StarPower(SH:603290) Chan Ye Xin Xi Wang·2026-01-07 01:33Core Insights - The explosive growth of the electric vehicle market has significantly increased the demand for silicon carbide (SiC) power modules in China, with the market expected to reach 5 billion yuan in 2024, representing a year-on-year growth of 31.6% and accounting for 28.4% of the global SiC power module market [1][9]. Overview - SiC power modules are core power electronic devices made from silicon carbide, integrating multiple SiC semiconductor chips through advanced packaging technology for efficient energy conversion and control. They outperform traditional silicon-based modules in terms of switching frequency, energy loss, and high-temperature performance, making them essential in electric vehicles and photovoltaic applications [1][4]. Development History - The development of China's SiC power module industry has evolved through five stages: foundational research, industrial initiation, technological breakthroughs, large-scale production, and ecosystem formation. Since 2022, the industry has entered a phase of global competition, with local companies increasing their market share in photovoltaic and electric vehicle sectors [4][6]. Policy Environment - The Chinese government has implemented various policies to support the semiconductor industry, including tax incentives and action plans aimed at promoting growth and innovation in the electronic information manufacturing sector, creating a favorable environment for the SiC power module industry [6]. Industry Chain - The SiC power module industry chain in China consists of three layers: upstream materials and equipment, midstream device packaging, and downstream application scenarios. The industry is moving towards a fully autonomous and controllable ecosystem, with core barriers concentrated in substrate and equipment manufacturing [6][7]. Current Market Demand - The electric vehicle sector is the primary demand market for SiC power modules in China, projected to account for over 80% of the market in 2024. The continuous growth in electric vehicle production and sales, with a year-on-year increase of 35.2% in 2025, provides significant growth opportunities for the SiC power module industry [7][8]. Competitive Landscape - The SiC power module industry has high entry barriers due to technology, supply chain, certification, funding, and talent. The market is highly concentrated, with the top 10 companies holding an 83.7% market share in 2024. International giants like Infineon and STMicroelectronics maintain a competitive edge in high-end markets due to their technological advancements and established relationships with leading automotive and photovoltaic companies [9][10]. Domestic Company Analysis - SDA Semiconductor Co., Ltd. focuses on the design, development, and production of power semiconductor chips and modules, reporting a revenue of 1.936 billion yuan in the first half of 2025, with a gross profit of 576 million yuan and a gross margin of 29.74% [10]. - Shenzhen Basic Semiconductor Co., Ltd. specializes in SiC power devices, achieving a revenue of 104 million yuan in the first half of 2025, with SiC power module revenue accounting for 45.79% of total revenue [10]. Development Trends - The industry is transitioning from 6-inch to 8-inch wafers, which will help reduce costs and improve yield. There is a focus on enhancing the reliability of gate oxides and terminal passivation technologies [11]. - The domestic supply chain is becoming more self-sufficient, with local equipment gradually replacing foreign high-end equipment, fostering collaboration among upstream and downstream companies to overcome technical challenges [12]. - While international giants still dominate the high-end automotive market, domestic companies are rapidly gaining market share in the mid-to-high-end segments, reducing price gaps and expanding their global presence [13].