Main points:
Third generation semiconductors can effectively reduce energy consumption
The third generation semiconductors mainly refer to wide band gap semiconductors such as gallium nitride, silicon carbide, zinc oxide, alumina and diamond. They usually have the characteristics of high breakdown electric field, high thermal conductivity, high mobility, high saturated electron velocity, high electron density and high power.
Wide band gap semiconductors meet the energy-saving needs of power electronics, optoelectronics, microwave RF and other fields. In the field of power electronics, compared with silicon devices, silicon carbide power devices can reduce energy loss by more than 50%, reduce equipment and devices by more than 75%, and effectively improve the energy conversion rate. In the field of optoelectronics, gallium nitride has the advantages of high photoelectric conversion efficiency and good heat dissipation ability. It is suitable for manufacturing low-energy and high-power lighting devices. In the RF field, gallium nitride RF devices have the advantages of high efficiency, high power density and wide bandwidth, which bring high efficiency, energy saving and smaller equipment.
The new energy and communication market will create a market scale of 10 billion for the third generation semiconductor
Compared with the first and second generation semiconductor materials such as Si and GaAs, silicon carbide (SIC) and gallium nitride (GAN) have the advantages of high breakdown voltage, forbidden bandwidth, high thermal conductivity, high electron saturation rate and high carrier mobility. They are excellent materials for making high-frequency, high-temperature and radiation resistant devices. In the field of SBD devices, compared with silicon-based SBD devices, silicon carbide based SBD devices have the characteristics of high voltage resistance, high temperature, not easy to get out of control and low loss; In the field of MOSFET devices, compared with silicon-based IGBT devices, silicon carbide based MOSFET devices have the characteristics of low loss, low on resistance and high voltage resistance.
Silicon carbide substrate can be made into semi insulating substrate and conductive substrate, and silicon carbide and gallium nitride can be epitaxial respectively to make success rate devices or microwave RF devices. In the field of power appliances, silicon carbide devices can significantly reduce energy consumption and withstand high voltage and high frequency. They are widely used in the fields of electric vehicles / charging piles, photovoltaic new energy, rail transit and smart grid. The market scale will exceed 10 billion in 2025; In the field of RF devices, the high thermal conductivity of silicon carbide can meet the requirements of 5g communication for high-frequency performance and high-power processing capacity. The market scale will exceed 10 billion in 2025.
The cost side is still the key factor to consider the large-scale application of the third generation semiconductor
Constrained by the growth speed, processing difficulty and defect density of silicon carbide, the cost of silicon carbide has been high, which has become a difficult problem for its expansion and application.
According to the research data of CASA, the price of SiC Power electronic devices decreased further year-on-year in 2020, but the price difference between the actual transaction price of some devices and Si devices with equivalent specifications has been reduced to 2-2.5 times. At present, the main ways to reduce costs in the market are to expand the wafer size, improve the silicon carbide long crystal process and improve the slicing process. Its price difference is expected to be further reduced in the future.
The value of substrate and epitaxial end is high, and the Chinese heterodyne distance is small, or it can realize curve overtaking
According to Casa research data, in the third generation semiconductor industry chain, the substrate cost accounts for 47% of the total device cost, and the epitaxial cost accounts for 23% of the total device cost, with a total of about 70%, which is the most investment value link in the silicon carbide device forming process. In contrast, the total value of substrate and epitaxy of 12 inch silicon wafer accounts for about 11%, so the substrate and epitaxy in silicon carbide field have more investment value.
In terms of competition pattern, from the perspective of business layout, patent layout, profitability, technical strength and development environment of companies at home and abroad, Chinese companies are only slightly behind in starting time, and the gap is very small. Considering that the industry as a whole is in the early stage of industrialization, benefiting from the world leading position in the technical level and industrialization scale of China’s emerging industries such as 5g communication and new energy, the huge application market space of China’s silicon carbide devices will continue to drive the rapid development of the upstream semiconductor industry, and Chinese silicon carbide manufacturers are expected to grow into enterprises with international competitiveness.
Investment advice
Based on the high prospect of national defense, military industry and new energy industry, considering that carbon neutralization drives energy transformation and reduces energy consumption, we expect the silicon carbide industry to usher in a period of rapid development. For suggestions and suggestions, focus on the attention of a proposed concern for the attention of the ‘ Hebei Sinopack Electronic Technology Co.Ltd(003031) etc.
Risk tips
SiC cost reduction does not meet expectations; The stability and reliability index of SiC device is lower than expected; The risk of further widening the gap between China’s SiC industrial chain and foreign countries; The risk of macroeconomic downturn in the industry.
