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Founder Technology·Research Framework:

顯示面板週期 l Network Security Framework l Camera Framework l ODM l Xiaomi

OLED l RF chip l RISC·V l 半導體設備 | 5G | 華為深度

半導體製造業 l Power Semiconductor l Internet Framework l Technology Blue Chip l 5G

Semiconductor·Depth Series:

聞泰科技 l Weir Shares l GigaDevice Innovation l Zhuo Shengwei l 中衛三安

Northern Huachuang l Goodix l Ziguang l Changdian l Shengbang l Lanqi l BOE

Luxshare l彭丁lBenefit l Rich family l聲音傳輸 l 樂信l廣豐l華興l安吉

Computer ·Depth Series:

納斯塔爾 l 南洋有限公司 | 安恆資訊 | 數位中國 | 長城

Chinese software l Kingsoft Office l UFIDA Network l Inspur Information l Hundsun Electronics

WPS的 l Flush l Weining Health l Hikvision l Dahua l Kingsoft l Gongfu

北華創·深度系列：

Northern VS China Micro One l 北方與中國微型企業，第二部 | 北方華創 第185頁 | 中國微型企業

北方的三個轉折點 l Wafer Fab Investment Research l The Mystery of Northern Valuation l The Three Musketeers of Equipment

Power semiconductors belong to the field of pan-analog circuits. Power semiconductors are necessary consumer goods. People need to eat "firewood, rice, oil and salt". Machines also need to consume power devices. Power semiconductors are needed in any place related to electric energy conversion. Industry fluctuations are in line with the trend of commodities, and products are closely related to global GDP trends. Industry fluctuations in 4-5 years are very consistent with the semiconductor cycle.

單機矽含量的提升推動了產業發展，而更高的效率和更優的性價比則推動了技術進步。需求來自各行各業，而單機半導體（矽）含量的提升是其核心法則。所有技術進步都指向四個方向：1）更高的功率；2）更小的尺寸；3）更低的損耗；4）更優的性價比。參與競爭的主流廠商皆為IDM模式，其策略為：1）在規模化的前提下保證品質；2）在逐年優化單品成本的前提下提高效率。

材料技術的突破推動了該行業的深化發展。產品形態也從單一二極體和MOS管發展到整合IGBT，基板也從矽基板發展到寬帶隙半導體基板。更寬的帶隙使得產品性能和效率遠優於矽基板功率裝置，但目前在性價比方面優勢並不明顯。未來趨勢：隨著化合物半導體製造成本的降低，其優勢可望取代矽基功率半導體裝置。

High value-added products have long been monopolized by European and American manufacturers, and domestic substitution is imminent. There are very few domestic IDM model factories. The core processes are all in-house by European and American manufacturers. They rely on their product advantages to control the delivery cycle and thus control the price system of the entire industry. Especially for high-voltage MOS and high-power IGBT, the product delivery cycle is often more than 50 weeks, and prices have basically been on an upward trajectory since 2016.

The IDM model has more advantages and fabless expands more rapidly. Investment opportunities in 2020 will come from the 3-4 year macro cycle environment where the semiconductor cycle is recovering and rising. IDM model companies have more advantages on the cost side than fabless. It is recommended to pay attention to related industry chain targets: Wingtech Technology (600745), Jiejie Microelectronics (300623), Yangjie Technology (300373), Taiji Technology (300046), China Microelectronics (600360), Star Semiconductor (603290), New Energy Saving (A18105), China Resources Microelectronics (A19303).

風險提示

1) The progress of domestically produced chips is lower than expected;

2）對積體電路產業的政策支持力度減弱；

3) Foreign semiconductor equipment companies embargo equipment to domestic companies.

Semiconductor power devices refer to basic circuit components with a single function, mainly realizing the processing and conversion of electrical energy.

The diode has a simple structure, but it can only be used for rectification and cannot be controlled to turn on or off. Current control switching devices such as power transistors and thyristors. MOSFET and IGBT are voltage-controlled switching devices, which are easy to drive, fast switching speed, and low loss.

功率半導體是電子設備中功率轉換和電路控制的核心。它們主要用於電子設備中的電壓和頻率轉換、直流到交流轉換等。任何需要電流、電壓和相位轉換的電路系統都會用到功率元件。 MOSFET 和 IGBT 的主要功能是將發電設備產生的電壓和頻率雜亂的“粗電流”，透過一系列轉換調製，轉換成具有特定電能參數和功率端、且供需變化的“精細電流”。它們是電子功率轉換設備的核心元件之一。

在分立元件的發展過程中，20 世紀 50 年代，功率二極體和功率電晶體被引入並應用於工業和電力系統。

從 1960 年代到 1970 年代，晶閘管等半導體功率元件發展迅速。

In the late 1970s, planar power MOSFETs were developed;

20 世紀 80 年代末，溝槽式功率 MOSFET 和 IGBT 逐漸普及，半導體功率元件正式進入電子應用時代。

In the 1990s, superjunction MOSFETs gradually appeared, breaking the traditional "silicon limitations" to meet the needs of high-power and high-frequency applications.

In 2008, Infineon took the lead in launching the shielded gate power MOSFET, further improving the performance of semiconductor power devices.

For the domestic market, most discrete device products such as power diodes, power triodes, and thyristors have been domestically produced. However, discrete device products such as MOSFETs and IGBTs still rely on imports to a large extent due to their advanced technology and processes. There is huge room for import substitution in the future.

In recent years, the application fields of power semiconductors have expanded from industrial control and consumer electronics to new energy, rail transit, smart grids, frequency conversion home appliances and many other markets, and the market size has shown steady growth. According to IHS Markit's forecast, the global power device market size in 2018 was approximately US$39.1 billion, and the market size is expected to grow to US$44.1 billion by 2021, with an annual growth rate of 4.1%.

目前，國內功率半導體產業鏈日趨完善，技術也持續取得突破。同時，中國也是全球最大的功率半導體消費國。 2018年，中國功率半導體市場需求達到13.8億美元，年增9.5%，佔全球需求的35%。預計未來中國功率半導體市場將持續維持高速成長，2021年市場規模可望達到15.9億美元，年均成長率為4.8%。

市場研究機構 IC Insights 指出，在各種類型的半導體功率元件組件中，未來成長最強勁的產品將是 MOSFET 和 IGBT 模組。

MOSFET is a field effect transistor that can be widely used in analog circuits and digital circuits. It has the advantages of small on-resistance, low loss, simple drive circuit, and good thermal resistance characteristics. It is especially suitable for use in power control fields such as computers, mobile phones, mobile power supplies, vehicle navigation, electric vehicles, and UPS power supplies.

In 2016, the global MOSFET market reached US$6.2 billion, and the compound annual growth rate of the MOSFET market is expected to reach 3.4% from 2016 to 2022; it is expected that by 2022, the global MOSFET market will be close to US$7.5 billion.

According to statistics from IHSMarkit, my country's MOSFET market size was US$2.792 billion in 2018, with a compound annual growth rate of 15.03% from 2016 to 2018. As the scale of global new energy vehicles grows, the market demand for MOSFETs in automotive applications is expected to grow rapidly at a compound annual growth rate of 5.1% from 2016 to 2022; by 2022, its demand in automotive applications will surpass the computer and data storage fields, accounting for 22% of the overall demand market.

IGBT is a composite fully controlled voltage-driven semiconductor power device composed of a bipolar triode (BJT) and a MOSFET. It has the advantages of both the high input impedance of the MOSFET and the low conduction voltage drop of the bipolar triode (BJT). The IGBT drive power is small and the saturation voltage is reduced. It is very suitable for use in converter systems with a DC voltage of 600V and above, such as AC motors, inverters, switching power supplies, lighting circuits, traction drives, etc.

根據中國工業資訊網的數據，到2020年，全球IGBT單管市場規模將達到約6億美元，這是一個龐大的市場空間。預計未來五年，我國新能源車和充電樁市場將帶動國內IGBT模組市場需求達20億元。中國工業資訊網數據顯示，2018年國內IGBT市場規模達16.19億元人民幣，2010年至2018年複合年均成長率為14.77%；但我國IGBT起步較晚，未來進口替代空間龐大。

Semiconductor power devices mainly include power diodes, power transistors, thyristors, MOSFETs, IGBTs, etc., which are used in almost all electronic manufacturing industries, including computers, network communications, consumer electronics, automotive electronics, industrial electronics and other electronic industries. In addition, emerging application fields such as new energy vehicles/charging piles, smart equipment manufacturing, the Internet of Things, and photovoltaic new energy have gradually become important application markets for semiconductor power devices, thus driving their demand growth. In the global power semiconductor market, industrial control accounts for 34%, automobiles 23%, consumer electronics 20%, and communications 23%.

According to statistics from the Consumer Electronics Association, the overall size of China's consumer electronics market reached 1,632.5 billion yuan in 2013, becoming the world's largest consumer electronics market. According to the 2017 3C Industry Report, China's consumer electronics market will exceed 2 trillion yuan in 2017, with an expected growth of 7.1%.

ESD protection is required for all interfaces on the mobile phone, such as microphones, earpieces, headphones, speakers, SIM cards, Micro SD, NFC antennas, GPS antennas, WiFi antennas, touch screens, 2G/3G/4G RF antennas, USB interfaces, lithium batteries, and power button positions. The most mobile phones use more than 20, and the few use more than 10.

隨著人們對充電效率的要求逐漸提高，手機充電出現了「快速充電」模式，這種模式透過提高電壓來實現高電流、高功率充電。但是，高電壓有安全隱患，需要增加同步整流MOS管進行調節；

Later, a safer "flash charge" mode appeared, which achieves high-speed charging through low voltage and high current. This has higher requirements for synchronous rectification MOS transistors. Currently, the more common one is GaN FET, which can achieve the purpose of less heat and small size.

Automotive electronics occupies a very important position in automobiles. From the perspective of cost structure, it is more important for mid-to-high-end automobiles, electric vehicles, etc.

從傳統汽車到新能源汽車，價值成長最快的是功率半導體。在傳統燃油汽車中，功率半導體主要用於啟動、停止和安全領域，僅佔20%。以傳統汽車中一個半導體組件的價值計算，其價值約為350美元，而功率裝置的價值約為70美元。新能源車的電池動力模組需要大量的功率元件，這些元件都包含功率半導體。混合動力車的功率元件佔比高達40%，純電動車的功率元件佔比更高達55%。以純電動車中一個半導體組件的價值計算，其功率半導體組件的價值約為750美元，而功率半導體組件的價值約為413美元。新能源汽車中使用的功率半導體數量是傳統汽車的七倍。

Since new energy vehicles no longer require mechanical components such as engines, the structure of the car will become very simple. The structure of the car is mainly composed of batteries, motors and electronic controls. New energy vehicle electronic systems mainly include battery management systems, motor controllers, on-board chargers, converters, inverters, steering systems, relays and passive components.

In actual application scenarios, since each module of the car uses alternating current, the input current of the lithium battery is direct current, and the voltages of various electrical equipment are different, this requires a corresponding power conversion system. According to the different conversion sequences of direct current (DC) and alternating current (AC), power conversion is divided into 4 modes: transformer (AC-AC), rectifier (AC-DC), converter (DC-DC) and inverter (DC-AC).

變壓器（AC-AC）：汽車鋰電池的輸入電壓在12V-36V之間，而民用電壓為220V。需要使用變壓器將民用電壓轉換為輸入電壓。

整流器（AC-DC）：鋰電池需要用直流電（DC）充電，而充電樁提供的是交流電（AC），因此汽車充電器必須使用直流轉換器。

Converter (DC-DC): The input is a fixed direct current (DC) voltage from the lithium battery, and the output is a variable direct current (DC) voltage. In electric vehicles, it is mainly used in the step-up conversion from 300V to 650V for electric power transmission, the step-down conversion for powering 12V circuits, and the voltage stabilization conversion for battery energy storage.

Inverter (DC-AC): New energy vehicles are equipped with rechargeable lithium batteries, which use the stored electric energy to drive the motor to power the vehicle. The function of the inverter is to convert the 12V direct current (DC) power of the rechargeable battery into the 220V three-phase alternating current (AC) power of the drive motor, providing the basic driving force for new energy vehicles.

2014年至2021年，全球燃油汽車年銷量從87多萬輛增加至98萬輛，年均成長率為2%；新能源汽車（包括純電動和混合動力汽車）銷量從270,000萬輛增至4.7萬輛，年均成長率為50%。其市場滲透率從2014年的0.3%增加到2021年的4.0%。

近年來，我國新能源車的生產和銷售顯著成長，滲透率持續提升。根據中國乘用車協會數據顯示，我國新能源乘用車銷量從2014年的100,000萬輛快速成長至2018年的1.25萬輛，年均複合成長率高達91%。根據中國汽車工業協會數據顯示，2019年第一季我國新能源汽車銷量為250,000萬輛，較去年同期成長超過117%。預計今年新能源汽車產量可望突破1.6萬輛。

汽車功率半導體市場預計將達到8億美元，複合年增長率為7%。 2018年，全球汽車銷量為97.5萬輛，其中新能源汽車銷量為2萬輛。假設未來三年傳統燃油汽車銷量每年增長2%，新能源汽車銷量每年增長30%，則傳統燃油汽車的功率半導體晶片價值為56美元，混合動力汽車的功率半導體晶片價值為240美元，純電動汽車的功率半導體晶片價值為413美元。預計到2022年，燃油汽車銷量將達到99.2萬輛，新能源汽車銷量將達到5.8萬輛。汽車功率半導體市場預計將達到8億美元，複合年增長率為7%。

As of the end of 2017, my country's newly installed photovoltaic power generation capacity was 53.06 million kilowatts, with a cumulative installed capacity of 130 million kilowatts. Both new and cumulative installed capacity ranked first in the world, including 33.62 million kilowatts of photovoltaic power stations, an increase of 11% year-on-year; and 19.44 million kilowatts of distributed photovoltaics, an increase of 3.7 times year-on-year.

The inverter equipment of wind power generation can convert the DC12V direct current in the battery into the AC220V alternating current which is the same as the mains power. The inverter is mainly composed of MOS field effect tube and power transformer as the core, and is connected through analog circuit technology. From 2016 to 2018, my country's wind power installed capacity increased from 18.73GW to 21GW. In the first five months of 2019 alone, the installed capacity increased by 6.88GW, showing a rapid growth trend.

In all aspects of the smart grid, rectifiers, inverters and FACTS flexible transmission technology in UHV DC transmission require a large number of power devices such as IGBTs. According to data released by China Industry Information Network, it is expected that the investment scale of my country's smart grid industry will reach nearly 2.3 trillion yuan by 2021.

功率半導體種類繁多，廣泛應用於消費性電子、高速鐵路、汽車及電網等領域。主要分為單極型和雙極型。雙極型包括：功率二極體、閘流管、雙極三極體（BJT）、功率電晶體（GTR）、IGBT。單極型包括：MOSFET、肖特基二極體。根據不同產品的物理特性，不同的功率元件適用於不同的電壓和頻率範圍。

功率二極體是結構簡單、可靠性高的基本功率元件，廣泛應用於工業、電子等各個領域，並發揮穩壓、整流和開關等作用。

二極體分為整流二極體、穩壓二極體和高頻二極體。

Among them, rectifier diodes and Zener diodes are power semiconductors.

整流二極體主要用於整流、開關、轉換（蕭特基二極體 SBD）和反相（快速恢復二極體 FRD）。

MOSFET is a subdivision of power devices, namely MOS (Metal Oxide Semiconductor) and FET (Field Effect Transistor), which are field effect transistors that use the gate of the metal layer (M) across the oxide layer (O) to control the semiconductor (S) by using the effect of the electric field.

Power MOSFET devices are core semiconductor devices for power conversion and control. Power MOSFET devices work quickly, have low failure rates, small switching losses, and good scalability. It is suitable for low voltage and high current environments and requires higher operating frequency than other power devices.

在汽車領域，它們主要用於電源系統中的充電器（AC-DC）和轉換器（DC-DC）。 2018年全球汽車功率MOSFET市場規模為2.45億美元，預計2022年將達3.16億美元。其中，主要應用的是電壓高於600V的高壓MOSFET產品。

The main share of the MOSFET market is occupied by Infineon. According to HIS data, the comprehensive market share of all Infineon products is 27%, followed by ON Semiconductor with 13% and Renesas with 9%. In the field of high-value high-voltage MOSFETs, Infineon leads all competitors with a market share of 36%.

作為一種新型電力電子裝置，IGBT被國際公認為電力電子技術第三次革命最具代表性的產品，是工業控制和自動化領域的核心元件。它的功能類似人體的心臟，能夠根據工業設備中的訊號指令調節電路中的電壓、電流、頻率、相位等參數，從而實現精確控制。因此，IGBT被譽為電力電子產業的“CPU”，廣泛應用於馬達節能、軌道運輸、智慧電網、航空航天、家用電器、汽車電子、新能源發電、新能源汽車等領域。

自1980年代末期工業應用以來，IGBT發展迅速。它不僅在工業應用中取代了MOSFET和GTR，甚至擴展到了SCR和GTO佔據主導地位的高功率應用領域。在消費性電子產品應用中，它也取代了BJT和MOSFET等功率元件的許多應用領域。

在汽車應用中，IGBT主要用於高壓環境下的電力驅動系統、電源系統和充電樁。其應用範圍通常為耐壓600V以上、電流10A以上、頻率1kHz以上。

馬達驅動系統：主要透過逆變器（直流-交流）將可充電電池的12V直流電轉換為驅動馬達的220V交流電，是馬達驅動的核心元件。馬達控制系統需要數十個IGBT。例如，特斯拉的三相交流非同步馬達每相使用28個IGBT，共84個。其他馬達每相使用12個IGBT，而特斯拉則總共使用了96個IGBT。

電源系統：主要用於車輛充電器（AC-DC）和轉換器（DC-DC），以實現鋰電池充電和所需電壓等級的功率轉換。

充電樁：電網中的電力均為交流電（AC），充電樁分為快速充電的直流充電樁和慢速充電的交流充電樁。 IGBT主要用於直流快速充電樁。

2018 年全球汽車 IGBT 市場容量為 1.84 億美元，我們估計 2020 年汽車 IGBT 市場容量將達到 2.08 億美元。

Infineon, Mitsubishi and Fuji Electric are in the leading position in the global IGBT market. ON Semiconductor (Fairchild) is mainly concentrated in the low-voltage consumer electronics industry, with voltages below 600V, while medium and high-voltage fields above 1700V are mainly used in high-speed rail, automobiles, smart grids, etc., and are basically monopolized by Infineon, ABB and Mitsubishi.

Power semiconductors belong to the field of pan-analog circuits. Power semiconductors are necessary consumer goods. People need to eat "firewood, rice, oil and salt". Machines also need to consume power devices. Power semiconductors are needed in any place related to electric energy conversion. Industry fluctuations are in line with the trend of commodities, and products are closely related to global GDP trends. Industry fluctuations in 4-5 years are very consistent with the semiconductor cycle.

High value-added products have long been monopolized by European and American manufacturers, and domestic substitution is imminent. There are very few domestic IDM model factories. The core processes are all in-house by European and American manufacturers. They rely on their product advantages to control the delivery cycle and thus control the price system of the entire industry. Especially for high-voltage MOS and high-power IGBT, the product delivery cycle is often more than 50 weeks, and prices have basically been on an upward trajectory since 2016.

2020年的投資機會將來自半導體週期復甦上升的3-4年宏觀週期環境。 IDM模式公司在成本方面比無晶圓廠模式公司更具優勢。建議關注相關產業鏈目標公司：聞泰科技（600745）、捷捷微電子（300623）、揚捷科技（300373）、太極科技（300046）、中芯國際（600360）、星辰半導體（603290）、中芯國際（600360）、星辰半導體（603290）、新能源科技531810）。

風險提示

1) The progress of domestically produced chips is lower than expected;

2）對積體電路產業的政策支持力度減弱；

3) Foreign semiconductor equipment companies embargo equipment to domestic companies.

註：本文轉載自《半導體風向標》，該刊支持智慧財產權保護。轉載請註明原出處及作者。如有侵權，請聯絡我們刪除。

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