碳化硅衬底需求大涨？业内专家“泼冷水”：台积电2.5D封装根本不用它_老虎社区_美港股上老虎

碳化硅衬底需求大涨？业内专家“泼冷水”：台积电2.5D封装根本不用它

每日经济新闻05-16

在芯片几乎全行业都处于需求上升之际，被视为第三代半导体的碳化硅却是另外一番风景——无论是海外大厂Wolfspeed，还是国内碳化硅大厂天岳先进，其业绩表现均不佳。　　在此背景下，碳化硅行业盯上了当下最热门的赛道：先进封装，特别是2.5D先进封装。近期，A股碳化硅概念持续火热，天岳先进、露笑科技一度受到投资者热捧。　　天岳先进此前曾表示，在先进封装领域，依托碳化硅高导热、低翘曲的特性，布局高端散热...

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Industry experts \"pour cold water\": TSMC's 2.5D package doesn't use it at all","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/4968cb0fa281ed6d8b9eb92321adfc12","symbols_score_info":{"688234":1.89,"WOLF":1.81,"02631":1.89,"TSMY":0.6,"TSMZ":0.6,"TSMG":0.6,"TSM":1.91,"TSMX":0.6,"STSM":0.6,"03145":0.6,"TSMU":0.6},"content_text":"在芯片几乎全行业都处于需求上升之际，被视为第三代半导体的碳化硅却是另外一番风景——无论是海外大厂Wolfspeed，还是国内碳化硅大厂天岳先进，其业绩表现均不佳。　　在此背景下，碳化硅行业盯上了当下最热门的赛道：先进封装，特别是2.5D先进封装。近期，A股碳化硅概念持续火热，天岳先进、露笑科技一度受到投资者热捧。　　天岳先进此前曾表示，在先进封装领域，依托碳化硅高导热、低翘曲的特性，布局高端散热中介层相关产品开发。　　然而，蓉和半导体咨询CEO吴梓豪告诉《每日经济新闻》记者（以下简称“每经记者”）：“台积电两年前的2.5D封装，使用硅中介层，但如今已经使用有机材料，即环氧树脂。”　　也就是说，碳化硅替代硅应用在中介层的逻辑并不成立，因为中介层已经改用环氧树脂材料了。　　量增价跌，中外碳化硅大厂齐陷亏损泥潭　　2025财年，Wolfspeed营业收入7.58亿美元，同比下降6%；归母净利润亏损16.09亿美元，相比上年亏损扩大。　　国内碳化硅厂商同样业绩不佳。天岳先进2025年营收14.65亿元，同比下降17.15%；归母净利润亏损2.08亿元，由盈转亏。　　对于上述业绩表现，天岳先进表示，主要原因系碳化硅衬底产品平均价格下降导致营收及毛利下滑，叠加销售、研发费用同比上升，以及所得税费用和滞纳金支出增加等因素。　　天岳先进进一步表示，公司碳化硅衬底产品销量实现显著增长，市场需求呈现积极释放态势，产销衔接效率有效提升，销量增速高于生产量增速，反映出下游应用场景的持续拓展与渗透率提升。然而，受宏观经济环境变化、行业供需关系动态调整及产业阶段性因素影响，叠加公司为扩大市场占有率、巩固行业地位而实施的主动市场渗透策略，产品平均销售价格阶段性下调。　　2025年，天岳先进碳化硅衬底生产量69.04万片，同比增长68.31%；销售量63.33万片，同比增长75.33%。 天岳先进2025年年度报告　　在生产量和销量均快速增长的同时，营业收入却反而下降，由此可见碳化硅衬底行业的竞争何等激烈。　　在此背景下，天岳先进表示，尽管价格调整对短期营收规模形成阶段性压力，导致整体收入同比出现下滑，但公司准确把握市场机遇，通过优化产品结构和积极拓展高景气应用领域，有效扩大了市场份额，夯实了行业地位。同时，公司持续推动产品结构升级，深化高景气赛道布局，为后续增长奠定基础。　　从中介层到散热贴片，碳化硅的AI赛道真相 　　碳化硅衬底主要分为半绝缘型和导电型。半绝缘型主要用于制造氮化镓外延，用于射频、快充等领域；导电型主要用于制造碳化硅外延，用于功率MOSFET（金属—氧化物—半导体场效应晶体管）等器件生产。　　那么，天岳先进所指的高景气赛道又是什么呢？　　天岳先进表示，公司于2025年7月与舜宇奥来微纳光学（上海）有限公司达成战略合作，双方将整合碳化硅材料与光学技术优势，推动碳化硅衬底材料在光学领域应用，开拓新的蓝海市场。　　在AI数据中心供电方案中，公司配合全球头部功率器件厂商，就下一代电源管理芯片的研发展开密切合作。　　在先进封装领域，天岳先进配合全球头部客户推进SiC（碳化硅）的应用突破。同时，在芯片散热方向，公司目前已成功将半绝缘碳化硅衬底应用于高功率激光器芯片的散热层，并已形成批量出货，验证了碳化硅散热在产业端规模化应用的可行性。　　其中，与AI产业链相关，主要是AI数据中心电源以及先进封装。尤其是先进封装，正是半导体行业最受瞩目的赛道。　　无论是HBM（高带宽内存）还是2.5D封装，均离不开Interposer（中介层）。随着摩尔定律慢慢走向终结，当下芯片发展的方向不仅仅是微缩，还需要走向立体空间，即2.5D和3D先进封装。而这两种封装方式中，中介层起到至关重要的作用。　　此轮碳化硅炒作热点，很大程度上便是碳化硅在中介层的应用潜力。相比硅，碳化硅的散热性能要更好。　　吴梓豪向每经记者表示：“现在中介层不承担散热的作用。CoWoS-S（硅中介层2.5D先进封装）时代，中介层使用硅。早在两年前，台积电就已经进入CoWoS-L（局部硅互连与再布线混合型2.5D先进封装）时代，中介层使用环氧树脂，这种有机材料不承担散热作用。”　　“CoWoS-L的散热，需要靠液冷，与中介层没有关系。而CoWoS-L的下一代是CoPoS（芯片—面板—基板封装），这种技术使用的是玻璃基板，与碳化硅也没有关系。”吴梓豪补充道。　　简而言之，碳化硅替代的是上一代CoWoS-S的硅中介层。当下主流CoWoS-L和下一代CoPoS，均不会使用碳化硅作为中介层。即碳化硅确实比硅散热性能好，但当下技术并不使用中介层散热，而下一代技术直接使用玻璃基板。　　那么，台积电使用碳化硅的传言，又是如何流传的呢？吴梓豪解释称：“今年1月份，台积电测试碳化硅、金刚石。因此，中国台湾市场开始传碳化硅（的消息）。不过，台积电是测试碳化硅、金刚石作为散热贴片，而不是做Interposer。然而，台积电最后散热贴片的选择还是金刚石，而非碳化硅。”　　碳化硅衬底在未来AIDC（人工智能数据中心）、散热材料领域拥有较大的发展潜力，而不是“当红炸子鸡”先进封装。（文章来源：每日经济新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}