证 券 研 究 报 告 碳化硅：国内弯道超车趋势已现 ——化合物半导体系列报告之三 证券分析师： 杨海晏 A0230518070003 杨紫璇 A0230524070005 联系人：杨紫璇 A0230524070005 2025.6.27 主要内容 2 1. 海外大厂收缩，SiC竞争格局或收敛 2. 国内厂商在各环节打破垄断 3. 标的梳理 4. 风险提示 投资要点 www.swsresearch.com 证券研究报告 3 ◼ 碳化硅具有耐高温、高压等优势，渗透率提升空间大。随着应用场景提出更高的要求，以碳化硅、氮化镓等 为代表的第三代半导体材料发展迅速。与第一代半导体材料硅相比，碳化硅具备更高的击穿电场强度、饱和 电子漂移速率、热导性和热稳定性，更适合在高压、高频、高功率等领域中应用，并且能实现器件小型化、 轻量化。根据Yole数据，2024年SiC材料渗透率从2020年4%提升到15%。 ◼ 海外大厂发生较多变动，SiC竞争格局或收敛。Wolfspeed在2024年关闭达勒姆6英寸工厂，2025年5月正 式启动破产保护申请程序，近期宣布将依据重组协议申请破产；瑞萨电子终止原定2025年量产的群马县SiC ...

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today. One company value investors might notice is STMicroelectronics (STM) . STM is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 24.52, w ...

近年来，意法半导体（ST）在中国本地化战略不断纵深"在中国，为中国"的定位，在深耕中国MCU市 场推出STM32系列产品的同时，加深产能供给推进国内外双供应链新布局。 1. STM32C0 系列：重新定义入门级 MCU 价值标杆 作为 STM32 家族的新晋性价比担当，STM32C0 系列以 "替代中高端 8 位平台"为目标，实现了 "具有32 位性能和8 位成本"的突破。该系列提供6个子型号，Flash最大可到256KB，RAM最大36KB，工作温度 范围达-40℃至+125℃，覆盖小家电、消费电子等价格敏感型场景，且提供10年长期供货保障。 意法半导体中国区微控制器、数字IC 与射频产品部(MDRF) 技术市场经理闫涛在新品讲解中指出，该系 列采用与 STM32G0 相同的 90 纳米工艺，搭载 Cortex-M0 + 内核，主频 48MHz，CoreMark 得分 114， 却将 BOM 成本控制在与高端 8 位 MCU 相当水平。其管脚与STM32G0 完全兼容，支持工程师轻松实 现从STM32G0到C0的平稳迁移，此外 STM32C092 新增的 CAN FD 接口，传输速率达 8Mbps，较传统 ...

ab Global Research owered by UBS Evidence Lab YES P 23 June 2025 Semiconductors UBS Evidence Lab inside: Semis Distributor Tracker - more positive indicators UBS Enhanced Semis Distributor Tracker #9 Data from the ninth edition of our UBS Enhanced Semis Distributor Tracker (> Access dataset) provides further evidence of reassuring pricing trends and that inventory in the channel continues to head towards healthier levels. Pricing was flat to up LSD% across all subcategories, likely due to mix and the pocket ...

STMicroelectronics N.V. (STM) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, STM's 50-day simple moving average broke out above its 200-day moving average; this is known as a "golden cross."Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the ...

Core Insights - The company "Chip Superhero" operates a 1,600 square meter intelligent chip storage base with over 1,000 stock models and 100 brands, holding a total of 50 million chips valued at over 100 million [1] Group 1: Inventory and Services - The current inventory includes 50 million chips with a total weight of 10 tons, and each material undergoes QC inspection in an independent laboratory located in Shenzhen [1] - The company has served a total of 19,200 users and offers rapid transaction completion, with some transactions taking as little as half a day [4] Group 2: Procurement and Sales - The company is actively seeking specific chip models, including ADI and Fujitsu brands, with quantities ranging from 1,200 to 100,000 units [2] - There are special offers on advantageous materials, including 32,79 pieces of ADI chips and 50,000 pieces of ROHM chips, with some dated as recent as 2022 [3] Group 3: Market Trends - The article references ongoing challenges in the chip distribution market, including issues with finding and selling inventory, as well as price expectations [5] - Additional reading materials highlight trends in the chip distribution industry, including mergers and acquisitions among Japanese distributors and performance growth in analog chip manufacturers [8]

Core Viewpoint - The article discusses the rising demand and price increases for certain semiconductor products, particularly those that are about to be discontinued or have already been discontinued, highlighting specific models and their market trends [3][4][8]. Summary by Sections Upcoming Discontinuations - Micron's DDR4 model MT40A512M16TB-062E:R has seen a price increase of 50%, rising from approximately 12 yuan to around 24 yuan since June [4][8]. - Another Micron DDR4 model, MT40A512M16LY-075:E, has also experienced a price surge, increasing from under 15 yuan to about 22 yuan [8]. - Samsung's DDR4 model K4A8G165WC-BCTD has seen its price rise from about 25 yuan to approximately 55 yuan [11][13]. Sudden Market Interest in Discontinued Products - The TDK-Lambda PH100F24-24, a 24V 100W DC-DC converter, has gained significant attention, with prices ranging from several thousand to over ten thousand yuan, reflecting a dramatic increase from a few hundred yuan earlier this year [9][10]. - The TI DRV8332DKDR, a discontinued three-phase PWM motor driver, has seen its market price rise from a typical range of 40-50 yuan to several hundred yuan [14][15]. Other Notable Products - The TI SN65LBC184DR, an RS-485 transceiver, has maintained high demand, with prices ranging from 2-3 yuan to as high as 10 yuan [17]. - The entry-level FPGA EP1C6Q240C8N has remained stable in price at around 70-80 yuan, despite being discontinued [19]. - The ST STM32F103C8T6 microcontroller has returned to normal pricing around 4 yuan after a decline in demand [21].

公众号记得加星标⭐️，第一时间看推送不会错过。 汽车芯片市场正迎来前所未有的变局！电动化与智能化的浪潮尚未完全铺开，电动车（EV）增 长放缓、关税与地缘政治的暗流涌动，以及中国厂商在SiC、功率器件领域的强势崛起，已让全 球IDM（集成器件制造商）巨头如履薄冰。恩智浦（NXP）、瑞萨（Renesas）、意法半导体 （ST）、德州仪器（TI）、英飞凌（Infineon）五大汽车芯片巨擘，近期动作频频：从生产布 局优化到技术路线调整，从裁员阵痛到本土化突围，每一步都牵动行业脉搏。 恩智浦：告别8英寸，豪赌12英寸 恩智浦最近的大动作可谓"壮士断腕"：正式宣布关闭4座8英寸晶圆厂，全面转向12英寸！公司计划关 闭荷兰奈梅亨及美国三座8英寸晶圆厂，其中荷兰奈梅亨工厂最为引人注目。这座拥有1700名员工 的"老牌劲旅"，历史可以追溯到飞利浦时代，是恩智浦全球最大生产基地，主攻汽车芯片，如今却要 告别历史舞台。 与此同时，恩智浦在12英寸晶圆厂上押下重注： 合资模式让恩智浦巧妙分散了财务风险，但挑战也不小。2025年Q1，恩智浦营收28.35亿美元（年减 9%），净利润4.9亿美元（年减23%），Q2预计营收继续承压。关 ...

Get ON Semiconductor alerts: The last several years have been rough for many semiconductor stocks that focus on the automotive industry. However, recently, several of these names have experienced big upticks in their share prices, recovering from their deep lows in 2025. The analysis below will detail three of these names, which are now up more than 60% from their lows this year. These names also remain solidly below their 52-week and all-time highs, indicating that further recovery may be possible. All ret ...

Core Viewpoint - STMicroelectronics has introduced a new Human Presence Detection (HPD) technology aimed at enhancing user experience in laptops and PCs, achieving over 20% reduction in daily power consumption while improving security and privacy [1][5]. Group 1: Technology and Features - The HPD solution integrates FlightSense™ Time-of-Flight (ToF) sensors with proprietary AI algorithms, enabling hands-free Windows Hello authentication and enhancing battery life [1][5]. - The 5th generation ST solution is a turnkey system that combines hardware and software, requiring no additional development from OEMs [3]. - Advanced features include gesture recognition, hand posture recognition, and wellness monitoring through human posture analysis [4]. Group 2: Market Context and Growth - The demand for 3D sensing in consumer applications has surged since 2023, driven by needs for better user experiences and safety, with ToF technology expanding into various devices beyond smartphones [2]. - In 2024, ToF modules generated $2.2 billion in revenue, with projections reaching $3.8 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.5% [2]. Group 3: User Experience Enhancements - Adaptive Screen Dimming reduces power consumption by dimming the screen when the user is not looking [6][11]. - Walk-Away Lock & Wake-on-Attention features automatically lock the device when the user leaves and wake it upon return, enhancing security [6][11]. - Multi-Person Detection alerts users if someone is looking over their shoulder, thereby improving privacy [6][11]. Group 4: Development Process - The development of the HPD solution involved extensive data collection and AI training, utilizing thousands of data logs from diverse sources to refine algorithms [4][7]. - The VL53L8CP ToF sensor was engineered to optimize the Signal-To-Noise ratio (SNR) per zone, which was critical for the solution's success [7].