师指出，荷兰半导体设备制造商艾斯摩尔控股公司（ASML Holding NV）在先进芯片封装技术领域的竞争力，目前尚未在艾斯摩尔半导体工业公司（Besi）的股价中得到体现。
Semiconductor Industries NV’s share price doesn’t reflect the threat from fellow Dutch company ASML Holding NV in terms of an advanced chip packaging technique, Bank of America analysts said.
这一情况可能进一步加剧Besi股价近期的颓势——该股在第三季度是斯托克600指数中表现最差的股票，周二更是一度下跌6.4%。
That could magnify a recent tough run for Besi’s shares, which were the worst performers in the benchmark Stoxx 600 in the third quarter.
Besi处于混合键合技术的前沿阵地。这种新兴技术可将两块芯片表面直接连接，省去中间的金属凸块，从而提升散热效率。伯恩斯坦的分析师预测，到2028年时，市场上售出的混合键合设备中有四分之三可能都来自Besi。
The stock fell by as much as 6.4% Tuesday. Besi is at the forefront of hybrid bonding, an emerging process to connect two chip surfaces directly with one another, eliminating metal bumps in between and resulting in better thermal efficiency. Bernstein analysts forecast three out of four hybrid bonders shipped in 2028 could come from the company.
不过，这一优势可能面临更激烈的竞争。由迪迪埃·斯切马马领衔的分析师团队在研报中写道，ASML已公开表示有意进军该市场。正是出于此类不确定性及其他因素，他们将Besi的评级从“买入”下调至“中性”，并将其目标价大幅下调近一半。
But that advantage could face tougher competition, with ASML having publicly stated intentions to enter the market, analysts led by Didier Scemama wrote in a note. They cited this uncertainty among other factors behind their downgrade of Besi to neutral from buy, while slashing their price target by nearly half.
这些分析师指出：“像ASML这样的企业可能进入Besi的核心增长市场，同时Besi也可能需要投入更多资金用于研发，这些风险目前均未在股价中得到反映；在ASML的相关计划进一步明确前，这些因素仍可能对股价构成压制。”目前，Besi与ASML的发言人暂未对置评请求作出回应。
“The threat that a company like ASML could enter Besi’s key growth market, as well as the risk that Besi may need to invest more heavily in R&D, is not reflected in the stock and could remain an overhang” until there’s more clarity on ASML’s plans, the analysts wrote. Spokespeople for Besi and ASML did not immediately respond to a request for comment.
投资者担忧存储芯片制造商可能会推迟采用混合键合技术，这也是Besi股价在第三季度下跌约三分之一的原因之一。不过今年以来，该股仍累计上涨了45%。
Investor worries that memory chipmakers may delay hybrid bonding adoption were among the factors that saw Besi’s stock fall by roughly a third in the third quarter. The shares are still up 45% this year.
混合键合技术对Besi的投资价值至关重要。在乐观预期下，该公司预计至2030年将售出超过2000台相关设备。根据其最新年报，截至2025年底，其累计订单量已突破150台。
Hybrid bonding is crucial to Besi’s investment case. In an optimistic scenario, it expects to ship more than 2,000 tools by 2030. That compares to cumulative orders of above 150 at the end of 2025, according to its latest annual report.
去年，ASML成功交付了其首款先进封装产品。在4月份的财报电话会议上，首席执行官克里斯托夫·富凯表示，公司仍在“积极寻求机会，以助力客户实现混合键合技术的应用”。
ASML shipped its first advanced packaging product last year. During an earnings conference call in April, Chief Executive Officer Christophe Fouquet said the company continues to “look at the opportunity to support our customers” in hybrid bonding.
据美国银行分析，制约混合键合技术普及的一个主要因素就是较低的良品率——制造商难以稳定地生产出足够数量的可正常使用的芯片。由于混合键合技术需要将多个逻辑芯片或存储芯片堆叠在一起，因此对工艺精度提出了更高要求，而这正是ASML凭借其在高精度、高速光刻领域的专业技术所能发挥优势的领域。
One issue slowing down the adoption of hybrid bonding is low production yields, with manufacturers struggling to produce enough working chips consistently, according to Bank of America. Higher accuracy levels are required to stack multiple logic or memory chips together, creating an opportunity for ASML because of its know-how in high-precision and high-speed lithography.
分析师指出，这种情况给Besi带来了不确定性，可能对其估值产生负面影响；不过他们目前尚不认为ASML能在该市场占据显著份额。
That creates uncertainty for Besi and could impact its valuations, the analysts said — even though they aren’t assuming that ASML would capture a significant market