Hello, everyone, I'm Taejo Park, nice to meet you. The weather is really hot, so I hope all of you are taking care of your health. Today, I want to talk about semiconductor stocks. I brought this topic because it seems like semiconductor stocks are on the rise. I will discuss three things. First, why we should look at EUV-related stocks in the second half of 2024. Second, the importance of looking at a specific stock that involves TSMC, HBM, GAA, and Samsung's G process. Lastly, I want to talk about a stock that is currently doing well, related to HBM and hydrogen. I apologize for having a slight cold. What do you think about TSMC, HBM, GAA?

The topic is about EUV stocks, and it seems like we need to look into this. I have the thought that we should start from here. Lately, the trend is in semiconductor stocks, such as TSMC and Nvidia, being very hot. Nvidia finally confirmed its top spot in viewership yesterday, showing a very hot appearance. TSMC, on the other hand, cannot jump as it is a company that does packaging. Because of this hot trend in AI, it seems like we should look into TSMC's capex. Moreover, HBM, SK Hynix, and Samsung Electronics are starting to increase their capex. So, if you look at the picture next to it, in memory 34, there seems to be an increase in TSV capex, which seems to be HBM capex. Looking at the forecast, this year Samsung Electronics, Hynix, and Micron are expected to reach 120k, which is the ceiling.

Because of what, it becomes 1.2 million units. Originally, it means producing 1.2 million units. HBM, and Hynix will do about 135k, and Micron will increase to 30. What's important is, if you look at the right side, the capacity for this cost stacking, in the fourth quarter of 2023, it's 15k units per month. And in the fourth quarter of 2024, one year later, it will increase to 35,000 units, expanding like this. Due to this expansion, it's about 20k units per month, around 20k units, 20k wafers. Compared to what is increasing, the HBM capacity is planned to increase from 15 to 170k units per month. So if you look closely here, in the TSMC cost capacity, it seems that HBM is going from about four to as much as eight units. Then, TSMC increases by 20k units, and Hynix by 150k units.

If HBM fits perfectly into eight slots, then 28 to 16 is a perfect fit. Currently, the course quantity is just right for the production capacity of TSMC, so HBM is fitting in perfectly. There is not much expansion happening, and one of the reasons is that TSMC has the dominance. They could increase production capacity, but they are not doing so. This phenomenon is seen in the AI chip market. The current shortage is being observed. TSMC is aligning the course quantity perfectly. One of the reasons for this is, as mentioned before, because AMD and Nvidia are packaging at TSMC. Looking ahead to 2024 and 2025, with investments related to AI, the growth rate might not remain as high as it is now.

It's strong, but if TSMC immediately increases production to respond to current demand, what will happen? In the future, by around 2025 in six years, if competitors emerge, prices will drop, and once again, concerns about oversupply, which we dislike the most, may arise. Therefore, TSMC seems to be deliberately adjusting its production volume now. However, from what I have observed, ultimately, competitors who provide advanced packaging like TSMC will start entering the market. Samsung Electronics is already starting mass production of 2.5 packaging to respond to Cube 4 and 8 in the second and third quarters. Intel will also start producing around 5,000 units per month of such advanced packaging from the second quarter.

Since we are planning to supply advanced packaging to NVIDIA, we have no choice but to expand our capacity eventually due to the entry of competitors like TSMC. Therefore, it seems that in the fourth quarter of 2024, the capacity of ASKOS DSMC will increase by about 40k. What kind of phenomenon will occur then? Of course, the production volume of HBM will clearly start to increase. So, from here on, the most important thing in expanding HBM production is whether additional capacity can be supplied without expansion. Because the cost aspect becomes very important. So, in order to improve the yield of HBM, the possibility of continuous investment in inspection equipment seems quite high. In my opinion, inspection equipment for HBM testing is dominated by overseas companies.

It's a monopoly, and I've marked two major companies in red. Ah, Onto Innovation and Camtek. These are all currently listed. The ticker symbol for Onto Innovation is ONTO. Onto Innovation is listed on the New York Stock Exchange and rose about 3% yesterday. It's quite good like this. The stock price, ONTO, is for inspection equipment, and let's take a look at the second item, CT. The ticker symbol is CT, and it's Camtek. This stock has also risen significantly, from around $20 in 2023 to $122 now. So, whether domestically or internationally, companies related to HBM inspection equipment are a trend and play a very important role.

I think if you take a look, there is a high possibility of continuing to promote localization. Because inspection equipment is too monopolized, from a cost perspective and to respond to potential risks, domestic companies are continuing to promote localization. In particular, we have companies like Intech Plus, Solid Fantron, and Oros Technology. Among them, we will push forward with equipment related to HBN in the future, expanding and developing. Oros Technology seems to be the company that is actually supplying inspection equipment and is visible. Therefore, among companies promoting localization, in terms of inspection equipment, Oros Technology seems to be a good choice. As overseas companies have monopolies, there is a great need for domestic companies to promote localization.

However, as expected, the flow, yes, the companies we saw earlier, yes, they are wrong, but yes, the trend of inspection equipment will not change. From this perspective, I think we should pay attention to Orostechnology in the inspection equipment sector. And if I look at the second trend, so well, this is a bit, well, in terms of TSV inspection equipment and HBM power phenomenon inspection equipment, Orostechnology will be supplying these. Orostechnology, when viewed on a monthly basis, maintains a trend and came out with some adjustments reflected in advance, so if we look at Orostechnology in circulation, that should be sufficient. I have been paying close attention to this.

Well, what I mean is that we should keep looking at the EUV side, don't you think? I have this thought. Why do we need to look at the EUV side? Well, now we will have to look at the new order amount of ASML's EUV equipment. I think ASML's new orders have increased significantly by the fourth quarter of 2023. This is because the new orders have been declining due to the semiconductor industry not doing well, but it showed a tremendous increase in the fourth quarter. Even in just the fourth quarter of 2023, the new orders were 0.5 billion euros, but now, a year later, in the fourth quarter, it has increased to 5.6 billion euros, showing a significant increase. This kind of trend is emerging. One of the reasons why the use of EUV in the semiconductor industry is increasing is, of course, that.

Around Samsung Electronics and Hynix, these front-end processes, advanced processes, and miniaturization processes have been continuously establishing themselves as trends. Looking at the forecast for the fourth quarter of 2014, Samsung Electronics and Hynix are at 1A nm, 1A, and 1B nm, respectively. As we move further back, a, b, c, which are the most advanced processes, seem to become very advanced. Each now accounts for 42% and 51% of the share. In producing advanced semiconductors, there are now insulating layers and what is it, what is it called, a layer where electricity flows, a conductive layer, an insulating layer, a conductive layer, made into one semiconductor chip. In the conventional process, only one layer was applied here, but now, insulating and conducting layers are being applied to four or five layers. Therefore, the amount of new orders for EUV equipment is increasing.

The stomach is exploding, so we need to carefully look at items related to EUV. In fact, there is a Japanese stock called 6920, which is a laser tech related to EUV mask inspection equipment. It's a Japanese stock, so shall we take a look at how the stock price of Laser Tech, 6920 in Japan, is doing? It looks like this, right? Recently, there has been a slight adjustment, but if we look at it on a monthly chart, Laser Tech has already hit a new high in line with that trend. It hit a new high in May, and now it's undergoing a slight correction. In this way, I have a thought that domestic companies related to EUV might start to move along these lines. I have a thought that Laser Tech will become a representative of overseas companies' mask inspection equipment. So, you see,

When we look at the benefits by various processes, among the current ones, the annealing sector has been the first to move in relation to hpsp recently. The stocks in this category are included here, and currently, there are movements going up, including DI, etc. These test equipment vendors are showing a slightly shaky movement. Currently, leading with materials, in the third visual process, the current quartz is moving as a part. Next, within the semiconductor industry, what will circulate is in the area of etching. The demand for blank mask euv in the lithography sector is very high, around two stars, it seems to be moving in this direction. And among the stocks that have not moved, the demand for sika and sika is expected to increase. If you pay attention to this, it seems that semiconductor stocks will continue to circulate. The next batter is.

I think you should take a look at the food sector, the EUV, and the blank mask and pellicle sectors. I'd like you to consider it this way. So, in a broad sense, it would be like this. For example, when we look at it, Park Systems is one of the crucial items in the UV mask repair sector. There will be next-generation inspection equipment, and if we have to choose in the semiconductor field, it's not far off from these items, which I think is fine. I would like to mention this. So, regarding the EUV sector, you should consider these two items. SNS is likely to choose FST. If you look at the pellicle side, it seems like it will be FST, and SNS Tech will also enter the pellicle market. However, SNS Tech seems to be a company that shows strong capabilities in the blank mask sector. Even though foreign companies are taking the lead in advanced processes for blank masks, still.

In China or in terms of such legacies, SNS Tech's Blank Mask plays a significant role. You should see it this way. Compared to Pelicule, Blank Mask is very profitable. You might think it's a bit strange, but SNS Tech's performance is very solid. However, you may have noticed that SNS Tech has recently fallen quite a bit. There was an issue. The main customer of UV Blank Masks decided not to use them for a while, causing some noise. But I think this is an opportunity. SNS Tech's trend has been like this recently. It hit 63,900 won in July last year, but in just a few months, it dropped to 38,000 won. It will be different in the second half of this year. It is entirely possible to recover like this.

I would like to talk about one of the reasons why I see this. This is a capture of SNS text. I took a capture there once. Yes, I took a capture once and brought this to show you. This is about the difference in market share of blank masks for semiconductors in China in SNS text. I think the best blank mask will be this one. And now, in the semiconductor sector, SNS tech is entering about 5%. This is how it is showing up a bit. When it comes to blank masks for semiconductors moving to China, the share in China is very large, but SNS tech is increasing its share like this. So, in China, they cannot go up to the front-end process, and there are also constraints from the United States, but the demand for legacy blank masks is currently increasing. As you know, China, our families, are currently

Fairly, the U.S. cannot push this, but for the localization of China's semiconductor, you can see a significant growth in DV, not EUV, under this legacy and the layer below it. If you focus on this as an investment point in one of the SNS sectors, it should be good. However, it's not just about that. There is a process called lithography. When we move to the EUV side, in terms of this process, the production cost of blank masks and pellicles, which are now over 10 nanometers, is increasing. Therefore, it is becoming very difficult to supply them independently, and the risks are increasing. That's why overseas customers need to diversify. They shouldn't just rely on Hoya, but now they are receiving supplies from various companies, such as SNS tech. Therefore, the supply is diversified. Fortunately, this EUV blank mask is expected to have a seven-year average annual growth rate by 2024.

It seems that the growth will be around 58%, and currently, there is a severe shortage of supply in the Pelleq side. This shortage is somewhat noticeable below Boundary 1 Nano. Therefore, it is expected that Pelleq's annual growth will be globally about 160% in the future. Due to these holidays, it is expected that trends like SNS text will reappear starting this year. Especially, in the case of Blank Mask and Pelleq, their growth potential will be prominent. Masks, like DUV, are related to the display sector. Combining the display sector and this sector, this kind of appearance is expected. This significant increase in sales is projected from 2024 onwards. The reason for this, as I mentioned earlier, is that the possibility of this happening additionally is quite high. The second half of 2024, the second half of 2025.

And the Chinese market is going to be purified in 2024. However, since the stock price has now dropped, it seems to be a very attractive price range, right? I have this thought, and that's why I want to emphasize that you should pay enough attention. Recently, on the contrary, the flow has been good on the FST side. In the case of FST, it relatively shows this kind of appearance. This is on a weekly basis, this is on a daily basis, and they are somewhat intertwined. In the case of FST, these three are connected. Although there is a part on the EUV side, currently, these three areas are being advanced. In the EUV business, the equipment lineup is being expanded. They are currently focusing on equipment that detaches and inspects pellets, foreign object inspection equipment, and such, which are now highlighted and becoming issues, relatively.

We can see that the stock is holding up well without dropping, and in extreme chillers, we are developing with a higher unit price compared to existing chillers. What we are doing is, in a vacuum state, literally cooling to protect the wafer. This role is for domestic customers, which is the key point. Currently, with the resumption of foreign investment, there seems to be a significant increase in orders for the cryogenic business. In terms of the HBM business, there are products related to Ceracera Tech in the ceramic sector and Oros Technology in the overlay equipment, so EUV, cryogenic, and HBM businesses are drawing a lot of attention. We should pay more attention to SNS tactics personally, shouldn't we? Such thoughts come to mind.

I have 3 minutes left. Yes, I will finish neatly by 10:05. Do you know 10:05? Yes, yes. So, you should take a look at this. It seems like you should do it. Now, in terms of consumable parts in the EUV equipment, the pellicle plays a crucial role, and now the photomask is showing a very important role. The EUV equipment has a very short wavelength, so the light is either absorbed sideways or all scattered away before the exposure, the external laser wavelength is all absorbed, so it is very important to reflect in order not to be absorbed. Therefore, reflecting a lot ultimately goes to the mask and draws the entire circuit. It is very challenging to get to the point of drawing the circuit, reflecting a lot. It is very difficult because light might be absorbed because in the case of EUV, such as extreme ultraviolet, the wavelength is very short, so this is the appearance of the wavelength.

Here, the reason why we have to use a reflector is that the wavelength is short, so absorption is very good outside. Therefore, this is the reason why we have to use a reflector like this. The use of this type of reflector to prevent damage to high-end masks such as blank masks is playing a very important role and is currently growing. Yes, if you look at it from that perspective, it seems to be a key point. Also, one of the items I want to see is related to HBM-G. What kind of items are in the group related to HBM-G? The three pillars of the world fit perfectly, so I would like to talk about Solbrain. Solbrain, first of all, the three biggest trends. What are they? The three biggest trends are TSMC currently maintaining a finfet structure. This is the structure of the transistor. The transistor's finfet structure seems to be the trend, and this is what Samsung Electronics is... GAA.

We all know what fairness is. Even if fairness is wrong, in the end, both TSMC and Samsung Electronics follow the trend of the times. Yes, it goes like this. When it comes to the mass production plan for advanced processes, Samsung, TSMC, and Intel are all transitioning to the G process as we enter 2025. This phenomenon of transitioning stages is evident. Samsung may become a strong competitor to TSMC from 2025 onwards. This is how I see it. Therefore, we should consider that the current trend is the G process with a high potential for the future. Secondly, currently, the trend is that the RAM side is going up. While RAM is a bit challenging, the LAN side provides opportunities to purchase at a good price. This offers possibilities, making it a significant trend. We need to keep in mind the utilization rate of DRAM and the outlook for the market.

Clearly, since the first quarter of 2013, Samsung, SK Hynix, and Micron have shown a continuous increase. The same goes for the NAND side. Although NAND may not be as splendid as DRAM, it is recovering based on Samsung, so we thought that NAND could have a fair share and where it could dominate. Ultimately, it seems that it's time to focus on the foundry side. The three items that Solbrain holds are... If you look at it this way, Solbrain has these key points. You should now focus on Solbrain as the next batter. Solbrain will likely become a semiconductor leader, as indicated by the blue part here, and with the acquisition of DNF.

While talking about it, the red part seems like it will now become a semiconductor, now it will become a light bulb, and in this semiconductor slurry part, this yellow part seems like it will become the next-generation HBM slurry. This is the HBM slurry, right? And this is now GAA semiconductor, hafnium, right? This is DNF, DNF will be there. This is SiGa, SiGe, and this will become Lanthanide. It seems like it has everything and the company that holds this monopolistic position related to this, you can see it once. Right? You should pay close attention to the semiconductor as the next batter. I want to say this. Fortunately, what should I say, the stock price is in a state where there is no significant deviation from the 20-week moving average, so I wonder if the next batter will be Solvein or not. I have this thought. Now, finally, what I want to clarify is, yes, I want to take a closer look at the stock called Miko.

Recently, hydrogen has been rising, and hydrogen-related stocks are going up. Hydrogen Plus HBM, actually, Miko is very strong today, about 5%. Miko is quite strong. Let's try hydrogen-related things. HBM TC Bonder's core component sales are becoming visible. Let me take a look at this. Let me study this briefly. If we look at TC Bonder, DC Bonder, it will supply to Hynix Semiconductor. It will supply to Hynix Semiconductor. If we look at TC Bonder, DC Bonder, the concept of it, I will explain it a bit. DC bonding is about stacking like this. Stacking like this, and in between, you need to attach, so now, finely...

The solder balls are placed exactly like this for TC bonding, and when we press it like this, at the very bottom, there is a plate, right? The bottom plate has the bottom electrode, which goes in there. The bottom electrode goes in, and the wafer tape is attached like this. The wafer tape, and then we cut it here. We cut the wafer, take it, and make a chip. We place the chip like this, and here the wafer is diced. It is stuck right on the tape. So, we provide heat through the bottom electrode. Firstly, we are making that. Miko is the bottom electrode. But on top of that, if you look here, this chip has to fit in and make contact with another chip. The chip should stick right here, shouldn't it? The chip is placed on the wafer, and we have to make connections through this, poking the chip into the wafer like this to make the connection. This is now the top part.

I think it will become an electrode, so the upper electrode is now being developed and mass-produced by the upper and lower person in charge. This seems to represent the process, right? So, if I can explain this process later, I will do it again. So, when we do the basic thing, first, at the lower electrode side, we have a TC bonder under the lower electrode. The red part seems to be formed underneath, right? The advanced packaging part takes the chip and moves it from the upper side to each other using ceramics. Ceramics are originally made by a company that makes ceramic materials, and if you look closely at this part, you can see that it is increasing significantly at temperatures above 2024, 56 parts. The ceramic material has a pre-process, and in the original blue part, in the main process, semiconductor deposition using ceramic materials is in progress.

It's about going in, and when it comes to advanced packaging, in post-processing, if it used to be only the lower electrode until now, now it's also doing the upper electrode, going all the way to advanced packaging, making it all grow like this. If you look at it as an investment point, that's how it seems. And this is one of the stories I mentioned when talking about fuel cells. It's a high-margin fuel cell business. In the case of SOFC, looking at the value chain, in terms of high margins, it goes to the fuel cell stack and module side, including Doosan Purecell. And among the companies supplying materials, there is a barrier in terms of the electrolyte, a catalyst, high-performance materials for the fuel cell electrode, and then stacking the cells into a module form, stacking them as a stack. That's where Mikko comes in. That's what's currently being supplied.

In the fuel cell business, if it becomes activated and visible, you should consider it as a stock that cannot be removed from the list. So, now you need to take a closer look at the stock again. So, in terms of the business outlook for this stock, the material and the sub-electrode side are expected to have a significant turnaround in operations this year. It seems that there will be a considerable increase, and the part supporting it from below, as I mentioned earlier, the packaging part, is also showing an upward trend. Therefore, you should continue to pay close attention to this stock. It's not just rising because of hydrogen, it's not just a simple theme. When you look at it, the story behind this stock seems very good. So, please take a look at it. Do you understand? It's now 10:09, and today I looked into some stocks related to this. Please study this again carefully.

I would like you to see it. Well, please enjoy your lunch with your family, and yes, have a pleasant rest of the day today. I will see you next time. This was Jojo Park. [MUSIC]

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