国产LGBT行业分析报告Word下载.docx
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2.新能车普及在即,车规级IGBT放量增长...........................................................................6
2.1.IGBT技术不断升级,SiCMOSFET性能更佳但短期难替代.......................................6
2.2.新能车临近普及拐点,工业级应用平稳增长..............................................................9
2.3.车规级IGBT快速扩张,预计2025年国内市场152亿元.........................................11
3.国产IGBT龙头突围,进口替代有望加速推进..................................................................12
3.1.车规级市场呈“双寡头”竞争格局,IGBT国产化亟待推进..........................................12
3.2.国际龙头技术和成本双优,但高费率下营业利润率较低...........................................14
3.2.1.国际龙头技术领先约1代,产品覆盖的应用市场更广.....................................14
3.2.2.国际龙头毛利率占优,但营业利润率较低.......................................................15
3.3.技术升级叠加扩产降本,进口替代有望加速............................................................16
3.3.1.政策与资本助力下,国内龙头加快产品技术研发............................................16
3.3.2.产能扩张叠加技术进步,为自主厂商以价换量创造空间..................................17
4.企业分析..........................................................................................................................18
4.1.比亚迪(汽车覆盖)...............................................................................................18
4.2.斯达半导(电子覆盖)............................................................................................18
图表目录
图1:
IGBT模块....................................................................................................................4
图2:
中国IGBT下游应用场景分布........................................................................................4
图3:
中国IGBT下游应用场景营收占比.................................................................................4
图4:
IGBT在新能源汽车中的应用类型.................................................................................5
图5:
IGBT结构示意图..........................................................................................................5
图6:
IGBT等效电路图..........................................................................................................5
图7:
IGBT产业链及三种商业模式........................................................................................6
图8:
功率半导体技术演变图..................................................................................................7
图9:
各代功率半导体器件性能对比.......................................................................................7
图10:
各功率半导体电力技术路线图.....................................................................................9
图11:
SiCMOSFET短期内难以取代IGBT...........................................................................9
图12:
中国新能源汽车销量预测..........................................................................................10
图13:
IGBT在新能源汽车上的具体应用..............................................................................10
图14:
IGBT是新能源汽车充电桩的核心部件.......................................................................10
图15:
全球IGBT市场规模(亿美元).................................................................................11
图16:
中国IGBT市场规模(亿元).....................................................................................11
图17:
国内车规级IGBT市场规模预测(亿元)..................................................................12
图18:
2018年全球IGBT模块前十大厂商...........................................................................13
图19:
2019年中国车规级IGBT模块前十大厂商................................................................14
图20:
斯达半导营业成本构成..............................................................................................15
图21:
英飞凌与斯达半导毛利率..........................................................................................15
图22:
英飞凌与斯达半导研发费用率...................................................................................16
2
图23:
英飞凌与斯达半导销售与管理费用率.........................................................................16
图24:
英飞凌与斯达半导营业利润率...................................................................................16
图25:
斯达半导自主研发IGBT采购量占IGBT采购总量比例..............................................17
表1:
IGBT历代特性.............................................................................................................8
表2:
三代半导体材料对比.....................................................................................................8
表3:
全球SiCMOSFET布局情况.........................................................................................9
表4:
主要玩家IGBT产品对