Over the past year, a number of factories in the A-share power semiconductor sector have achieved outstanding business performance, and factors such as product price rise, demand growth and capacity release have become important drivers. In 2022, the demand in the field of new energy will continue to inject vitality into the power semiconductor market, but the demand from consumer markets such as TV and mobile phone may weaken, and the performance of relevant manufacturers will be differentiated. Some experts believe that the global power semiconductor market will remain basically stable in 2022 due to factors such as de stocking of the global semiconductor industry and intensified market competition, and the high growth in 2021 is difficult to reproduce.
outstanding performance
As of 18:00 on January 18, nearly 10 A-share companies involved in power semiconductor business had issued performance forecasts for 2021, all of which were pre increases, with profit growth ranging from 90% to 887%, and the overall performance was eye-catching.
LED lighting driver chip design company Shanghai Bright Power Semiconductor Co.Ltd(688368) temporarily occupies the "profit growth king" in the power semiconductor camp. The company expects to realize a net profit attributable to the parent company of 660-680 million yuan in 2021, with a year-on-year increase of 858% - 887%; It is estimated that the net profit deducted from non profits in 2021 will be RMB 556-576 million, with a year-on-year increase of 1912% - 1985%.
Shanghai Bright Power Semiconductor Co.Ltd(688368) said that in 2021, the downstream demand was strong and the upstream raw material supply was tight. The company took advantage of its own advantages to better solve the capacity constraints. While ensuring product delivery, we will improve the unit price of products and optimize the product structure. It is estimated that the annual operating revenue will be RMB 2.25-2.35 billion, with a year-on-year increase of 104% to 113%, and the annual comprehensive gross profit margin will be improved.
MOSFET and IGBT power semiconductor core products shine brightly in the new energy market, and many manufacturers benefit from it. Hangzhou Lion Electronics Co.Ltd(605358) it is estimated that the net profit attributable to the parent company will be RMB 590-640 million in 2021, with a year-on-year increase of 192.14% - 216.90%. Among them, the production and sales of the company's vehicle specification level power device chips and photovoltaic bypass diode control chips have increased significantly. Wuxi Nce Power Co.Ltd(605111) it is estimated that the net profit attributable to the parent company will reach 408-413 million yuan in 2021, with a year-on-year increase of 192.78% - 196.37%. Among them, the sales scale and proportion of shielded grid power MOSFET, IGBT and other products of the company have increased rapidly, successfully developed emerging markets such as photovoltaic energy storage and new energy vehicles and their key customers, and achieved a large number of sales.
It is worth mentioning that in 2021 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , the revenue of MOSFET products increased by 130% and that of IGBT products increased by 500%. "The company began to carry out large-scale layout of IGBT in 2019 and established an independent IGBT business unit. On the basis of its own technology and customer needs, through technical cooperation and talent introduction, the company has made breakthroughs in new product development, capacity release and terminal promotion. It is expected that it will be rapidly promoted and applied in new energy, photovoltaic, industrial control and other fields in 2022." Yangzhou Yangjie Electronic Technology Co.Ltd(300373) recently disclosed.
wide application scenarios
As the key device of electronic power control, power semiconductor has a variety of products and a wide range of application scenarios. In recent years, the application field of power semiconductor has expanded from traditional industrial control to many markets such as new energy, rail transit, smart grid and variable frequency household appliances, and the market scale has grown steadily.
Taking the single product IGBT as an example, it is a composite fully controlled voltage driven semiconductor power device composed of bipolar triode and MOSFET. IGBT is suitable for converter systems with DC voltage of 600V and above, including AC motor, frequency converter, switching power supply, lighting circuit, traction drive, etc.
China Securities Co.Ltd(601066) Liu Shuangfeng, chief analyst of electronics, believes that driven by the demand for new energy vehicles and clean energy fields such as photovoltaic and wind power, the medium and high voltage power devices represented by IGBT will benefit the most in this round of power semiconductor cycle. It is expected that the market scale of China's vehicle gauge IGBT / SiC module will reach about 30 billion yuan in 2025.
Compared with logic chips, power semiconductors represented by IGBT do not purposely pursue the advanced nature of the chip process. The manufacturers are more focused on creating special platforms and improving them in technology. This characteristic determines that power semiconductor manufacturers invest relatively little in building factories and purchasing equipment, so they mostly adopt IDM operation mode.
Wingtech Technology Co.Ltd(600745) is the IDM manufacturer with the most complete product line of power semiconductors in China. Other IDM manufacturers include Zhuzhou Crrc Times Electric Co.Ltd(688187) , China Resources Microelectronics Limited(688396) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Byd Company Limited(002594) semiconductors, etc. Liu Shuangfeng said that IDM manufacturers have more obvious advantages in the field of vehicle gauge IGBT, which can ensure faster product iteration speed and shorter product delivery cycle at the same time.
After the rapid growth of power semiconductor market in 2021, the market voice is not consistent with the prosperity of this year. According to Liu Shuangfeng, although the segments of the power semiconductor market are differentiated in 2022, the overall prosperity of the industry is still upward.
Xinmou research believes that the scale of the global power semiconductor market will remain stable in 2022, but it is expected that the price of semiconductor chips, especially DRAM and other memory will decline sharply in 2023, resulting in a significant decline in the global power semiconductor market, and then the growth trend will resume.
