Huisheng Technology, which specializes in the R&D and manufacturing of plasma equipment, held a pre-IPO performance conference on the Innovation Board. Use independent technology to enter application fields such as semiconductors, ABF carrier bo...
Huisheng Technology, which specializes in the R&D and manufacturing of plasma equipment, held a pre-IPO performance conference on the Innovation Board. Use independent technology to enter application fields such as semiconductors, ABF carrier boards, printed circuit boards (PCB), new energy and environmental protection, and gradually expand market share.
Song Junyi, chairman of Huisheng-Chuang, said that the company's core business focuses on plasma cleaning, plasma etching and plasma surface modification technology. It has a complete technology platform spanning vacuum plasma, atmospheric pressure plasma and high-efficiency plasma flame, which can be used in processes such as cleaning, etching, slag removal, polarization, coating pre-treatment and high-temperature cracking. Different from traditional equipment, Huisheng-Chuang has the ability to accurately control multiple parameters such as gas composition, cavity pressure, energy density and material thermal shock. It can respond to the challenges of 3D structures and high aspect ratio processes, demonstrating a high degree of modularity and cross-domain application flexibility.
Huisheng─Chuang's product line covers semiconductor plasma polarization and etching equipment, IC substrate and PCB process plasma machines, as well as plasma waste gas and wastewater treatment equipment for new energy and environmental protection applications, and has entered green technology fields such as methane cracking for hydrogen production and high-temperature waste reduction of solid waste. In addition to the Taiwan and Chinese markets, it is also actively exploring markets in Japan, the United States, Europe and Southeast Asia. By cooperating with local professional dealers, it diversifies regional risks and increases global penetration.
Benefiting from the demand for AI and HPC, 2.5D/3D packaging and Hybrid Bonding technology are developing rapidly. According to market research agency Verified Market Research, the Hybrid Bonding market size is expected to double from US$12.1 billion in 2023 to US$23.3 billion by 2031. At present, Huisheng-Chuang has invested in heterogeneous material etching and activation technology, which can be applied to new material packaging solutions such as Epoxy +SiO₂ and Glass +Cu. In addition, the company is also actively deploying the FOPLP and WLP markets; international consulting firm Towards Packaging said that the global panel-level packaging market (PLP) is expected to have a CAGR of as high as 44.7% from 2023 to 2034, and this will also become an important growth engine for Huisheng.
In addition, as high-end computing requirements drive the continuous upgrade of ABF carrier board specifications, developing towards large areas, multi-layers, and thin lines, the global ABF market has a compound annual growth rate of approximately 17%. With its all-dry plasma etching and surface roughening technology, Huisheng-Chuang has not only successfully improved processing efficiency and reduced energy consumption, but has also entered the production lines of major international manufacturers. At the same time, due to its high stability and high temperature resistance, glass substrates can reduce pattern deformation and improve yield, making them a key material for data centers and AI GPU packaging. Huisheng-Chuang also simultaneously develops glass etching and surface treatment solutions to provide customers with more diverse solutions.
Song Junyi further pointed out that the semiconductor manufacturing process has extremely high requirements for equipment suppliers, the certification cycle is long, and it is difficult to replace once introduced. Huisheng-Chuang successfully obtained certification from a major U.S. semiconductor manufacturer as early as 2010, and its products are used in ABF substrate processing production lines, and will ship a large number of dedicated models from 2022 to 2023. In addition, in 2018, it passed the verification of the American Q manufacturer, and the plasma polarization equipment was expanded to global OEMs. The Japanese IC carrier leader also uses the company's vacuum plasma machine to solve uniformity problems and strengthen cooperative relationships. Major domestic manufacturers have introduced recycled wafer film removal equipment, and Hybrid Bonding is also undergoing certification. These results show that Huisheng-Chuang's technological competitiveness has been recognized by major global manufacturers.
In terms of operating conditions, Huisheng-Chuang's revenue will reach its recent peak from 2022 to 2023. This is because the demand for home working and home-based teaching during the epidemic has caused a huge explosion in demand for PCs and related equipment, which has also caused Huisheng-Chuang's related equipment to grow significantly in the ABF market. However, the need for destocking in the market after 2024 will cause demand to decline. However, with the development of semiconductor market demand, revenue has recovered in the first half of 2025, and gross profit margins have continued to grow. It is expected that order visibility will reach half a year, or even a year. In addition, the growth of panel-level packaging in semiconductors will drive operational performance to grow. The EPS from 2023 to 2024 is 5 yuan and 3.01 yuan respectively, while the EPS in the first half of 2025 is 0.44 yuan.
The demand for artificial intelligence (AI), high-performance computing (HPC) and data centers is growing rapidly, and the semiconductor industry’s demand for advanced packaging and new-generation substrates is continuing to rise. Huisheng-Chuang’s technological advantages in the field of plasma equipment and its international customer base will become the twin engines that drive operational growth, and its future operating performance is worth looking forward to. Huisheng-Chuang is expected to be listed on the Innovation Board in early November.
