BlockBeats News, June 22, earlier today, Serenity discussed the semiconductor equipment and advanced packaging industry chain, stating that the long-term valuation range for LPKF Laser & Electronics is likely to be between $3 billion and $5 billion. Serenity believes that LPKF is currently at a key stage before potential mass production.

Serenity noted that LPKF has a high customer penetration rate in the glass substrate-related process equipment field and holds about 70% of the target market share in specific technological routes, such as glass core substrate and advanced packaging processes, making it one of the key equipment suppliers in the industry chain.

When comparing the industry structure, the analysis likened LPKF to equipment manufacturers such as Aehr Test Systems and AIXTRON SE, suggesting that such "small-scale equipment positioning companies" are usually constrained by the Total Addressable Market (TAM) size. Their market capitalization is unlikely to expand to over $20 billion in the long term unless they have a multi-point technological advantage similar to ASML.

The commentary also pointed out that in the semiconductor advanced packaging and Chip Packaging Optoelectronics (CPO) directions, the equipment supply chain is currently in a transition period from the validation stage to the volume production stage. However, there is still a strong difference of opinion in the market regarding such assets, and the valuation path highly depends on future capacity ramp-up and customer volume pace.