Taiwan-based advanced packaging equipment provider C SUN Manufacturing, Ltd. (TWSE: 2467), now in its 60th year, is undergoing a critical transformation as it expands from its roots in PCB and thermal processing equipment into the forefront of semiconductor advanced packaging. Founded in 1966, C SUN has evolved into a key supplier across the AI semiconductor value chain. Through G2C+ Alliance, the company has established strategic sites across Linkou, Hsinchu, and Taichung: Taiwan's west coast "Golden Corridor" to provide localized support for foundry and OSAT customers.
As AI technology progresses through four key stages: perception, generation, reasoning, and physical execution, advanced packaging has become essential for sustaining Moore's Law. Industry analysts point to aggressive capacity expansion from TSMC between 2022 and 2026, with annual growth rates projected at 80% for AI testing and CoWoS, and 100% for SoIC technologies. This surge presents a significant opportunity for equipment suppliers who can keep pace with evolving process requirements.
C SUN began co-developing advanced packaging equipment with global semiconductor leaders in 2012. Since then, precision demands have grown exponentially. In the first half of 2025, advanced packaging equipment already contributed 40% of C SUN's revenue, a tenfold increase over the past five years.
Building on its legacy as a leader in PCB equipment, the company is also capitalizing on the evolution of HDI for AI technologies. It supplies critical process tools such as desmear, PTH, lamination, and debonding. PCB-related sales accounted for 51% of revenue in the first half of 2025, with advanced PCB revenue alone growing 7x in the past five years. To support these dual growth engines, C SUN has preemptively expanded its engineering workforce by 30% over the past three years, laying the foundation for its next decade.
In H1 2025, C SUN reported NT$2.819 billion in revenue, marking a 16.1% year-over-year increase. Notably, equipment sold into the AI industry chain accounted for over 65% of total sales. The two primary growth drivers: advanced packaging and advanced PCB, remain at the center of C SUN's strategic focus. Moving forward, the company will continue to expand its AI-related portfolio, not only CoWoS, but also WMCM, SoIC, HBM, burn-in test, IC substrates, and advanced HDI. The roadmap further extends into emerging sectors such as reclaimed wafers and glass substrates.
From a macro perspective, C SUN is uniquely positioned to benefit from the convergence and diversification of AI hardware ecosystems. As the boundaries between foundry and OSAT operations blur under the emerging “Foundry 2.0” model, and as AI-specific demand rises in the PCB sector, equipment suppliers are entering their golden age. Since 2024, OSATs have taken on more outsourced work, opening new collaborative opportunities for toolmakers.
C SUN has already seen success with the adoption of its vacuum pressure ovens in OSAT processes and is expanding into CoW-level applications. As demand for high-performance computing (HPC) chips grows, the company is scaling up with top global OSATs, including overseas deployments. Though this expansion entails near-term costs, C SUN expects strong long-term revenue contributions given the high value of its equipment portfolio.
Looking ahead, C SUN stands out as one of Taiwan’s few players with deep involvement in both advanced PCB and semiconductor packaging. It plays a pivotal role in the upstream AI server supply chain. With major US-based CSPs continuing to increase capex, C SUN is positioning itself as a core enabler of the global AI packaging wave, ready to ride the next high-growth cycle.
Credit: C SUN
Article edited by Jack Wu
