IGBT is the core device of photovoltaic inverter and has broad application prospects: photovoltaic inverter is the core equipment of photovoltaic power generation. Its main function is to convert the DC generated by solar cell modules into AC, which can be incorporated into the power grid or used by loads. IGBT is a composite fully controlled voltage driven power semiconductor device composed of BJT (bipolar triode) and MOS (insulated gate field effect transistor). It has the advantages of high input impedance of MOSFET and low on voltage drop of GTR. It is an ideal switching device in the field of power electronics. Due to its characteristics of large on state current, high withstand voltage and voltage drive, IGBT has great advantages over MOSFET in photovoltaic inverter. It has gradually replaced MOSFET as the core device of photovoltaic inverter. The rapid development of new energy power generation industry will become a new driving force for the sustainable growth of IGBT industry.
The new PV installed capacity continued to increase, driving the growth of IGBT demand: the new PV installed capacity in China reached 54.88gw in 2021, with a year-on-year increase of 13.9%, and the cumulative installed capacity of National PV power generation reached 306gw, with a growth rate of 21.01%. According to the monthly dispatching data of the energy administration, in January 2022, the newly added photovoltaic installed capacity in China was 7.38gw, with a year-on-year increase of 212%, of which the distributed installed capacity was about 4.69gw, with a year-on-year increase of 252%, and the centralized installed capacity was 2.68gw, with a year-on-year increase of 160%. China Photovoltaic Industry Association predicts that the newly added photovoltaic installed capacity in China will reach 75-90gw in 2022, From 2022 to 2025, China’s annual average new photovoltaic installed capacity will reach 83-99gw. The continuous increase of photovoltaic installed capacity will drive the growth of IGBT demand. According to industrial research, the value of IGBT in photovoltaic inverter is about 20-30 million yuan / GW In terms of energy storage, with the iteration of energy storage technology and the reduction of cost, the growth rate of energy storage installed capacity accelerates. IHS Markit report shows that by 2025, the scale of newly added grid connected energy storage inverter is expected to increase to 10.6gw, and the application of energy storage inverter will further open the IGBT market.
Foreign giants monopolize the photovoltaic IGBT industry, and Chinese manufacturers speed up to catch up: the rapid development of Chinese photovoltaic inverter manufacturers has brought more opportunities for the application of domestic IGBT substitutes. According to solardedge statistics, Huawei’s share in the global inverter market reached 22% in 2018, ranking first in the world. According to the annual report of 3 Chongqing Sansheng Industrial Co.Ltd(002742) 020, Since 2015, the company’s shipment volume has surpassed the European company ranking the first in the world for many consecutive years, and has been sold in batches to more than 150 countries and regions such as Germany, Italy, Australia, the United States, Japan and India. As the core component of photovoltaic inverter, IGBT is monopolized by foreign enterprises, and the supply and demand of Chinese products are seriously unbalanced. The outline of the 13th five year plan for national economic and social development proposes to vigorously promote innovation and industrialization in emerging frontier fields such as advanced semiconductors, and Chinese enterprises actively invest in R & D and speed up catch-up.
Investment suggestions: it is suggested to pay attention to Starpower Semiconductor Ltd(603290) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Wuxi Nce Power Co.Ltd(605111) , Hangzhou Silan Microelectronics Co.Ltd(600460) , China Resources Microelectronics Limited(688396) , Macmic Science & Technology Co.Ltd(688711) , Yangzhou Yangjie Electronic Technology Co.Ltd(300373) .
Risk warning: the installed capacity of photovoltaic is less than the expected risk; The sales volume of photovoltaic inverter is lower than expected; Product development is not as expected
