.2mm 5 1 14nm 2 128 192 3 2022 KrF KrF ArF 4 CMP STI Slurry Poly slurry W slurry-2009 1210 20 TSV Bumping 90-14nm,HBM TSV TSV 1&PECVD ALD SACVD HDPCVD 2023 64 Demo 2022 18 1 m W2W Dione 300 D2W Pollux Dione300 Pollux 2 CMP+Universal CMP Versatile HSC HSDS/HCDS+MEMS MicroLED CMP Versatile-GP300 3D IC CMP 2023 Versatile-GP300 Versatile-GP300 12 TTV 1um CMP 2023 2009 1210 21 Chiplet Chiplet CMP 3+AI ICP CCP 12 CCP CCP/2020 12 PSE V300 12 Fab TSV 4 ICP CCP 12 65nm 5nm;3D NAND 128 ICP CCP TSV MEMS LPCVD ALD 2024 10 EPI Bevel 2024 2009 1210 22 5+Spin Scrubber track offline I-line KrF ArF KrF I-line offline Barc SOC chiplet 6+AI KLA+&7/8/12 2009 1210 23 SEMI 90%OPTIMA+8 DRAM AMOLED TCL DRAM DRAM HBM 1 AI AI AI AI 5nm 4nm 3nm FCBGA Chiplet AMD+AMD 80%AI 5G 2.5D/3D Chiplet 2009 1210 24 Chiplet 2 2022A/2023H1 34.98/16.05 3.57/2.22 10.2%/13.8%5 AI 2.5D Chiplet XDFOI 5G AI/IoT 3 EMS ODM JDM 2015 100%DRAM NAND NAND FLASH DRAM 2023 5G Bumping Flip-chip POPt 16 2009 1210 25 1 SK SSD SSD SK MTK HBM SK HBM 2022 HBM 2023 5 SSD 35%20%15%37%SSD ODM HBM HBM 2009 1210 26 2019 2016 2017 2019 3 2020 1 2022 2022 2021 2021 2023 2023 2009 1210 27 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 28 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522