Report guide
Digital isolation chip belongs to the branch of analog chip, which is used to ensure the safety of signal transmission between strong current and weak current circuits. It is mainly used in the field of high voltage. The global market space of digital isolation chips is about 4 billion yuan, and the “isolation +” products superimposed with drive / sampling / operational amplifier / power supply have a market space of 10 billion level. Isolation chips are mainly used in new energy vehicles (main drive / air compressor / OBC), photovoltaic (inverter), industrial control (server / PLC / motor), smart grid (electricity meter / charging pile) and other fields. At present, isolation chips are mainly dominated by foreign manufacturers such as Ti and Adi, and Chinese manufacturers account for less than 10% of the world. In the new energy era, Chinese isolation chip manufacturers such as nano chip micro, Sichuan Tuwei, 3Peak Incorporated(688536) etc. are expected to usher in a golden opportunity period.
Key investment points
Isolation chip: acceleration period of domestic replacement of circuit safety assurance chip
Digital isolation chip is used to ensure the safety of signal transmission between strong current and weak current circuits. It is mainly used in high voltage field. Isolation chips are divided into five categories: Digital Isolator, isolation interface, isolation drive, isolation operational amplifier and isolation power supply. The main downstream areas are evenly distributed in industries, automobiles, communications, electric power, aviation, medical and other fields, and the market demand is growing steadily. In 2020, the global market share of Chinese manufacturers is less than 10%, and there is a large space for domestic substitution.
Industry trend: the new energy industry drives the upward demand for isolation chips
In the new energy era, the rapid development of communication, IDC, industrial frequency conversion and servo, optical storage, smart grid, new energy vehicles and other markets has expanded the use scenario of signal transmission between strong and weak circuits, and the demand for digital isolation chips has increased significantly. 1) Photovoltaic inverter: each IGBT needs to be equipped with isolation drive, and a total of nearly 60 isolation chips are required. 2) New energy vehicles: about 50 isolation chips are required for main drive, air compressor and BMS. 3) Industrial control: about 10 isolation chips are required for a single server. 4) Smart grid: smart meters need 3 isolation interfaces. In the future, in the new energy era, the scale of isolation chip market is expected to continue to increase.
Competition pattern: the way of differentiation of domestic analog chip manufacturers
The main suppliers in the international market of digital isolation are ADI, Ti, siliconlabs and other European and American semiconductor companies, and the main suppliers in China are nano core micro, Sichuan soil micro and 3Peak Incorporated(688536) etc. Nano chip micro is an earlier company that mass produces digital isolation chips in China. The main models of various types of digital isolation chips have passed VDE, UL, CQC and other safety certification, and have entered the automotive front loading market in batches 3Peak Incorporated(688536) newly launched digital isolation chip has the world’s leading performance. The gap between Chinese manufacturers and foreign countries is gradually narrowing.
Key companies
Nano chip micro – the leader of isolation chip in China, with high growth driven by automobile electrification
3Peak Incorporated(688536) – China’s leading analog IC, layout isolation chip, accelerating platform
Risk tips
Downstream demand is lower than expected; The R & D progress is less than expected; Foundry risk.
