Innolux (3481) stock price hits the daily limit! FOPLP enters the low Earth orbit satellite supply chain, SpaceX concept stocks take shape

Innolux (3481) stock price hits the daily limit, industry analysts interpret that recent market highlights focus on low Earth orbit satellites and aerospace themes. As Elon Musk recently personally confirmed that SpaceX will conduct its first IPO as early as 2026, market expectations for the supply chain have reignited, with significant buying interest in related concept stocks. Among them, Innolux (3481) performed the strongest. Within minutes after opening, trading volume exceeded 40,000 shares.

Innolux Chairman Hong Jin-Yang stated that they received an order for semiconductor fan-out panel-level packaging (FOPLP) from an international major manufacturer. Although not publicly named, he revealed clues such as “many satellites in the sky, everyone knows what they are.” The advantages of FOPLP include large substrate area, high chip capacity per panel, competitive costs and yield, durability, and signal reception quality comparable to aerospace components. Innolux has early布局 in FOPLP and holds process advantages. Hong Jin-Yang disclosed that the major client is highly satisfied with Innolux, with plans for expansion and new process development.

Innolux Chairman Hong Jin-Yang reveals clues about international major client for FOPLP

Market analysis suggests that Innolux has recently been viewed as a SpaceX concept stock. The core narrative centers on its transformation into semiconductor fan-out panel-level packaging (FOPLP), with rumors that it has entered SpaceX’s low Earth orbit satellite supply chain, handling RF-related chip packaging orders, aligning with the long-term growth of Starlink expansion and space communication.

Regarding FOPLP business, Chairman Hong Jin-Yang only stated that they have received orders from an international major manufacturer. The company has not publicly named SpaceX but emphasized that they have secured orders from a well-known international company, “many satellites in the sky, everyone knows what they are,” with high customer satisfaction and ongoing plans for capacity expansion and new process certifications (such as RDL/TGV), strengthening the market’s imagination of SpaceX’s customer base.

Industry analysis: Innolux has mass production efficiency and cost advantages in FOPLP

Industry experts point out that FOPLP’s advantages include large substrate area, high chip capacity per panel, and competitive costs and yield. SpaceX’s self-built FOPLP production line uses a 700mm×700mm substrate size, which is not only the largest in the industry but also nearly seven times the area of traditional 12-inch wafers (diameter 300mm). Additionally, FOPLP’s glass substrates can effectively reduce structural deformation caused by thermal stress, and in millimeter-wave frequency bands, signal attenuation can be reduced by up to 80%.

Innolux’s technical advantage lies in its high similarity—up to 60%—between its front-end panel process and packaging process, allowing some equipment to be reused and making it easier for engineers to integrate. The company utilizes its existing 3.5-generation line glass substrates with ( dimensions of 620mm x 750mm) for FOPLP development. Although this size is no longer competitive for panel production, it is one of the largest sizes in panel-level packaging, offering significant advantages in mass production efficiency and cost control.

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