Automotive power semiconductors have entered the golden decade. Fuel-vehicles are driven by electric vehicles, and the average power semiconductor consumption has increased several times. ASP of a single vehicle is expected to increase from US$71 to US$387. Electric vehicles are currently in the early stages of industrialization. The penetration rate is at a low level and there is huge room for growth. As a core component of electric vehicles, power semiconductors have benefited from the long-term trend of motor vehicle electrification and have broad prospects for development.
Changes in power semiconductor technology have slowed down, and catch up with advanced overseas standards. Power semiconductors have slowed down in process width, device structure, production process know-how three-level technology changes, with domestic companies in the production line, product development speed Accelerate the gap between domestic and overseas will be significantly narrowed. Power semiconductor chip product differentiation comes from wafer manufacturing capabilities, packaging and testing capabilities and system understanding capabilities, wafer manufacturing capability is the core competitiveness of power device companies, the highest contribution value of product added value.
Overseas companies strategically withdraw from some power semiconductor markets, and domestic companies have the opportunity to undertake market share. Global small and medium-size wafer manufacturing capacity continues to shift to the mainland. North America and Japan have continuously shut down 8-inch wafer fabs in recent years, withdrawing from technology maturity. In the area of chip products, overseas profitable semiconductor companies have gradually contracted their product lines and cut down their poorly profitable products as their profitability has been declining. Domestic companies have a unique advantage of being close to the downstream application market and are expected to continue to take over market shares from overseas companies.
Investment Advice:
Under the influence of demand for electric vehicles and shortage of silicon wafers, the situation of tight supply and demand for power semiconductors is expected to continue into 2020, and the industry will enter an ultra-long-term boom cycle. Investors are encouraged to grasp the opportunities for power semiconductors in the sector. Domestic power semiconductors Major companies in the industry chain include Yangjie Technology, Fuman Electronics, Jiejie Microelectronics, Silan Microelectronics, Wentai Technology, etc.