Yin Neng Technology Secures Dual-Camp Positioning, Forecasting Doubled Revenue and 30% Capacity Increase This Year

Yin Neng Technology (7734-TW) continues to expand its customer base, recently benefiting from surging demand for TSMC's (2330-TW)(TSM-US) CoWoS and SoIC technologies, while also reportedly commencing shipments for Intel's (INTC-US) EMIB platform after years of development. As both major foundry camps advance their advanced packaging technologies in parallel, Yin Neng Technology is expected to see quarterly growth throughout 2024. Financial analysts estimate the company's revenue will double this year, with even stronger momentum anticipated in 2025.

Yin Neng Technology currently operates with a monthly equipment production capacity of approximately 40 units. To meet rising customer demand, the company has initiated a new expansion plan, converting its existing third-floor factory space into a production zone. This upgrade is expected to add over 10 additional units per month, increasing total capacity by around 30-40%.

In recent years, Yin Neng Technology has experienced rapid revenue growth driven by TSMC's continuous expansion of CoWoS process capacity. With TSMC expected to steadily increase production in the future, demand for Yin Neng's equipment continues to rise. The company has also reportedly entered the SoIC supply chain, utilizing its third-generation equipment, with shipments beginning in the second half of this year.

Market estimates suggest TSMC's SoIC capacity will triple within just three years. By the end of this year, monthly capacity is projected to reach approximately 20,000 wafers, doubling to 40,000 wafers next year, and potentially reaching 80,000 wafers the following year. As customers ramp up production, Yin Neng's related equipment shipments are expected to grow significantly in 2025.

With global advanced packaging capacity in tight supply, Intel's EMIB process has gained favor among multiple end customers, reportedly securing numerous orders and launching a multi-year expansion plan. Yin Neng Technology, having developed EMIB-related equipment for years, began limited shipments in the first half of this year. Shipments are expected to scale up progressively alongside Intel's EMIB product roadmap, becoming a new growth driver.

Beyond existing advanced packaging technologies, Yin Neng Technology is actively entering new applications such as CPO, FOPLP, and warpage control. Recently, as chip and photomask sizes continue to grow, warpage has emerged as a critical challenge. In response, Yin Neng has launched its WSAS product, currently undergoing customer validation, with potential progress expected by the fourth quarter.