英偉達新一代GPU有望採用碳化硅中介層，SiC襯底新應用打開公司成長空間

東方財富

2025/09/07

晶盛機電(300316)投資要點事件：英偉達計劃在新一代GPU芯片的CoWoS工藝中以碳化硅取代硅中介層，預計2027年導入。英偉達高階GPU均採用CoWoS結構，後續高性能版本散熱需求更高：英偉達GPU芯片從H100到B200均採用CoWoS封裝（芯片-晶圓-基板）技術。CoWoS通過將多個芯片（如處理器、存儲器等）高密度地堆疊集成在一個封裝內，顯著縮小了封裝面積，並大幅提升了芯片系統的性能和...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hant/news/2565540913"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2565540913\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2565540913?lang=zh_TW&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-09-07 16:30","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2565540913","market":"us","top_or_hot":-1,"title":"英偉達新一代GPU有望採用碳化硅中介層，SiC襯底新應用打開公司成長空間","media":"東方財富","content":"<div>\n<p>晶盛機電(300316)投資要點事件：英偉達計劃在新一代GPU芯片的CoWoS工藝中以碳化硅取代硅中介層，預計2027年導入。英偉達高階GPU均採用CoWoS結構，後續高性能版本散熱需求更高：英偉達GPU芯片從H100到B200均採用CoWoS封裝（芯片-晶圓-基板）技術。CoWoS通過將多個芯片（如處理器、存儲器等）高密度地堆疊集成在一個封裝內，顯著縮小了封裝面積，並大幅提升了芯片系統的性能和...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250907163049951a2039&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英偉達新一代GPU有望採用碳化硅中介層，SiC襯底新應用打開公司成長空間</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英偉達新一代GPU有望採用碳化硅中介層，SiC襯底新應用打開公司成長空間\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">東方財富</strong><span class=\"h-time small\">2025-09-07 16:30</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>晶盛機電(300316)投資要點事件：英偉達計劃在新一代GPU芯片的CoWoS工藝中以碳化硅取代硅中介層，預計2027年導入。英偉達高階GPU均採用CoWoS結構，後續高性能版本散熱需求更高：英偉達GPU芯片從H100到B200均採用CoWoS封裝（芯片-晶圓-基板）技術。CoWoS通過將多個芯片（如處理器、存儲器等）高密度地堆疊集成在一個封裝內，顯著縮小了封裝面積，並大幅提升了芯片系統的性能和...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250907163049951a2039&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250907163049951a2039&s=b\">東方財富</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NVD3.UK","symbol_name":"LS 3X NVIDIA","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250907163049951a2039&s=b","article_id":"2565540913","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250907163049951a2039&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2565540913","pubTimestamp":1757233845,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"晶盛機電投資要點事件：英偉達計劃在新一代GPU芯片的CoWoS工藝中以碳化硅取代硅中介層，預計2027年導入。英偉達高階GPU均採用CoWoS結構，後續高性能版本散熱需求更高：英偉達GPU芯片從H100到B200均採用CoWoS封裝技術。美國尼爾森科學採用的350μm碳化硅能夠製備出109:1的碳化硅中介層，顯著高於常規硅中介層的17:1深寬比。台積電預計2027年推出7×光罩CoWoS來集成更多處理&存儲器，中介層面積增至1.44萬mm2，對應更多襯底需求。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"NVD3.UK":"LS 3X NVIDIA","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","NVDA":"英伟达","3NVD.UK":"LS 3X NVIDIA","NVDS.UK":"LS -1X NVIDIA","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","SNVD.UK":"LS -1X NVIDIA","NVDS":"1.5倍做空NVDA ETF-Tradr","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4587":"ChatGPT概念","NVDU":"2倍做多NVDA ETF-Direxion","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","NVDX":"2倍做多NVDA ETF-T-Rex","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","NVD":"2倍做空NVDA ETF-GraniteShares","BK4549":"软银资本持仓","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","NVIW.SI":"NVDA 3xLongSG261006","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","NVDY":"NVDA期权收益策略ETF-YieldMax","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","2NVD.UK":"2X NVIDIA ETP","NVD2.UK":"2X NVIDIA ETP","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","NVDD":"1倍做空NVDA ETF-Direxion","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","BK4598":"佩洛西持仓","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC"},"translate_title":"Nvidia's new generation GPUs are expected to use silicon carbide interposers, and new applications of SiC substrates open up room for the company's growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVD3.UK":0.6,"NVDS":0.6,"NVD2.UK":0.6,"NVD":0.6,"NVDS.UK":0.6,"NVDX":0.6,"NVIW.SI":0.6,"NVDD":0.6,"SNVD.UK":0.6,"NVDA":1,"NVDY":0.6,"NVDU":0.6,"2NVD.UK":0.6,"3NVD.UK":0.6},"content_text":"晶盛機電(300316)投資要點事件：英偉達計劃在新一代GPU芯片的CoWoS工藝中以碳化硅取代硅中介層，預計2027年導入。英偉達高階GPU均採用CoWoS結構，後續高性能版本散熱需求更高：英偉達GPU芯片從H100到B200均採用CoWoS封裝（芯片-晶圓-基板）技術。CoWoS通過將多個芯片（如處理器、存儲器等）高密度地堆疊集成在一個封裝內，顯著縮小了封裝面積，並大幅提升了芯片系統的性能和能效。但隨着GPU芯片功率增大，將眾多芯片集成到硅中介層容易導致更高的散熱需求。SiC憑藉其高熱導率和高工藝窗口，有望顯著提升CoWoS結構散熱並降低封裝尺寸：①單晶碳化硅是一種具有高導熱性的半導體，其熱導率達到490W/m·K，比硅高出2–3倍，是高性能CoWoS結構中介層的理想材料。②與硅中介層相比，單晶SiC還具有更好的耐化學性，因此可以通過刻蝕製備出更高深寬比的通孔，進一步縮小CoWoS封裝尺寸。美國尼爾森科學採用的350μm碳化硅能夠製備出109:1的碳化硅中介層，顯著高於常規硅中介層的17:1深寬比。SiC新應用場景打開，帶來增量市場：以當前英偉達H1003倍光罩的2,500mm2中介層為例，假設12英寸碳化硅晶圓可生產21個3倍光罩尺寸的中介層，2024年出貨的160萬張H100若未來替換成碳化硅中介層，則對應76,190張襯底需求。台積電預計2027年推出7×光罩CoWoS來集成更多處理&存儲器，中介層面積增至1.44萬mm2，對應更多襯底需求。晶盛積極擴產6&8寸襯底產能，已具備12寸能力：公司目前已經攻克12英寸碳化硅晶體生長中的温場不均、晶體開裂等核心難題，實現了12英寸超大尺寸晶體生長的技術突破，成功長出12英寸導電型碳化硅晶體。盈利預測與投資評級：我們維持公司2025-2027年歸母淨利潤預測為10.1/12.5/15.4億元，當前股價對應動態PE分別為46/37/30倍，考慮到公司多業務仍具備成長性，維持「買入」評級。風險提示：碳化硅導入CoWoS工藝不及預期，技術研發不及預期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}