The 800V platform can effectively solve the problems of electric vehicle mileage anxiety and fast charging speed. Car enterprises have laid out one after another: the endurance capacity and charging time are important factors affecting the popularity of electric vehicles. At present, the endurance mileage of new energy vehicles is about 500-600km, which can not meet the demand for long mileage driving between cities; In addition, due to the low energy supplement efficiency of new energy vehicles, the refueling time of fuel vehicles is only about 5 minutes, while the charging of new energy vehicles usually takes 60 minutes. Raising the voltage platform can improve the operation efficiency and charging speed of the whole vehicle. Taking Porsche as an example, after increasing the voltage platform from 400V to 800V, Porsche can achieve 300kW charging power, and can charge the power battery of taycan Turbo S with a capacity of 93.4kwh from 5% to 80% in 22.5 minutes, providing a endurance of 300km. The cross-sectional area of high-voltage harness is only half of that under 400V architecture, and the weight of harness is reduced by 4kg. Geely jikrypton, Xiaopeng automobile, GAC AIAN, Byd Company Limited(002594) , ideal automobile, BAIC Jihu, lantu and other automobile enterprises have also successively invested in 800V voltage architecture products and gradually planned mass production.
The use of silicon carbide devices does not increase the cost of the whole vehicle: at present, the value of a single silicon carbide power device is about three times that of silicon-based IGBT, but the main engine manufacturer usually considers the cost of the whole vehicle. The use of silicon carbide can improve the efficiency of the whole vehicle system, so as to reduce the cost of other parts of the system. According to industry research, the overall cost of using silicon-based IGBT in medium and high-end models is about 3000 yuan, and the cost of silicon carbide devices is about 3 times that of silicon-based IGBT. Among products with the same performance, the use of silicon carbide devices can improve the vehicle endurance by 5-10%. Calculated by 5% performance improvement, the corresponding battery end can save 4000-5000 yuan, The high-pressure and high-temperature resistance of silicon carbide can reduce the cost of cable and heat dissipation system. Only the heat dissipation system can save about 1000 yuan, and the comprehensive cost can offset the increase of the cost of the device itself. The use of silicon carbide will not increase the vehicle cost, which will bring long-term impetus to the development of the industry.
The cost of silicon carbide has a large space to reduce, and the 800V architecture model is expected to sink to an economic model: at present, the difficult fabrication of silicon carbide substrate and the slow growth speed lead to high cost, which are the main factors affecting the permeability of silicon carbide devices. At this stage, most of the models using silicon carbide devices are medium and high-end models. In the future, with the improvement of silicon carbide substrate technology, the expansion of size and the increase of industry capacity, it is bound to reduce the product cost, and the economical electric vehicle is also expected to be equipped with high-voltage scheme. At present, the market retail price of 6-inch conductive substrate is about US $1000 / piece. According to industrial research, the price is expected to fall below US $500 by 2025, and the cost gap between silicon and SiC will be within twice. At that time, silicon carbide devices will have more advantages, and the penetration rate is expected to continue to increase.
Investment suggestions: it is recommended to pay attention to Wingtech Technology Co.Ltd(600745) , Roshow Technoiogy Co.Ltd(002617) , Sanan Optoelectronics Co.Ltd(600703) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Starpower Semiconductor Ltd(603290) , Tianke Heda (unlisted), Shandong Tianyue (unlisted) and other companies.
Risk warning: the development of new energy vehicles is not as expected; The mass production of 800V architecture products is less than expected; SiC technology is difficult, and product R & D and mass production are less than expected; SiC permeability is lower than expected.
(Anxin securities)
