Driven by the trend of dual carbon and localization policies, with the vigorous development of downstream new energy, electric vehicles, industrial control and other fields, the demand for domestic IGBT and Fred power semiconductor devices is becoming stronger and stronger.
According to the performance express released on Macmic Science & Technology Co.Ltd(688711) February 25, the sales volume of the company's products has increased significantly thanks to the large-scale introduction of frequency converter, customization, photovoltaic and electric vehicle products; In 2021, the company achieved a revenue of 523 million yuan and a net profit attributable to the parent company of 63.8288 million yuan, an increase of 57.76% and 139.62% respectively over the same period of the previous year.
In this regard, Qi Haizhen, President of Beijing Teyi sunshine new energy, told the reporter of Securities Daily: "Power semiconductors have become very important devices in the fields of electronic control, industrial control, photovoltaic inverters, wind power converters and PCs energy storage, with a market space of 10 billion or even 100 billion, and great potential. At present, the contradiction between supply and demand is relatively large, the industry is generally out of stock, and high-voltage power semiconductors are even out of stock. It is expected to ease in the second half of this year."
increase production and seize the market
expand new energy applications
Power semiconductor devices are the core devices of power electronic conversion devices, which mainly change the "crude electricity" into "refined electricity" through the voltage, current and frequency conversion of electric energy by power electronic technology. And Macmic Science & Technology Co.Ltd(688711) is an enterprise engaged in the design, R & D, production and sales of power semiconductor chips, single tubes, modules and power modules dominated by IGBT and Fred.
The reporter learned that the chip is the core of single tube and module, Macmic Science & Technology Co.Ltd(688711) has the ability to independently develop and design mainstream IGBT and Fred chips in the market. The company's products are mainly used in industrial control (frequency converter, electric welding machine, etc.), and some are used in new energy power generation (photovoltaic inverter), new energy vehicles and household appliances.
In recent years, as international trade frictions have accelerated the process of domestic substitution, more and more downstream manufacturers in the field of new energy vehicles and industrial control have begun to actively try to accept domestic IGBT products, and the market share of Chinese power semiconductor device manufacturers has gradually expanded. In this context, Macmic Science & Technology Co.Ltd(688711) also raised funds through IPO to invest in new power semiconductor device industry base projects and R & D center construction projects, increase capacity expansion, and expand the application of new energy and photovoltaic fields.
"After the raised investment capacity is put into operation, the scale of the company's shipments will expand, and the scale effect will increase the gross profit margin." Macmic Science & Technology Co.Ltd(688711) said that with the company's efforts in new energy vehicles and photovoltaic, the proportion of product applications will increase and the company's gross profit margin will further increase.
The reporter noted that in the field of vehicle specification level power semiconductors, the company's strategy is to cooperate with Tier1 (primary supplier of vehicle factory). The company has great advantages in customized services, and the Fred market share in the field of charging pile is the highest. In the photovoltaic field, at present, most of the products provided by the company to photovoltaic customers are self-produced IGBT single tube products, and now it has become one of the suppliers of Huawei Technology photovoltaic inverter.
For the development prospect of the company in the field of new energy, Mao Zheng, an analyst at Huaxin securities, said: "In the field of photovoltaic, CPIA estimates that the annual average new installed capacity of photovoltaic in China during the 14th Five Year Plan period will be 70-90gw. The accelerated spread of new photovoltaic energy has led to a large demand for power semiconductors. As a supplier of Huawei, the company is expected to increase the volume this year. In the field of new energy vehicles, it is estimated that China will exceed 5 million vehicles in 2022, and the improvement of sales volume will bring both volume and price to the power semiconductor industry , it is expected that the company's 750V vehicle gauge IGBT and Huichuan's customized products will also start to increase this year. "
accelerated localization process
IGBT market scale exceeds 10 billion yuan
In terms of overall market share, foreign giants Infineon, Fuji, Mitsubishi, semicon and Ansenmei account for nearly 70% of the global market share of power semiconductor devices. Ihsmarkit data shows that Infineon's global IGBT module market share in 2019 was 35.6%, while China's leading Starpower Semiconductor Ltd(603290) IGBT module market share was 2.5%, and Macmic Science & Technology Co.Ltd(688711) IGBT Series products accounted for about 0.45% of the global market share. There is a large gap between business scale and market share.
As the world's largest consumer of power semiconductor devices, China's market demand accounted for more than 35% of global demand as early as 2018, but power semiconductor devices mostly rely on imports.
In this regard, "In recent years, domestic MOSFETs and IGBTs have developed rapidly. The market share of small and medium-sized power and medium and low-voltage power semiconductors in enterprises is still good. High-end and high-voltage IGBT power semiconductors are mostly imported, but there is great potential for domestic substitution, especially for benchmarking development like Infineon and other companies in the world," Qi told Securities Daily
"In the past two years of trade frictions between China and the United States, the United States has continued to suppress China Hi-Tech Group Co.Ltd(600730) technology enterprises, and even listed Chinese enterprises such as Huawei on the entity list. Later, it has upgraded many times and imposed sanctions from sales ban to the supply of parts and components. This means that Chinese enterprises must establish a controllable and safe supply chain system," Zhou Xibing, a Huawei research expert, told reporters
In Zhou Xibing's view, improving the self-sufficiency of power semiconductor devices can not only extend to the upstream R & D and manufacturing, but also have great value potential in the whole industrial chain, which can monopolize the pricing power and discourse power of the whole industry in the world industrial chain system.
It is worth mentioning that since 2015, China's IGBT self-sufficiency rate has exceeded 10% and gradually increased. According to Zhiyan consulting data, it is estimated that the output of China's IGBT industry will reach 78 million in 2024, and the demand will be about 196 million. Overall, there is still a huge gap between supply and demand in China's IGBT industry. "Localization" will be one of the main themes of the development of IGBT industry in the future. In addition, according to the prediction of Jibang consulting, benefiting from the significant increase in the demand in the field of new energy vehicles and industry, China's IGBT market will reach 52.2 billion yuan by 2025, with a compound growth rate of 19.96% from 2018 to 2025.
In addition, at the policy level, the state has successively issued industrial development policies and regulations such as the action plan for the development of basic electronic components industry (2021-2023) and the guiding opinions on expanding investment in strategic emerging industries and cultivating and expanding new growth points and growth poles, so as to develop and produce independent and controllable IGBT Fred chips and modules have become the focus of national strategic emerging industry development.
Facing the huge market increment, Qi Haiyu said: "Chinese enterprises should step up R & D and market introduction to meet the urgent needs of the huge new energy photovoltaic industry, wind power, energy storage and new energy vehicles, and occupy more international market share."
