From track to SiC market. For details, see the previous report of securities times · e company [e company survey] silicon carbide substrate is in short supply, capital grabs the new energy vehicle market, and electric vehicles are expected to solve the mileage anxiety problem. Recently, a number of listed companies have disclosed the latest progress in investing in silicon carbide projects, and automobile enterprises are also actively binding silicon carbide production capacity.
start sample submission certification of silicon carbide substrate
Recently, Roshow Technoiogy Co.Ltd(002617) Hefei subsidiary was investigated by institutions. Executives of the company said that China’s silicon carbide conductive substrate will be in short supply for a long time, at present, China’s 6-inch conductive silicon carbide substrate for MOS applications will be in the sample delivery certification stage before the second quarter of 2022; Roshow Technoiogy Co.Ltd(002617) will realize the supply capacity of thousands of pieces per month in the second quarter of 2022.
In terms of production capacity and equipment, Roshow Technoiogy Co.Ltd(002617) there are currently 50 6-inch silicon carbide long crystal furnaces in normal production, and 224 long crystal furnaces are expected to be put into production by the end of June 2022; In terms of advanced technology, the company has planned to develop 8-inch substrate chips. At present, all equipment is compatible with 6-8-inch chips, and the layout of cutting, grinding and polishing equipment is also synchronized with the international leader wolfspeed; In terms of customers, the domestic replacement of SBD (silicon carbide Schottky diode) is in progress. The company’s 6-inch conductive silicon carbide substrate has passed the certification of epitaxial manufacturers and downstream end customers.
Roshow Technoiogy Co.Ltd(002617) executives said that from the perspective of supply, it is estimated that the global effective capacity will not exceed 80W tablets in 2021. International leading companies wolfspeed, II-VI and sicrystal all have 10 times capacity expansion plans. Among them, wolfspeed is directly expanded by 8 inches. However, sicrystal mainly supplies Rohm, and there is no large capacity of II-VI. moreover, most of the capacity of leading companies had been booked by Infineon, Italy and France and other large international factories years ago; Therefore, China’s silicon carbide conductive substrate is still in short supply.
industry insiders told reporters that SBD is a relatively low-end link in vehicle applications. At present, the production capacity of silicon carbide substrate is in short supply, Roshow Technoiogy Co.Ltd(002617) production capacity is expanding rapidly, and the supply capacity of one thousand pieces per month has ranked first in the industry.
Based on the experience in producing sapphire long crystals, the 2.9 billion yuan fixed code silicon carbide project was launched in Roshow Technoiogy Co.Ltd(002617) last November, and it is planned to realize 240000 6-inch conductive silicon carbide substrates; On January 4, the company disclosed that it had received the acceptance notice from the CSRC.
In addition to Roshow Technoiogy Co.Ltd(002617) , listed companies have made cross-border layout and raised funds to invest in silicon carbide projects. Last year, the electronic wire rod company Zhejiang Tony Electronic Co.Ltd(603595) completed a “mini” fixed increase fund-raising of nearly 500 million yuan, mainly for the project with an annual output of 120000 pieces of silicon carbide. In a recent institutional survey, senior executives of the company disclosed that the raised investment project will focus on equipment investment. It is expected that about 250 long crystal furnaces will be required to reach production. The company has more than 100 long crystal furnaces, of which more than 50 have been installed and commissioned.
At present, Zhejiang Tony Electronic Co.Ltd(603595) silicon carbide semiconductor material project is still in the stage of R & D and proofing, the company will continuously send samples for downstream high-quality epitaxial wafer manufacturers, test incoming materials and finished products, and timely communicate product verification to promote subsequent mass production.
The semiconductor equipment company Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) also launched a fixed increase of 5.7 billion yuan last year, of which 3.36 billion yuan will be used for an annual output of 400000 conductive and semi insulating silicon carbide substrate wafers of 6 inches and above; Recently, the fixed increase project has been accepted by the CSRC.
car companies seize silicon carbide capacity
On the other hand, car companies are actively seizing the production capacity of silicon carbide substrates and implementing localized procurement of silicon carbide devices.
As the leader of A-share silicon carbide substrate about to land on the science and innovation board, Tianyue advanced IPO has been popular in the capital market: after the callback mechanism is started, the final winning rate of online issuance is about 0.033%; Among the strategic investors, Saic Motor Corporation Limited(600104) and Xiaopeng automobile were purchased and allocated 49.75 million yuan respectively. In addition, Contemporary Amperex Technology Co.Limited(300750) actual controller Zeng Yuqun subscribed 49.75 million yuan through wending investment, and Guangzhou Automobile Group Co.Ltd(601238) also subscribed 48.76 million yuan through Guangdong Guangqi No. 7.
At present, in the field of semi insulated silicon carbide substrate, Tianyue’s advanced production capacity is in a leading position in China and ranks third in the world. In 2020, the production capacity will double to 47500 pieces / year; By the end of the first half of 2021, the production capacity will reach 28100 pieces. This Tianyue advanced IPO will raise 2 billion yuan to invest in the “silicon carbide semiconductor material project”, which is planned to be put into trial production in 2022 and is expected to reach full production in 2026.
In addition, Great Wall Motor Company Limited(601633) signed a strategic investment agreement with Hebei Tongguang Semiconductor Co., Ltd. on December 29 last year to focus on the application of the third generation wide band gap semiconductor silicon carbide in the new energy vehicle industry and promote the industrialization of silicon carbide semiconductor materials and chips.
Geely Automobile also signed a strategic cooperation signing ceremony with Roma. It is understood that the pure electric platform being developed by Geely Automobile has adopted Roma’s silicon carbide electronic control system; Geely Automobile and silicon carbide enterprise Guangzhou xinjuneng set up a joint venture semiconductor company. In October last year, Geely Automobile also announced the mass production of self-developed silicon carbide high-power chips in 2023.
Recently, Zhou Xiaoyang, President of Guangdong core energy semiconductor Co., Ltd., told reporters that the application effect of silicon carbide in the main drive is the best, and the cost reduction is also the most significant. The cost gap between silicon carbide and silicon-based substrate is gradually narrowing, which has decreased from about 4 times a few years ago to about 2-3 times on average.
It is reported that since Tesla began to introduce SiC MOSEFT to the main drive and produced it rapidly, it has been widely accepted by the market, and the customer response is good. At present, the vehicle factory and Tier1 continue to introduce SiC. Domestic new energy vehicles began to introduce sicmosfet into the main drive, with good response. With the price reduction of SiC substrate, the international SiC market has gradually changed from diode to MOSFET.
DIGITIMES research, an industry analysis organization, points out that silicon carbide is introduced quickly in the main drive inverter and on-board charger (OBC), because silicon carbide is conducive to improving system efficiency and reducing battery capacity in the drive inverter, which can best show the system level cost advantage; In terms of vehicle charger, the introduction of silicon carbide can reduce the charging time with high power and improve the power density to reduce the volume. It is expected that the price difference between silicon carbide and silicon-based components will reach 2.5 times the sweet spot by 2023.
Jibang consulting predicts that with the increasing high-voltage trend of automobile platform, it is estimated that the demand for 6-inch SiC wafers in the electric vehicle market will reach 1.69 million in 2025. The global SiC power device market will grow from US $680 million in 2020 to US $3.39 billion in 2025, with an annual compound growth rate of 38%. Among them, the main inverter, OBC (on-board charger) and DC-DC (power module) of new energy vehicles will become the main driving force, or occupy 62% of the market share in 2025.
(source: Securities Times · e company)
