Simply put, packaging test is to protect the chip with the shell after the chip is completed, and then test whether the packaged chip can work normally.
In the process of packaging testing, it is mainly labor-intensive industries. We have obvious advantages in terms of labor cost.
Then some people may ask, if we talk about labor costs, why is packaging inspection not an advantage for Africa?
On the one hand, labor cost is the key, but at the same time, packaging inspection should also have a certain industrial base. You know, China is the largest manufacturing factory in the world, and it has become the country with the strongest chip packaging test in the world through multi-party integration.
Who is the strongest packaging testing company in Chinese mainland? The answer is changdian technology, and the packaging test of changdian technology ranks third in the world, and Chinese mainland ranks first.
Changdian Technology was founded in 1972, formerly known as Jiangyin Transistor Factory.
Since 1994, Changdian Technology Company has been involved in the packaging and testing business. By 20 19, changdian technology has become a large enterprise with an operating income of 23.5 billion, with three production bases: Singapore factory, Korea factory and jiangyin factory. Moreover, 94% of the company's chip packaging is advanced packaging, and traditional packaging only accounts for 6%.
As a leading chip packaging and testing enterprise in China, it is also the key support object of the state. For example, by the end of the first half of the year, the National Integrated Circuit Industry Investment Fund held 0/9% of the shares of Changdian Technology/KLOC-0, making it the largest shareholder of the company, which shows the great support.
As the largest chip packaging enterprise in Chinese mainland, the company has close ties with the strongest wafer foundry enterprise in Chinese mainland. For example, the chairman of Changdian Technology is Zhou, and he is also the chairman. Of the seven non-independent directors on the board of directors of Changdian Technology, five are related to SMIC, which is obviously a strong alliance between SMIC and Changdian Technology.
More importantly, as such an excellent company, the current valuation is relatively cheap. For example, Changdian Technology now has a price-to-book ratio of 4.5 times, and its valuation is generally reasonable.
Although the company's revenue growth rate has slowed down since 20 17, it is expected to enter the acceleration zone in the future. The reason is that the chip industry in China is accelerating.
Since 20 13 years, the sales of integrated circuits in China have basically maintained a high growth rate of more than 15%, and the high growth of chip industry will naturally lead to an increase in the demand for packaging testing. As the strongest sealing and testing enterprise in Chinese mainland, Changdian Technology naturally benefits.